Concepts of elasticity.

In the drug
market, there is a difference between the demand for medicines produced under a
patent, medicines that have a well-established brand (such as Bayer) and
generic medicines. Discuss the
differences in demand for these 3 types of medicines. Be sure to use the
concepts of price elasticity of demand, cross elasticity of demand, and income
elasticity of demand and explain how goods and services are classified using
the concepts of elasticity.

textbook: use this book,
this week you should read the following chapters from his textbook: Keat, P. G., & Young, P. K. Y. (2004). –
Alternative Formats Business Economics , – Alternative Formats edition
4, – Alternative Formats Pearson Education. ISBN: 970-26-0441-9

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