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Health Economics, economics homework help
Which do you think has a higher price elasticity of demand, Pain-B-Gone, a pain-relieving medication available over the counter in many drugstores, or chemotherapy treatment that uses drugs to destroy cancer cells? Explain your answer. In your explanation, discuss the existence of substitutes, and describe what would happen to equilibrium price and quantities of these two products should supply for either of them shift downward (and to the right). You will of course need to consider the demand curves of each product, and where and how they intersect the supply curves.)
Consider the supply and demand for prescription contact lenses in the age of the Internet, which makes it possible for vendors (sellers) of contact lenses from all over the country to make their product available to consumers. Now suppose that, somehow, the Internet ceases entirely to exist.
- How can we show the new situation using demand and supply curves?
- Will the new equilibrium price be higher or lower than the old price?
- Will the new equilibrium quantity be higher or lower than the old quantity?
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