QUESTION “generic drug”contains the same active chemical ingredientas a drug that was previouslyprotected by a patent. Generic drugs are essentially the sameand are sold by many different, smallfirmsafter the original patent has expired. A well-known example is the antibiotic penicillin. The COVID-19 pandemic has seen high use of penicillin by those infected by the virus. Using the demand-supply model, analyse this change inconsumer preferencesregarding this drug. Examine the likely consequences in one or two related markets of your choice
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QUESTION
“generic drug”contains the same active chemical ingredientas a drug that was previouslyprotected by a patent. Generic drugs are essentially the sameand are sold by many different, smallfirmsafter the original patent has expired. A well-known example is the antibiotic penicillin. The COVID-19 pandemic has seen high use of penicillin by those infected by the virus.
Using the
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- Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following event: The government announces increase in Wages of workers.The market for all lawn care equipment shipped annually in the United States is approximately $16 billion, according to the Outdoor Power Equipment Institute, a trade organization based in Alexandria, Va. Most of it is bought by homeowners, and their choices are changing. For example, while gas-power mowers still dominate sales, “the speed at which battery-powered alternatives are gaining ground is notable,” said Grant Farnsworth, the president of the market research firm Farnsworth Group. Within the last four years, sales of battery push mowers have increased from 4 to 8 percent, he said. Use supply and demand graphs to analyze what will happen in the market for gas- powered lawn equipment and the market for battery/electric/robotic lawn equipment. Explain what shifts, and what happens to prices and quantities. How do elasticities of demand and elasticities of supply affect your answers to #1 What will happen to the productivity of lawn-care workers after the transition? At what…According to a researcher at the FDA, vegan foods are “the way if the future”. Morepersons have become health conscious and are looking for foods which will fit thislifestyle. One such food is the Beyond Burger, a plant-based alternative to beef. Notably,despite strong demand for beef burgers, the supply chain has seen a host of disruptionsthat are preventing producers from getting their products to market.Beyond Burger’s sales in Canada totaled $3.0 billion at the end of 2021, accounting for20% of all retail sales of burger patties (meat used in burgers), and 40% of the largermarket for vegan foods. By the end of 2025, sales of Beyond Burgers are projected to makeup 40% of all burger sales.i. Illustrate and explain the effect of the increased use of Beyond Burgers on (i) theburger patties market and (ii) the vegan market.
- Subject: Manegerial Economics & Policy The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = -5,200 - 42P + 20PX + 5.2l + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500 A (in dollars) = Monthly advertising expenditure = 10,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000 Using this information, answer the following questions: Compute elasticities for each variable. Do you think that this firm should cut its price to increase its market…Subject: Manegerial Economics & Policy The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = -5,200 - 42P + 20PX + 5.2l + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500 A (in dollars) = Monthly advertising expenditure = 10,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000 Using this information, answer the following questions: (remaining parts) Interpret your results for each variable. What proportion of the variation in sales is explained by the…Subject: Manegerial Economics & Policy The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = -5,200 - 42P + 20PX + 5.2l + 0.20A + 0.25M (2.002) (17.5) (6.2) (2.5) (0.09) (0.21) R2 = 0.55 n = 26 F = 4.88 Assume the following values for the independent variables: Q = Quantity sold per month P (in cents) = Price of the product = 500 PX (in cents) = Price of leading competitor’s product = 600 I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500 A (in dollars) = Monthly advertising expenditure = 10,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000 Using this information, answer the following questions: (remaining parts) Do you think that this firm should cut its price to increase its market share/revenue? Explain. What…
- The following graph input tool shows the daily demand for hotel rooms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand FactorInitial ValueAverage American household income$50,000 per yearRoundtrip airfare from Pittsburgh (PIT) to Atlantic City (ACY)$250 per roundtripRoom rate at the Meadows Hotel and Casino, which is near the Oceans$250 per night For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $100 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans____ from rooms per night to______rooms…You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0 I submitted this question earlier and I understand how to add up the market demand for each individual but I don't understand how to estimate the entire market demand for Jackson city which has 40,000 residents including the individuals listed in the chart. If you could please answer this specifically I would appreciate it.You own the only pharmacy in the small town of Jackson City, which has 40,000 residents. You would like to get a sense of what the local demand is for seasonal allergy medicine so you can determine how many packages to keep in stock and what price to charge. You conduct a survey of four residents of Jackson City, asking them about the quantity of allergy medicine they would buy each allergy season at various prices. Their responses are shown in the accompanying table. Estimate and graph the demand for the entire town of Jackson City. Price Lee June Carlotta Eric $8 8 5 6 9 $10 6 4 5 5 $12 4 3 4 3 $14 2 2 2 1 $18 0 1 1 0
- The R J smith corporation is a publisher of romance novel. The corporation hires an economical to determine the demand for its product. After months of hard work the analyst informed that the demand for the firm's novel is given by the following equation: Q=12000-5000 Px+5I+500 Pc Where, P, is the price charged for the R J Smith novel. I is the income per capita. PC, is the price of books from competing publisher. Assume, that the initial values of Px, I and Pc are. $5, $10000 and $6 respectively. Using the information, the manager wanted to (i) determine what effect a price increased would have on total revenue. (ii) Evaluate how sale of the novels would change during a period of rising incomes. (iii) Assess the probable impact if competing publishers would raise their price .Are predictions using the supply-and-demand model likely to be reliable in each of the following markets ? a) Apples b) Convenience storesc) Electronic games ( a market dominated by a few firms)d) Used carsI need help with econ multiple hw questions asap! 106) A firm’s demand for a factor of production is linked to its decision to supply a good in the market. What do we call this type of demand? A. secondary demand B. derived demand C. differentiated demand D. hybrid demand-supply 105) A firm’s demand for a factor of production is linked to its decision to supply a good in the market. What do we call this type of demand? A. secondary demand B. derived demand C. differentiated demand D. hybrid demand-supply