In the medicine 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.?

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Demand Differences in the Medicine Market The demand for medicines can be categorized based on three factors patent status brand recognition and gener... View the full answer