A study estimates that the price elasticity of demand for Lipitor is -1.05, but the price elasticity
A examine estimates that the charge elasticity of call-for for Lipitor is −1.05, but the charge elasticity of call-for for statins as a healthy is −0.13.
a. Why is call-for for Lipitor more elastic than for statins as a healthy?
b. What would bechance to revenues if the makers of Lipitor rising charges by 10 percent?
c. What would bechance to assiduity revenues if all manufacturers rising charges by 10 percent?
d. Why are the answers so irrelative? Does this dissonance gain consciousness?