ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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“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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