either of these drugs, prescription from an internal medicine practitioner is required.
Price elasticity of demand for prescriptions = -0.60, and
Cross price elasticity of demand between Nexium and Protonix = 0.60
a. Are Nexium and Protonix complements or substitutes? Explain. [2 point]
b. If the fee for internal medicine practitioners goes up by 5%, calculate the change
in the quantity of prescriptions for Nexium? Interpret your result. [4 points]
c. If price of Nexium falls by 2%, calculate the change in the quantity demanded for
Protonix? Interpret your result. [4 points]
This question was asked on Sep 17, 2012 and answered on Sep 18, 2012.
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