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ECO 325K - Merck produces a widely-used statin called ZOCOR

Question # 00711697
Subject: General Questions
Topic: General General Questions
Due on: 09/14/2018
Posted On: 09/14/2018 07:22 AM

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MG.2.

Merck produces a widely-used statin called ZOCOR that treats high cholesterol. In

2015 they set the price a $30 per 30-day supply. They sold 500,000 units (30-day supplies)

that year. In 2016, they experimented with lowering the price to $15 per 30-day supply.

They sold 700,000 units that year.

d. What is the elasticity of demand at the 2015 price?

e. What is the elasticity of demand at the 2016 price?

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ECO 325K - Merck produces a widely-used statin called ZOCOR

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