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Pharm mon to perfect

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Travis Klein
Travis Klein
Technology
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Bellringer Quiz 1. What sort of demand do lifesaving pharmaceuticals have? 2. Assume a firm has a patent on the cure for cancer, what would the graph look like according to our theory of the firm? Label DWL also. 3. Do you think this firm should be allowed to charge any price it wants? Explain 4. How would quantity supplied change if that firm price discriminated?
Stossel clip • Graph on board
CASE STUDY: Monopoly vs. Generic Drugs Price Patents on new drugs give a temporary monopoly to the seller. PM When the PC = MC patent expires, the market becomes competitive, generics appear. The market for a typical drug D MR QM Quantity QC
Other similar markets? • Move from monopoly to perfect competition • http://copyright.cornell.e du/resources/publicdomai n.cfm • http://www.gutenberg.or g/ • Books, music, etc
Mankiw Pages 327-8 •#5, 7, 8, 13

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Pharm mon to perfect

  • 1. Bellringer Quiz 1. What sort of demand do lifesaving pharmaceuticals have? 2. Assume a firm has a patent on the cure for cancer, what would the graph look like according to our theory of the firm? Label DWL also. 3. Do you think this firm should be allowed to charge any price it wants? Explain 4. How would quantity supplied change if that firm price discriminated?
  • 3. CASE STUDY: Monopoly vs. Generic Drugs Price Patents on new drugs give a temporary monopoly to the seller. PM When the PC = MC patent expires, the market becomes competitive, generics appear. The market for a typical drug D MR QM Quantity QC
  • 4. Other similar markets? • Move from monopoly to perfect competition • http://copyright.cornell.e du/resources/publicdomai n.cfm • http://www.gutenberg.or g/ • Books, music, etc