Task 3. Situational tasks on the elasticity of demand

1. Calculate the coefficients of price elasticity of supply and demand for a drug. Construct graphs of supply and demand. Show whether this drug will be in surplus or shortage on the market. Prices of a drug decreased by 30%, output decreased by 15%, and demand increased by 40%.

2. Calculate the coefficient of income elasticity of demand and draw a conclusion about the product category if consumers' real income decreased by 80% and demand for ascorbic acid (dragees) increased by 20%.

3. The Malva manufacturing pharmacy manufactures a cough mixture as an in-pharmacy preparation, one of the ingredients of which is breast elixir. The price of the chest elixir has increased by 25%, resulting in a similar increase in the price of the finished product. Calculate the coefficient of cross-elasticity of demand and determine the dependence of goods on each other if the demand for cough mixtures made in a pharmacy decreased by 10% and the demand for dry cough mixtures made by the Moscow pharmaceutical factory increased by 15%.

4. Construct the supply and demand curves and determine the equilibrium point using data on the price of drug U and demand for it and supply in the pharmaceutical market:

Price, p................................. 800... 700 600 500 400 300 200

Demand, units................................ 50... 100 150 200 250 350 450

Supply, units................... 500... 475 430 400 350 280 200

5. The price of a medicinal product is 25 p. The magnitude of demand at this price is 20 000 packs. When the price is raised to 40 p. the volume of demand falls to 15 000 packs. Determine the magnitude of demand for the drug when its price is raised to 45 p. Use analytical and graphical (the demand function is linear) methods.

6. The demand function for the drug "Aquavit" is O = 700 - P\ supply function: O - 2P - 200, where P is the price of LP, p., C? - is the number of units of drug A. Determine the equilibrium price and equilibrium quantity of this drug on the market. The state authorities set a fixed price of 200 p. Determine the amount of supply, the number of sales and the amount of shortage. A subsidy of 150 r. per unit of produced LP is introduced to the producer. Determine the equilibrium price and equilibrium quantity of this good. A sales tax of 150 p. per unit of the good is imposed. Find the new equilibrium position.