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Lets say a medicine costs about $.50 per pill. Each year, there are 5 million of these pills sold. Lets say a salt packet costs
Lets say a medicine costs about $.50 per pill. Each year, there are 5 million of these pills sold.
Lets say a salt packet costs about $.50 per packet. Each year, 5 million of these packets are sold.
Demand of the packet is more elastic than demand is for the medicine.
- Is the dollar value to the consume of the 5 millionth pill the same, higher, or less than the dollar value to the client of the 5 millionth packet? Explain
I got higher for this one but not sure.
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