Compare the characteristics of two important healthcare products – insulin and aspirin. Answer the following questions (roughly 2 pages total, not including any graphs you might include). Please number each answer to coordinate with the appropriate question. Submit your answers in a Word document once complete.
This paper should be 2 pages, double-spaced, 12 pt Times New Roman font, 1-inch margins with APA citation format. You are to use your course texts, It should be well written and organized, include a reference list when appropriate (in APA format
- Provide a short description of each product.
- How would you describe the demand for each product? Is demand elastic/inelastic? Is it a necessity/luxury? Does it have complements / substitutes?
- For each product, identify one factor that might shift demand for the product. Explain briefly how the factor influences demand for the product.
- For each product, identify at least one fixed cost of production. Explain why it is considered a fixed cost.
- For each product, identify at least one variable cost of production. Explain why it is considered a variable cost.
- For each product, identify one factor that might shift the supply of this product? Explain briefly how this factor influences supply of the product.
https://openstax.org/details/books/principles-microeconomics-2e
https://www.youtube.com/watch?v=FgttpKZZz7o
https://www.youtube.com/watch?v=sPQ4bvTJNTA
https://www.youtube.com/watch?v=rnEFtyMzjOo
https://www.youtube.com/watch?v=nQ5APwtB-ig
https://www.youtube.com/watch?v=UI-LL8-dVAs
https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit
https://www.youtube.com/watch?v=oj72z5kDZwo
http://nymag.com/restaurants/cheapeats/2009/57896/
