explain how goods and services are classified using the concepts of elasticity.

In the drug market, there is a difference between the demand for medicines produced under a patent, medicines that have a well-established brand (such as Bayer) and generic medicines. Discuss the differences in demand for these 3 types of medicines. Be sure to use the concepts of price elasticity of demand, cross elasticity of demand, and income elasticity of demand and explain how goods and services are classified using the concepts of elasticity.

textbook: use this book,
During this week you should read the following chapters from his textbook: Keat, P. G., & Young, P. K. Y. (2004). – Alternative Formats Business Economics , – Alternative Formats edition
4, – Alternative Formats Pearson Education. ISBN: 970-26-0441-9

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