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Essay / Research Paper Abstract
This 4-page paper examines two scenarios that deal with economic issues. Topics discussed include the four factors of production, competitive advantage and supply and demand. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTeconethi.rtf
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Unformatted sample text from the term paper:
first situation, dealing with supply and demand, weve selected Aleve, an NSAID pain reliever, to examine. Well examine what is likely to happen to supply, demand and product price in
the short term and long term. Aleve was introduced in 1994 by its manufacturer, Procter & Gamble and Syntex Laboratories as the
first over-the-counter painkiller that offered more of the non-steroidal anti-inflammatory NSAID than its competition (Seligmann and Namuth, 1994). The interesting aspect about Aleve was that its claim was that one
of the pill would offer up to 12 hours of relief (Seligmann and Namuth, 1994). This was (and is) a vast difference from competitors Advil and Tylenol, which require two
tablets every six hours to be effective. Aleve, with its long natural half-life means that it sticks around to relieve pain and combat swelling that much longer.
Given it takes fewer Aleve to (supposedly) kill pain, how could the company make a profit? The answer is: Charge higher prices per tablet. In
addition, the introduction of Aleve was predicted to actually lower prices across the board (as it meant more competition) (Seligmann and Namuth, 1994).
In a standard economic scenario, when a new product is first introduced to market, depending if its the "first" product, manufacturers can automatically charge a higher price in the
short term. Obviously, theres no competition to speak of, and if the manufacturers get the message across effectively, there is demand. But over the long term, as more competition comes
into the marketplace, there are more choices, so one way in which manufacturers handle this is to lower prices. But Aleves scenario
...