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Branding and Higher Pricing for Medicine

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A father goes to a pharmacy late at night for cold medicine for a sick child. There are many liquid cold medicines, all of which have almost exactly the same ingredients. Yet medicines with brand names that the man recognizes from television commercials are for more than the unadvertised versions. Explain in economic terms, this perplexing situation to the father.

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Solution Summary

The solution discusses branding for medicine in a case study.

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In economic terms when you are purchasing an advertised brand you have to give more money because and you are at loss in comparison to purchase unadvertised brand. But as with persons it is similar for brands that more you ...

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