400-500 words:Price Elasticity
You are advising the stakeholders of a small firm that
is one of a handful of manufacturers of disposable contact lenses,
wetting solution, and other products related to eye care. The
stakeholders are wrestling with a proposal to implement a price increase
for some, all, or a large number of their products. They all agree
that doing so can help offset recent cost increases the firm has
experienced, but there the agreement ends.
Some favor a small price increase for products across the
board, noting that, from the standpoint of the market, demand for
healthcare products is relatively inelastic. Others believe that
strategy could backfire, hurting more than helping. Instead, they
argue, there are a number of factors to consider—the strength of the
economy, their competition, trends in the market for specific types of
products, and so on. They believe, therefore, products or types of
products should be considered on a case-by-case basis: while a price
increase for one product might yield positive results, a price increase
for another might wipe out any gain achieved by the first.
What would you say to these stakeholders?
Formulate your advice, drawing on course readings, other scholarly
sources, and the concept of healthcare price elasticity. Be sure to
explain and support your advice by citing sources and providing
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