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26 April, 22:06

Pharmaceutical companies have uncovered new scientific data that assists them in producing heart medicine more easily, thus making it cheaper for the consumer. (Heart medicine) Change in Demand? Change in Peq: Determinant: Change in Supply?

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  1. 26 April, 22:11
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    Demand and supply will increase.

    Explanation:

    The scientific discovery will move the supply curve to the right, because now suppliers (pharmaceutical companies) will be able to supply more heart medicine, at any given price, since the cost of producing the medicine have gone down.

    The demand curve will shift to the right because now that heart medicine is cheaper, consumers will be able to buy more of it.

    The equilibrium price will fall, while the equilibrium quantity will go up.
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