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Question: You are advising the stakeholders of a small firm that is one of a handful of manufacturers of di…

by | Nov 30, 2023 | Posted Questions



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 examples.

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