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    Încărcat de

    Guzzy Orca
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    Drug giant Pfizer's merger with competitor Pharmacia in 2003 made it the largest pharmaceutical company. Examine whether having large companies, such as Pfizer, in the pharmaceutical market could be beneficial to society. In the 1960s and early 1970s, Singapore had 11 bus companies.

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    Drug giant Pfizer's merger with competitor Pharmacia in 2003 made it the largest pharmaceutical company. Examine whether having large companies, such as Pfizer, in the pharmaceutical market could be beneficial to society. In the 1960s and early 1970s, Singapore had 11 bus companies.

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    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
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    40 vizualizări1 pagină

    Lesson 1

    Încărcat de

    Guzzy Orca
    Drug giant Pfizer's merger with competitor Pharmacia in 2003 made it the largest pharmaceutical company. Examine whether having large companies, such as Pfizer, in the pharmaceutical market could be beneficial to society. In the 1960s and early 1970s, Singapore had 11 bus companies.

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    Attribution Non-Commercial (BY-NC)
    Descărcați ca PDF, TXT sau citiți online pe Scribd
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    din 1

    © Tan Chor Hiang 2011.

    Lesson 1

    1 Drug giant Pfizer’s merger with competitor Pharmacia in 2003 made it the largest
    pharmaceuitical company amongst some ten to twelve companies. Pfizer also boasts the
    industry’s largest pharmaceutical Research and Development organization, which invests
    $7.6 billion in R&D annually.

    Identify the likely type of market structure Pfizer operates in, and distinguish its key features
    with perfect competition. [10]

    Examine whether having large companies, such as Pfizer, in the pharmaceutical market could
    be beneficial to society. [15]

    2 In the 1960s and early 1970s, Singapore had 11 bus companies. Then, services were
    unreliable, buses were packed and broke down very frequently. But things improved when 11
    companies were collapsed into 3 companies, then, ultimately into just one, called SBS in 1973.
    At present, two major transport companies run the show – SBS Transit and Singapore Mass
    Rapid Transit (SMRT), which owns TIBS. Both transport operators have cited increased costs,
    such as wages, the increases in CPF contributions from 12 to 16 percent and investments in
    service improvements as reasons for asking for increases in bus and train fares. The Public
    Transport Council has said that it wants them to remain financially viable.

    Bus and rail commuters have been paying higher fares since last Monday. In response, some
    Members of Parliament had argued for more competition to be introduced into the market for
    a change in the members of the PTC.

    (a) Identify how the market structure of bus companies changed from 1960s to 1973. Explain. [3]

    (b) The present transport operators have cited increased costs as the reason for fare increases.
    What is the deduction of transport operators about price elasticity of demand? Explain how
    your conclusion is derived. [3]

    (c) Based on your answer above, give 1 reason to explain why demand for public transport is
    elastic or inelastic. [2]

    (d) Besides raising fares, how can companies remain financially viable? [4]

    (e) The Public Transport Council is a regulatory body. Give any 2 functions it is likely to perform.
    [2]

    (f) Discuss the advantages and disadvantages of having more bus companies rather than two
    major transport companies in the public transport sector. [6]

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