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Suppose you are the manager of a small pharmaceutical firm that received a patent on a new drug 3-years before. Despite strong sales ($125million last year) and a low marginal cost of manufacturing the product ($0.25 per pill), your firm has yet to demonstrate a profit from selling the drug. This is, in part due to the fact that the company spent 1.2 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1.25 per pill, the own price elasticity of demand for the drug is -2.5. Based on this information, what can you do to boost profits? Explain
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
Describe each of the subsequent using supply and demand diagrams.
What market structure best characterizes the market in which universities compete? How does this structure influence the university's pricing strategy?
This document shows the uses supply and demand model to explain the evolution of the price of gold and silver.
In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar co..
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Give a brief summary of economic costs. In the short-run, why might a firm still operate even when there is a loss.
Compute Calvin's profit-maximizing output level. Compute the Calvin's economic profits at this activity level. Is this activity level sustainable in long run?
Determine what are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past twelve months.
Summarize the differences between the four market types. Provide a general explanation of how business may maximize profit within each market type.
Write down a five paragraph introduction detailing the purposes and activities of the organization. Consider whether there're any groups opposed to them and why.
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