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VetPharm has historically produced and sold drugs for animals; however, one of its products developed for animal use has recently been approved for a similar use in humans. The current price is $5.00 per dose for all customers. Market research has revealed that that at the current per dose price, the elasticity of demand on the part of animal owners is 3.0 (in absolute value). The research also estimates that at this price the elasticity of demand for human use would be .9 (in absolute value). If the MC of production is $1, what should the company do?
a. reduce animal price; reduce human price.
b. raise animal price; raise human price.
c. reduce animal price; raise human price.
d. raise animal price; reduce human price.
Support your answer.
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