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You own a pharmaceutical company that is specialized in the manufacture of medicine for smokers. You newly patented an innovative drug called Clealung, which drastically reduces the smokers' likelihood of lung cancer. You are the only maker of the medicine and there are no same products in the market. Your costs for producing Clealung can be explained by:
a) Write down your firm's profits in two ways: (i) as a function of the price per box and (ii) in terms of the quantity.
b) Maximize both profit functions, and illustrate that in both cases ??MR=MC at the optimum. In addition, compute the profit.
PRICE ELASTICITY OF SUPPLY AND THE SLOPE OF THE SLOPE CURVE For a straight line supply curve, the gradient is constant along the whole length of the curve, but elasticity
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A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. The market has a population of 2 million persons. The team s
p=10, TC= 1000+2Q+.01Q^2, Q=?
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