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A pharmaceutical firm faces the following monthly demands in the U.S. and Mexican markets for one of its patented drugs:
Q US = 300,000 - 4,000*P US
QX = 240,000 - 7,000*PX
where quantities represent the number of prescriptions.
Assume that resale or arbitrage among markets is impossible and that marginal cost is constant at $2 per prescription in both markets. Monthly fixed costs are $1 million in the United States and $500,000 in Mexico.
Draw the demand, marginal revenue, and marginal cost curves for each market. What are each of the firm’s total profits?
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Suppose good X is a normal good. Then a decrease in income would lead to
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Why are many consumers apt to be rationally ignorant about their options? Why would insurance coverage tend to increase rational ignorance? Why are so many economists opposed to licensure of medical facilities and personnel?
Suppose that your great-great-grandmother put $50 in a savings account 100 years ago and the account is now worth $1,600. Use the rule of 70 to determine about what interest rate she earned. show work, please.
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In an oligopoly market with a dominant firm and a competitive fringe, if market demand is _____, the market price will be low and the _____ profit will be small.
Suppose that the nominal rate is 24%, and inflation is 6%. What is the real interest rate?
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