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Assume that a pharmaceutical company has a monopoly over the production of master cream, a drug used on skin rashes. Further suppose that the demand for master cream is given by the expression QD = 1,500 - P, where QD is the quantity demanded (in bottles) and P is the price. Assume that the company's costs are given by the expressionTC = 100 - Q^2 + 5Q^3.
a) What is the profit-maximizing level of output of master cream (in bottles)?
b) What is the profit-maximizing price?
c) What is the maximum level of profit?
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The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
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