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You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($200 million last year) and a low marginal cost of producing the product ($0.45 per pill), your company has yet to show a profit from selling the drug. This is, in part, due to the fact that the company spent $1.3 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1.00 per pill, the own price elasticity of demand for the drug is -1.5.
Based on this information, what can you do to boost profits?
Choose one emerging trend in customer service and discuss how it is impacting the relationships between companies and customers.
In a competitive market free of government regulation,
Consider an economy described by the following equations: Y= C+I+G, Y= 5,000, G= 1,000, T= 1,000, C= 250 + 0.75(Y-T), I= 1,000 -50r. In this economy, compute private saving, public saving, and national saving.
Comment on the difficulty of calculating opportunity costs (the economic concept) as compared to accounting costs (explicit costs). Do you have any suggestions for making the calculation of implicit costs easier?
Consider a monopolist informal moneylender and competitive formal creditors who lend to farmers. illustrate what are the interest rates.
If a recessionary gap were to appear, how might the economy adjust? Can/should we rely on it to adjust itself? Is it possible that the economy will never adjust to a gap, and things will just get worse and worse?
Undergraduate student (age 22) gets a job that pays $49800 per year. Planning to retire at age 67, she decides to save 10% of her current salary each year. If she is able to get an average ROI of 5.8% per year, how much will she have saved when she r..
Either an increase in demand with the supply curve held constant or a decrease in supply with the demand curve held constant will raise a market's equilibrium price.
The following equation relates housing price (price) to the distance from a recently built garbage incinerator (dis). Interpret the coefficient on log(dist). Is the sign of this estimate what you expect it to be?
For each values for the MPC, determine the size of the simple spending multiplier and the total change in real GDP demanded following a $10 billion decrease.
Hannah and Sam run Moretown Makeovers, a home remodeling business. The number of square feet they can remodel in a week is described by the Cobb-Douglas production function. Q=F (L,K) Q=10L0.5K0.5 where L is their number of workers andKis units of ca..
As the value of the Gini coefficient approaches one, The Gini coefficient is measured by
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