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Mirk Labs is a pharmaceutical company that currently enjoys a patent monopoly in Europe, Canada, and the United States on Zatab, an allergy medication. The global demand for Zatab is: Qd = 15.0 – 0.2P where Qd is annual quantity demanded (in millions of units) of Zatab, and P is the wholesale price of Zatab per unit. A decade ago, Mirk Labs incurred $60 million in research and development costs for Zatab. Current production costs for Zatab are constant and equal to $5 per unit. (a) What wholesale price will Mirk Labs set? How much Zatab will it produce and sell annually? How much annual profit does the firm make on Zatab? (b) The patent on Zatab expires next month, and dozens of pharmaceutical firms are prepared to enter the market with identical generic versions of Zatab. What price and quantity will result once the patent expires and competition emerges in this market? Explain your answer.
The following table contains the ACT scores and the GPA (grade point average) for eight college students. Grade point average is based on a four-point scale and has been rounded to one digit after the decimal. Estimate the relationship between GPA an..
Given the data below, use PRESENT WORTH ANALYSIS at a 15% interest rate to decide if method A or method B should be used. Method A: Initial capital cost of $100,000. Operating cost of $20,000 per year. Salvage value after 3 years is $20,000.
How do the three equations that define general equilibrium in the AS/AS model differ (or not) when describing an economy using (i) adaptive expectations or (ii) completely credible central bank?
Suppose that inverse demand is given by D(Q) = 56 − 2Q, Q = q1 + q2 and the cost function is TC(qi ) = 20qi + f Find the Stackelberg equilibrium and compare it to the Cournot equilibrium. 6. What is the SPNE for the entry game with the following timi..
All else equal, if demand is relatively elastic and supply is relatively inelastic, a tax on a product will cause:
Suppose n firms are submitting a bid to offer their firm’s services. Your cost of providing the service is c. All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowe..
In August 2008, Mexican Pesos ere trading at $0.10 on the foreign exchange market. By November, they were down to $0.07, a decline of 30%. Explain the fall in the price of a Peso using supply and demand curves. In words, explain the rise in the price..
Identify four (4) key official actors (legislators) two (2) pro and two (2) con of the emerging issues you identified for the the policy(Obama Care). Then present 2-3 strategies that you would implement to persuade key actor to advance the recommenda..
Restaurants have observed that large parties (eight or more) leave a lower average tip than smaller parties. Identify the effect, which also makes it more difficult to reach global environmental agreements, responsible for this phenomenon.
Suppose that annual income from a rental property is expected to start at $1,350 per year and decrease at a uniform amount of $55 each year after the first year for the 12-year expected life of the property. The investment cost is $8,200, and i is 9%..
At what price of food in terms of manufactures would A and B respectively supply food? Would trade take place between A and B in David Ricardo’s world? How many manufactures could B supply?
Suppose we are given the firm’s marginal rate of technical substitution of labor for capital at the combination of labor and capital firm currently uses. Can we determine the Firm’s marginal product of labor and the margianl product at that combinati..
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