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You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago (patents in the U.S. are valid for 20 years). Despite strong sales ($125 million last year) and a low marginal cost of producing the product ($0.25 per pill), your company has yet to show a profit from selling the drug.
This is, in part, due to the fact that your company spent $1.2 billion developing the drug and obtaining FDA approval.
An economist has estimated that, at the current price of $1.25 per pill, the price elasticity of demand for the drug is negative 2.5 (-2.5).
What do we mean when we refer to basic economic difficulties of what to manufacture, how to manufacture, and for whom to manufacture?
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
A monopolist is currently producing a level of output where Price = $110; Marginal Revenue = $10; Quantity = 100; Total Cost = $15,000; Marginal Cost = $10; Total Fixed Cost = $4,000. to maximize profits in the long-run, the monopolist should do.
Among the problems that hinder growth in developing economies are poor infrastructure, lack of financial institutions and a sound money supply, a low saving rate, poor capital base, and lack of foreign exchange. Explain how these problems are inte..
An inflation shock is a disturbance to the usual behavior of inflation that shifts the IA line. A supply shock is a change in the natural rate of output. Graph the long and short run effects of a positive inflation shock and a negative supply shoc..
*Dayan's Doorstops, Inc. (DD) is a monopolist in the doorstop industry. Its cost is C = 100 - 5Q + Q2, and demand is P = 55 - 2Q. a. What price should DD set to maximize profit? What output does the firm Produce? How much profit and consumer surplus ..
For a short-run cost function, which of the following statements is NOT true The average fixed cost function decreases with output. The marginal cost function intersects the average fixed cost function where the average variable cost function is a..
Suppose that the "Small but Significant and Nontransitory Increase in Price" threshold is 5%. Making use of critical elasticity of demand analysis, do the existing producers of this product represent an antitrust market, or do additional substitut..
Small firms can discover the abilities of their workers more quickly than the large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to smal firms.
Value management (VM) is the application of value methodologies with the purpose of improving organizational effectiveness. Value management is made up of five subprocesses: sensemaking, ideation, elaboration, choice
By the 1950s, the views of the Classical economists among American economists: had been largely eclipsed by Keynesian views. had largely replaced Keynesian views. were about as widely held as Keynesian views.
Based on the reading assigned for this module, and your own Internet research, what adjustments are required for China to rebalance its current account. What risks are inherent in such adjustments
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