Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 31 May 2017 My Price 10.00

small pharmaceutical company

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). Based on this information what can you do to boost PROFITS. (Hint: Remember that profit is defined as total revenue minus total cost. Make sure your answer includes information on both revenue and cost.)

Answers

Maurice Tutor
(5)
Status NEW Posted 31 May 2017 08:05 PM My Price 10.00

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