Bancroft Pharmaceuticals has a patent on a new medication used to treat high blood pressure, so it is the monopoly seller of this new drug product
The marginal cost of producing one dose of the drug is $10, and the elasticity of demand for the product is -3. What is the profit maximizing monopoly price for this patented drug product? A) $10
B) $12.50
C) $15
D) $30
C
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According to the classical theory, inflation occurs when the annual rate of growth of the money supply is higher than the annual rate of growth of full-employment real GDP
Indicate whether the statement is true or false
Number of FigsVCMCAVCFCTCATC0???100??19090????2?????1353??80???4????400?
Table 5.4 presents the cost schedule for David's Figs. If David produces four figs, David's average total costs are:
A. $60. B. $75. C. $100. D. $400.
If real income rises 5%, prices rise 3%, and nominal money demand rises 7%, what is the income elasticity of real money demand?
A. 4/5 B. 3/4 C. 5/6 D. 6/7
If all education in the United States were provided by private, tuition-charging schools,
A) too much education would be consumed. B) too little education would be consumed. C) the efficient level of education would be provided. D) the government would provide both students and schools with vouchers. E) education would no longer have an external benefit.