Merck produces a widely-used statin called ZOCOR that treats high cholesterol. In 2015 they set the price a $30 per 30-day supply. They sold 500,000 units (30-day supplies) that year.
Merck produces a widely-used statin called ZOCOR that treats high cholesterol. In
2015 they set the price a $30 per 30-day supply. They sold 500,000 units (30-day supplies)
that year. In 2016, they experimented with lowering the price to $15 per 30-day supply.
They sold 700,000 units that year.
a. Plot the 2 observed (Price, Quantity) pairs and connect them to draw a demand
curve, putting price on the vertical axis.
b. What is the equation of the demand curve?
c. What is the slope of the demand curve?
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