7. Award: 1.33 points You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. Despite strong sales ($175 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 the company spent $1.7 billion developing the drug and obtaining FDA approval. An economist has estimated that, at the current price of $1 .00 per pill, the own price elasticity of demand for the drug is 1.5. Based on this information, what can you do to boost prots? 0 reduce price keep price the same raise price References Worksheet Difficulty: 03 Hard