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Suppose Schering-Plough spent $20,000 to develop Claritan and gets a 20-year patent. Its annual demand curve and costs are below. Quantity Price ($) Total Revenue
Suppose Schering-Plough spent $20,000 to develop Claritan and gets a 20-year patent. Its annual demand curve and costs are below. Quantity Price ($) Total Revenue Marginal Revenue ($) Total Cost ($) Marginal Cost ($) 100 5.50 3.00 200 5.00 3.00 300 4.50 3.00 400 4.00 3.00 500 3.50 3.00 600 3.00 3.00 700 2.50 3.00 800 2.00 3.00 900 1.50 3.00 1000 1.00 3.00 3. What is the value of the patent to Schering-Plough
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