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For this question I **need to see how you work these problem

For this question I **need to see how you work these problems** for all SIX aspects. (I have to writ… Show more For this question I **need to see how you work these problems** for all SIX aspects. (I have to write a 3 page paper on this, later.) For now, I need to verify my won math work— so please, answer all SIX things and show your work. 1) The wholesale price, 2) annual production, 3) annual sales, 4) annual profit, 5) the new price, and 6) quantity of Zatab (after generic versions become available). Please, do not guess– or capture the answer from the stored/archived answer here on Chegg. That answer did not have the depth and did not answer all the aspects of the question that I require to be able to write a paper about this problem. Here is the problem Mirk Labs is a pharmaceutical company that currently enjoys a patent monopoly in Europe, Canada, and the United States on Zatab, an allergy medication. The global demand for Zatab is: Qd = 15.0 – 0.2P where Qd is annual quantity demanded (in millions of units) of Zatab, and P is the wholesale price of Zatab per unit. A decade ago, Mirk Labs incurred $60 million in research and development costs for Zatab. Current production costs for Zatab are constant and equal to $5 per unit. (a) What wholesale price will Mirk Labs set? How much Zatab will it produce and sell annually? How much annual profit does the firm make on Zatab? (b) The patent on Zatab expires next month, and dozens of pharmaceutical firms are prepared to enter the market with identical generic versions of Zatab. What price and quantity will result once the patent expires and competition emerges in this market? Explain your answer. • Show less

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