Please answer the following questions in no more than 500 words based on the following posed Microeconomic concept:
1. Describe the different type of costs to produce the drug. Categorize the costs by fixed and variable, and then indicate/describe the profit maximizing condition. G 2. What happens in the market for other high blood pressure drugs, that are not as effective? Consider which curve shifts and the corresponding change in equilibrium price and quantity. us 3. Compare the equilibrium price and quantity for the drug under the patent conditions relative to if the market were opened to perfectly competitive forces. Explain the main characteristics of each market structure.
