There are 3 scenarios to this assignment. Scenario #2 is attached as a picture since there is a graph that needs to be looked at. You should clearly explain your logic and show your work where applicable to demonstrate your understanding and ability to apply
There are 3 scenarios to this assignment. Scenario #2 is attached as a picture since there is a graph that needs to be looked at. You should clearly explain your logic and show your work where applicable to demonstrate your understanding and ability to apply the concepts. APA FORMAT
A pharmaceutical company has hired you to perform an economic analysis on a currently ongoing project. Experts from the company have estimated the market for the drug and thus the potential revenues for the drug are known, but the relevant costs are becoming a sticking point for the company’s analysis. The company initially provides you the following information:
The company has already spent $150,000 on research and development for the drug.
The first round of clinical trials is complete and cost $75,000. The results from the trials were promising.
The company is considering whether to proceed with the development of the product. If the company continues the project, a second round of trials will be necessary.
The company estimates that the cost of ingredients for the drug will cost $2 per dose, and 150,000 doses will be needed for the trial.
The company would also seek patent protection for the drug, which would cost an estimated $25,000 in filing fees.
When the drug goes into production, a new production line would need to be purchased at a cost of $240,000 and would last ten years, and the cost for the ingredients for the drug would fall to $1 per dose.
Packaging and distribution would cost $0.50 per dose.
The company also expects to spend $500,000 per year to advertise and promote the drug.
The patent protection on the drug would last 17 years, at which time a generic version of this drug could be produced, at which time the company would cease production of this drug.
Scenario 1 Questions
Which costs are relevant when deciding whether to proceed with the project?
Which costs are relevant when deciding how many doses of the drug to produce (assuming the drug makes it to production)?
Is there any other information for which you would need to ask the company to complete your analysis?
Scenario #2 is attached
A company selling widgets advertises through three types of media: print, television and internet. Recently the company has decided to increase its advertising budget by $100,000. In order to determine where the additional money should be spent, the company increased print advertising for a month by $5,000 and attracted 50 new customers. The following month, the print advertising was decreased back to its original level and television advertising was increased by $20,000 and attracted 175 new customers. In the third month, television advertising was decreased to its original level and internet advertising was increased by $2,500 and attracted 30 new customers.
Scenario 3 Questions
Given this data, where would you suggest that the $100,000 increase should go?
Once the $100,000 is allocated in the way you suggest, how would you check to determine if you made the correct decision?
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