Use the space below and the back to write out and clearly indicate your answers. do not use this sheet as scrap paper, but use it to neatly present your work. three drug companies each make their own drug that treats a medical condition. they are the only drugs that can treat this condition, and this condition is the only malady for which these drugs are effective. the companies each have a patent on their particular drug compound, but the drugs are similar and about equally effective for treating the condition, so the firms behave very competitively. the demand curve for courses of treatment (which will cure the medical condition) is qd = 12,000 - 12p. the drugs were developed long ago, so firms just have to pay the manufacturing and retailing costs. each firm has a cost of supplying q courses of treatment given by 3q2.
1) calculate each company's minimum average cost. ipt
2) calculate each company's supply curve.
3) calculate the market supply curve.
4) calculate the market equilibrium price.
5) calculate the profit that one firm would earn in this market.
6) is the profit you calculated above greater than 0? why? do the patents that these firms hold have a value? if so, what is it? explain your answer.

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."