You are the manager of a small pharmaceutical company that received a patent on a new drug three years ago. despite strong sales ($175 million last year) and a low marginal cost of producing the product ($0.25 per pill), your company has yet to show a profit from selling the drug. this is, in part, due to the fact that the company spent $1.7 billion developing the drug and obtaining fda approval. an economist has estimated that, at the current price of $1.00 per pill, the own price elasticity of demand for the drug is -1.5.
based on this information, what can you do to boost profits?