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Suppose there's a patented and perishable product that all people will need sometime in their lives which they would rationally give all the resources they could access to purchase. How would a seller of such a good set the price to maximize their profit given the wealth distribution of the United States?

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This problem, as stated, is a complicated but seemingly solve-able (given the right tools (which I don't have) and what appears to be publicly available data) maximization problem which removes a great deal of the complexity of an actual market. If you have any questions which would make the problem more complicated, assume that the answer is the one that makes the problem simpler. The product has no resale value.

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  • $\begingroup$ This is microeconomics rather than macroeconomics. Can the seller charge a different price to different people? Can the product be resold? Does the expiry of patents after 20 years affect the answer? What are your thoughts? $\endgroup$
    – Henry
    Commented Jun 25 at 22:55

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