Recalling the information from the "Botox Patent Monopoly" application, inverse demand was p equals 775 minus 375 Upper Q, marginal revenue was MR equals 775 minus 750 Upper Q, marginal cost was MC equals 20, a constant, and quantity is in millions of units. What would happen to the price and quantity if the government had set a price ceiling of $225 per vial of Botox?

Below are the steps in the measurement process of external transactions. arrange them from first (1) to last (6). event step post transactions to the general ledger. assess whether the transaction results in a debit or credit to account balances. use source documents to identify accounts affected by an external transaction. analyze the impact of the transaction on the accounting equation. prepare a trial balance. record the transaction in a journal using debits and credits.