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A Consulting Company currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software is
QD = 47.25 - 0.5P. Creating the software cost me about $3,185 in development and coding. I can produce a copy of the software for $6.50 per unit (constant cost).
a. How many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make?
b. My patent expires in a year, and I know other economic consultants will produce competing software. What quantity and price will result once competing software emerges? How much consumer surplus will my clients (lawyers) gain once the competitors enter? (For measuring consumer surplus, recall that area of a triangle = ½ * base * height.)
c. How much deadweight loss is created by my patent and monopoly in this software?
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Now, suppose that following the supply and demand changes in (a), a substitute good goes up in price, and your costs of production increase. What new decisions will you make regarding production levels and pricing for your Widget facility?
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