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Details: If patents permit firms to set P>MC (P might be ten times MC or in extreme cases even 100xMC), this implies very large ?gross margins?- in accounting terms the spread between sales revenues and the cost of goods sold, before allowances for contributions to fixed costs and other costs not directly related to production. What incentives and capabilities (consider both) does this large gross margin create of advertising? Is it then surprising that drug that drug companies?strictly for profit firms?spend about twice as much for advertising (primarily to physicians) as they do for research? (They do not advertise this fact.) Thus consider the link between patent protection and the scale of advertising budgets. How might one think about the private and social costs, the opportunity costs of resources used in advertising, relative to their benefits? Could patent protect provide resources and incentives to support the transfer of information to prescribers about new therapeutic possibilities (a social benefit)? Or might it be a way of buying ?inappropriate prescribing? to the benefit of drug marketers (a private benefit, and social cost)? How might one tell?
Patents operate powerfully to encourage innovation. But can there be too much innovation? Explain, again considering the difference between the private and the social benefits from innovation. What considerations would guide a profit-maximizing firm in deciding how to allocate its research budget? )Go a little deeper than ?Where it thinks it can get the largest profit?!) What considerations might the general public, you or
I, want to have determining research priorities?
Discuss how the economic indicators inflation, employment levels and interest rates,
Show these data graphically. Upon what specific assumptions is this production possibilities curve based? What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a lev..
Explain how has the introduction of females also minorities in the corporate structure impacted the supply of labor and the economy.
All firms in a Cournot monopolistically competitive industry have the same cost function C(q) = 25 +10q. Calculate the equilibrium price, firm output, total output and number of firms in the industry.
A profit maximizing firm produces three products X, Y and Z. The firm has no costs. There are three customers 1, 2 and 3. What will be the price of each product if the firm decides to sell them separately?
Utilizing the midpoint formula, elucidate the price elasticity of demand for Coke at these prices.
Draw a graph of the market for banana. What are the equilibrium price and quantity? Explain why. If the price of banana was $1.50 a box. What would be the situation in the banana market (shortage or surplus)? Explain why and how the price and quanti..
Explain why is it important for a country to calculate their GDP and release this information to the public.
The opportunity price of an investment is the real rate of interest, and that's why investment demand depends on the the real interest rate.
Evaluate the range of marginal revenues
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
Suppose the present market conditions of Microsoft Corporation.
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