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Please Answer the Following Question:
Shaughnessy Consulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software is
QD = 80 - 2P. Creating the software cost me about $1,825 in development and coding. I can produce a copy of the software for $8 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?
How large must n be in order that the normal approximation to the distribution of x be valid?
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When an incumbent maintains a price below the monopoly price in order to prevent entry. The act of charging a low price initially upon entering a market to gain market share.
New actuator element technology enables engineers to simulate complex computer-controlled movements in any direction. If the technology results in cost savings in the design of amusement park rides, what is the future worth in year 5 of savings of $7..
Suppose that each of the economy’ s 600 young agents has deposits worth 100 goods with a bank no matter what the rate of return. Assume that the reserve requirement is 10 percent and the monetary base is $3, 000. Let x > n. What is the total nominal ..
What is the future worth of a series of equal monthly payments of $5,000 if the series extends over a period of six years at 9% interest compounded?
Suppose Home economy produces 2 goods, Food and Cloth, using labor, land, and capital. Land is specific to the Food sector and capital is specific to the Cloth sector. Labor is the mobile factor implying that labor and land are used to produce Food; ..
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Determine the payback period in months if the press can produce 120 gross of bars each month and each bar is sold for $.96 and costs $.42 to produce.
q.in a competitive market there are two groups of firms. in group a for each firm the long-run atc curve is u-shaped
Explain how a chronic disease like COPD has seen an increase in mortality compared to the more common communicable diseases seen throughout the world.
Based on this information, calculate the official unemployment rate to the second decimal place (hundredths place). Please show how you got your answer
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