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Problem: Joe consulting inc currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software is Q(d) = 80-2P. Creating the software cost about $1,825 in development and coding. I can produce a copy of software for $8 per unit(constant cost)
Required:
Question 1: How many copies of the software should I attempt I sell?
Question 2: What quantity and price will result once competing software emerges?
Question 3: How much deadweight loss is created by patent and monopoly in this software
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