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Two firms, A and B, compete à la Bertrand when selling a homogeneous good whose demand equals P = 400 − Q. Each firm’s constant marginal and average cost of producing the good equals 60. Suppose that it is possible for firm A to costly develop a new technology that lowers both the marginal and average cost to 40. If there isn’t a patent system, firm A can do costly research to find the new technology, but will see its invention copied immediately after discovery (a process called "reverse engineering"). With a patent system, this is rendered illegal.
a. What is the equilibrium without a patent system?
b. And with a patent system? Note that the equilibrium depends on the cost of developing the new technology. So, you need to state the equilibrium for all potential values of the cost of developing the new technology. In particular, you should assume that the cost of developing the new technology can be any positive value.
c. Is the patent system socially desirable?
Some, like Santander, have quietly expanded into or business lines; its consumer-credit division is Europe's biggest car financier. What is next.
In 2010, the Laser Company produced 18 t-shirts. Three of them were sold to Catherine for $699 each, later that same year Catherine sold the now used t-shirts to Max for $571 each. The reaming t shirts that Laser produced were not sold to anyone that..
Which is the expected utility of wealth. Beatrix has $109 of wealth. She is contemplating a gamble that gives her a 0.25 probability of winning $180 and a 0.75 probability of losing $60.
Who are the stakeholders in this case, and what are their stakes? The ban received approval from the New York City Board of Health, but a state Supreme Court judge subsequently halted it. Mayor Bloomberg vowed to appeal. Irrespective of the legal wra..
Compute the equilibrium level of income, the size of the multiplier, and the change in equilibrium income for a decrease in autonomous investment by $75 million.
Then use each paragraph to analyze a separate concept, theory, or principle from the text which helps explain the underlying economic content. Critique in your own words how the theory conforms to reality, along with any shortcomings that arise.
The book discusses the Efficient Market Hypothesis (EMH) and its three forms. The EMH has a lot to do with information and stock prices. How does information get into prices? How do we know if prices reflect all available information?
q1. what homeland security challenges could the u.s. face in the future? describe at least two challenges and identify
q.suppose there are two types of men and two types of women goodbad and assume further that same-sex marriage is not
Using the four scenarios referred to in this chapter, choose periods when each scenario has occured in the U.S. or other countries: higher interest rates, more capital invested, lower interest rates, more capital invested.
You want to set up a college saving plan for your sister. She is currently 10 years and will go to college at age 18. You assume that when she starts college, she will need at least $100,000 in the bank. How much do you need to save each year in orde..
Illustrate what is the reason the productivity also real incomes of workers in the industrially advanced economies have risen historically partly.
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