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Each firm in a competitive research industry can undertake one project at a constant cost, f = $960 to try and develop a certain new product. The inverse demand curve for the new product is expected to be p = 100 - 2Q, and its marginal cost of production is expected to equal $20 (with no fixed production costs).
The interest rate r is 5%. The probability ρ(n) that at least one of n firms will succeed is given by the following table:
Using these rounded figures rather than the values of the function they approximate, and using ρ (n+1) - ρ (n) as an approximation for ρ'(n), calculate,
(a) The socially optimal number of firms in an R&D race, n*.
(b) The number of firms that would race to develop the product if the winner were granted a permanent patent (monopoly profits forever). Does it make sense to grant such patents?
(c) Calculate the government prize, P that would induce the optimal amount of research.
what are the function of statistics in business onganizations?
Q. Suppose a study is being done and the population is the American public. How would you go about choosing a random sample population to phone for a survey? Solution: One w
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1. Sketch and explain different regions of a pressure-volume diagram of a full cardiac cycle. 2. Sketch and explain the relationship between cardiac output and end-diastolic vol
In a mathematics examination the average grade was 82 and the standard deviation was 5. all students with grade from 88 to 94 received grade of B. if the grade are approximately no
We find the correlation coefficient and plot the scatter plot using excel as follows: Time in Waiting Room Heart Rate
In marketing research field surveys are commonly used to collect primary data from the respondents. 1. Through Personal Interviews: The investigator follows a rigid proced
Suppose that an individual has unearned income of $V and can choose how many hours she works per week at a wage of $w per hour. Assume that she has a total of 110 hours of time to
Least squares method
told my friend I would help on a test, and now, think its beyond me LOL...want to save face, can you help me?
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