(Answered) Shaughnessy consulting llc currently enjoys a patent on

Economics

Shaughnessy Consulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits. Demand for my softwareis

Q_D = 80 - 2P. Creating the software cost me about $2,000 in development and coding. I can produce a copy of the software for $2 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?

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M92414329
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Business Economics

What are the implications of outsourcing key public

What are the implications of outsourcing key public responsibilities to global corporations for the Australian state and society?

A test of high school study habits and attitudes supposedly

A test of high school study habits and attitudes, supposedly predictive of how well high school students will perform academically, is administered to twelfth graders during the same week that their cumulative grade poin ...

A firm is considering the two mutually exclusive

A firm is considering the two mutually exclusive investments projects. Project Alpha requires an initial outlay of $600 and will return $160 per year for the next seven years; Project Beta requires an initial outlay of $ ...

How does the learning environment effect the success of

How does the learning environment effect the success of students? Provide examples.

If a patient who was injured and is thinking about whether

If a patient who was injured and is thinking about whether or not to file a medical malpractice claim against his doctor. He is considered a "rational" decision maker in the sense that he decides whether or not to file a ...

One of the authors received a credit card bill for 3167 and

One of the authors received a credit card bill for 3167 and it included a charge of 1622 that was not valid. Find the values of the absolute amd relative errors.

Identify at least five factors that are likely to cause the

Identify, at least, five factors that are likely to cause the increase in the demand for nurses and five factors that are likely to cause a decline in the supply of nurses, or the failure of supply to keep up with demand ...

Equipment maintenance costs for manufacturing

Equipment maintenance costs for manufacturing explosion-proof pressure switches are projected to be $125,000 in year one and increase by 3.5% each year through year five. What is the equivalent annual worth of the mainte ...

My null hypothesis relates to shipping costs being higher

"My null hypothesis relates to shipping costs being higher for critical orders than low priority orders. So u1 - u2 less than or equal to 0 is null hypothesis and right-tailed t-test. What I am unsure of is which is the ...

1- a fencer attends a fencing tournament to ensure the

1- A fencer attends a fencing tournament. To ensure the equipment works well, he takes three blades. Two of them will be the backup. The probability of his three blades to function properly are 0.95, 0.8, 0.7 respectivel ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert