(Answered) Shaughnessy consulting llc enjoys a patent on software that

Economics

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

Demand is Q_D = 40.375 - 0.5P. Creating the software cost $1,650 in development and coding. I can produce a copy of the software for $0.75 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.:- M93087568
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

A sample of 189 randomly selected students found that the

A sample of 189 randomly selected students found that the proportion of students planning to travel home for Thanksgiving is 0.66. What is the Standard Deviation of the sampling distribution?

How does health insurance coverage affect the incentive to

How does health insurance coverage affect the incentive to reduce medical expenses? For the insured person? For the provider of services? What happens to the incentive to hold down medical expenses once the initial insur ...

Some residents of the village of taugswater have proposed

Some residents of the village of Taugswater have proposed purchasing logging permits relating to a nearby wilderness area. The majority of residents agree that the purchase of permits, to be set aside and not used, is th ...

Below is my attempt at answering a quiz question and i am

Below is my attempt at answering a quiz question and I am seeking feedback (my answers are in bold): The Final Exam scores for all students enrolled in STAT 200 have a mean score of 72. One randomly selected section of S ...

Investors are evaluating two 6-year bonds at time t in a

Investors are evaluating two 6-year bonds at time t in a financial crisis setting where there is a strong likelihood of default. Assume the following values for the probability of default (z) of the two bonds, issued res ...

Without doing any math or drawing a graph which is bigger

Without doing any math, or drawing a graph, which is bigger, compensating variation or equivalent variation for a tax? Consider an individual with Cobb-Douglas preferences over some good and all other goods. In what sens ...

How has the value of the euro changed compared to other

How has the value of the Euro changed, compared to other countries, over the past 10 years (since the Great Recession began)?

Find each of the following probabilities for a normal

Find each of the following probabilities for a normal distribution. (Use/round to 4 decimal places.) p ( z > 0.80) p + p ( z Please work out the steps so I can understand the formula

A different ethanol processing facility costs 800000 to

A different ethanol processing facility costs $800,000 to construct but will instead last forever. Every year (starting the year after construction), it produces 10,000 barrels of ethanol and can charge a price of $4 per ...

In a random sample of 100 college student 60 were females

In a random sample of 100 college student 60 were females, 65 were under 21 years of age and 15 males were 21 years of age or older, a student is selected at random from the sample. What is the probability that a female ...

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