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You are the chief economic advisor to the country of Utopia. Life is good in Utopia but people still suffer from the common cold and other ailments. The local Panacea Company has spent $1,000 developing a new drug called Nosnot that cures the common cold. They seek a patent that will prevent anyone else from selling Nosnot in Utopia (once they sell Nosot it is easily copied). It is estimated that the annual demand for Nosnot will be given by Q=12.5 – p/2 , and the marginal cost of production will be constant at $1. Utopia doesn’t yet have a patent system. You are asked to evaluate and rank 4 potential policies: 1) Do not grant any patent and allow any company to copy Nosot, 2) Grant a permanent patent to Panacea 3) Grant a patent for 20 years to Panacea, 4) Offer for the government to buy the rights to Nosnot from Panacea for $1,500. If your recommendation is adopted then similar future cases will be treated the same way.
Which financing method will result in the greatest number of prisoners surviving the trip
Some methods of initial assessment appear to be more useful than others. If you were starting your own business, which initial assessment methods would you use and why? Keep in mind the necessity of being able to measure assessments.
Given the solution to problem 14, what is the Nash Equilibrium of this game?
List the different types of market structures that big data benefits the least and benefits the most. While data collection may benefit the business community, discuss the potential concerns for consumers that arise with the proliferation of big data
When General Motors devotes $1 billion to new investment (e.g., building new factories, warehouses, offices), who does the saving that is required? Stockholders? Workers? The public? Buyers of cars? It is estimated that the value of our private capit..
Draw a graph that shows the marginal revenue product curves of the two franchises. Make sure your axes are properly labeled. Show the equilibrium level of competitive balance and the equilibrium level of player salaries.
The demand for a good X in a town is Q = 10 − P , where P is the price of good X per pound and Q is the quantity demanded in pounds. The marginal cost of producing the good is $2 per pound. There is no fixed cost of producing the good. What are the p..
He finds which he is overworked also which several of his research scientists seems to be spending work hours playing tennis.
This declaration would perhaps receive general agreement, but it is not always clear exactly Illustrate what concludes when something is in the public interest.
Suppose demand for a good is QD = 50 - P and supply is QS = -10 + P. How much is the producer surplus? How much is consumer surplus?
Suppose the nation of Sugarland consists of 50,000 households, 10 of whom are sugar producers. Arguing that the sugar industry is vital to the national economy, sugar producers propose an import tariff. The loss in consumer surplus due to the tariff ..
When interest rates (IRs) decrease, how might businesses and consumers change their economic behavior? If there is a decline in the money growth, what might you expect to happen to real GDP (real output) and inflation rate?
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