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The main economic rationale for a patent system is that quick imitation and commercialization reduces the expected profits of drug companies which thereby diminishes innovative activities. Given market realities, do you think a patent system is truly necessary? Can you think of other alternatives to a patent that might maintain innovation but preserve competition?
Consider a closed economy and a small open economy. Derive the goods market equilibrium for each economy numerically and graphically. Be sure to explain what you are doing.
Analyze two (2) of the major hardships facing expatriates on their return home after a lengthy assignment. What would your biggest challenge be if you were an expatriate?
Sea lions have been depleting the stock of steelhead trout. One idea to scare sea lions off the Washington state coast was to launch fake killer whales, predators of sea lions. Make a table showing the total cost and average total cost of producing 1..
Suppose 40 percent of a population all receive an equal share of p percent of the nation’s income, where 50 ≤ p ≤ 100. The remaining 60 percent of population also shares the rest of the income equally. For any such p, what is the Gini coefficient for..
How can large companies afford to lower the price of goods in a competitive market? A company’s ability to raise its price without losing its entire market is an example of market power. One of the most important of these is economies of scale. How d..
the circular flow diagram is model of how the economy works. explain how the model would change if the following events
q. pickles at the sour pickles ranch are picked either by labor or by a machine. labor can be obtained very cheaply -
An industry consists of three firms with sales of $310,000, $725,000, and $405,000. Calculate the Herfindahl-Hirschman index (HHI). Calculate the four-firm concentration ratio (C4).
Given the following equations, Quantity Demanded = 90-2P Quantity Supplied = P. What is the equilibrium price and quantity? Illustrate in a graph.
The residents of the town Ectenia all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $2,400,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visi..
Is there a difference between the moral hazard and principal-agent problems? If yes, explain the dif- ferences and give an example of a situation where one of them exists without the other. If there is no difference, argue this is one and the same pr..
Depict this data with a Pareto chart. Also depict cumulative complaint line. What percent of total complaints can be attributed to most prevalent complaint.
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