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Q. As CEO of firm A, you and your management team face the decision of whether to undertake a $200 million R&D effort to create a new mega-medicine. Your research scientists estimate that there is a 40 percent chance of successfully creating the drug. Success means securing a worldwide patent worth $550 million (implying a net profit of $350 million). However, firm B (your main rival) has just announced that it is spending $150 million to pursue development of the same medicine (by a scientific method completely independent of yours). You judge that B's chance of success is 30 percent. Furthermore, if both firms are successful, they will split equally the available worldwide profits ($275 million each) based on separate patents
Suppose that firm A and firm B can form a joint venture to pursue either or both of their R&D programs. What is the expected profit of simultaneously pursuing both programs? (Hint: Be sure to compute the probability that both efforts fail (in which case the firms' combined loss is 200 + 150 = $350 million.).
Make sure to make available examples of real world to strengthen your position of wherever this might be case
The overall effectiveness of the organ procurement system in the United States. What are its strengths and weaknesses.
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Depict the von Neumann-Morgenstern utility index u in a diagram
Budget line showing the various combinations of scores on the two exams that she can achieve with a total of 400 minutes of studying.
Suppose the firms compete in quantities. If firm 1 deviates from collusion in one period, what is the profit of firm 1 in that period in subsequent periods.
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The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
In a typical day the store sells some of each type of cola, which suggests that Major League Baseball has adopted FOA because it fears that regular binding arbitration is addictive.
Suppose that the demand for healthcare services is perfectly inelastic while the supply curve is upward sloping. Analyze the impact.
the set of efficient trades these individuals would rationally make. One of the points on the set of efficient trades you illustrated in your diagram will be a competitive equilibrium.
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