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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.
Select one topic from below. This will be the subject you will research you will need to comprise an outline, a rough draft also the final draft.
After the September 11th attacks, one division of the Pentagon began to set up a Policy Analysis Market (PAM), a prediction market for political events in the Middle East. Suppose Chad believes that the price of oil will be higher in the future and b..
Currently a government budget is balanced. The marginal propensity to consume is 0.75. The government has determined that each additional $10 billion in new government debt it issues to finance a budget deficit pushes up the market interest by 0.20 p..
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Estimates of regression coefficients are most commonly obtained using OLS, ordinary least squares. Assume that we are interested in the relationship between Y and X and study this relationship by estimating the regression
A price index for nonresidential construction was 14 in 1949, 92 in 1987, and 114.5 in 2000. According to these numbers, what did the hospital cost approximately.
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Suppose that you are a borrower with a project that has a rate of return of 2.5%. Which of the following offers to borrow $1,000 would let you earn a positive gain, provided a lender accepts your offer?
Suppose that you test the Linder hypothesis by comparing Germany’s absolute difference in per capita income from each of its trading partners with the size of Germany’s total trade with each respective partner. You find a strongly negative correlatio..
Madison has 5 times the marginal utility of consumption as Seth. If the government wants to achieve maximum societal happiness, should it transfer wealth from Seth to Madison?
What is the least you would be willing to accept to sell your house? c. Why are the answers to the above two questions different?
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