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Each firm in a competitive research industry can undertake one project at a constant cost, f = $960 to try and develop a certain new product. The inverse demand curve for the new product is expected to be p = 100 - 2Q, and its marginal cost of production is expected to equal $20 (with no fixed production costs).
The interest rate r is 5%. The probability ρ(n) that at least one of n firms will succeed is given by the following table:
Using these rounded figures rather than the values of the function they approximate, and using ρ (n+1) - ρ (n) as an approximation for ρ'(n), calculate,
(a) The socially optimal number of firms in an R&D race, n*.
(b) The number of firms that would race to develop the product if the winner were granted a permanent patent (monopoly profits forever). Does it make sense to grant such patents?
(c) Calculate the government prize, P that would induce the optimal amount of research.
The whole point of organizing data using SPSS software is so that we can manipulate the data to answer our descriptive and inferential questions. This next section will walk you t
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Q1 Choose the option that is closest to the exact value of the probability P (30 ≤ X Q2 Choose the option that is closest to the approximate value of the probability P
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