This Answer Will Not Be Submitted As An Answer The Information Submitted Are All
This answer will not be submitted as an answer. The information submitted are all of the required information needed to solve the problem. I can’t shorten it because the tutor will need it in order to solve the question. Please help.
- How many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make?
- My patent expires in a year, and I know other economic consultants will produce competing software. What quantity and price will result once competing software emerges? How much consumer surplus will my clients (lawyers) gain once the competitors enter? (For measuring consumer surplus, recall that area of a triangle = 1/2 ×base × height).
- How much deadweight loss is created by my patent and monopoly in this software?