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3. Shaughnessy Consulting: LLC currently enjoys a patent on soware that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software
3. Shaughnessy Consulting: LLC currently enjoys a patent on soware that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software is QD = 36G 51?. Creating the software cost me about $1,4?5 in development and coding. I can produce a copy of the soware for $3 per unit (constant cost). a. How many copies of the software should I attempt to sell? At what price should I sell it? How much prot would I make? I). My patent expires in a year, and I know other economic consultants will produce competing software. Iii-That quantity and price will result once competing soware emerges? How much consumer surplus will my clients (lawyers) gain once the competitors enter? (F or measuring consumer surplus= recall that area of a triangle = 5\": * hase * height.) c. How much deadweight loss is created by my patent and monopoly in this software
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