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Williams Consulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits….

Williams Consulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits….. WilliamsÿConsulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits. Demand for my software isQD = 60.3 – 0.1P. Creating the software cost me about $2,000 in development and coding. I can produce a copy of the software for $3.00 per unit (constant cost).a.ÿÿHow many copies of the software should I attempt to sell? At what price should I sell it? How much profit would I make?b.ÿÿMy 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 = « * base * height.)c.ÿÿHow much deadweight loss is created by my patent and monopoly in this software?

Williams Consulting, LLC currently enjoys a patent on software that estimates economic damages for clients involved in personal injury lawsuits….

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