Order the answer to: You are the owner/ manager of a small competitive firm

Best Writers business-economics Order the answer to: You are the owner/ manager of a small competitive firm

business-economics

Order the answer to: You are the owner/ manager of a small competitive firm

Question You are the owner/ manager of a small competitive firm that manufactures house paints. You and all your 1000 competitors have total cost curves given by TC = 8 + 2Q + 2Q2, And the industry is in long- run equilibrium. Now you are approached by an inventor who holds a patent on a process that will reduce your costs by half at each level of output. a. What is the most you would be willing to pay for the exclusive right to use this invention? b. Would the inventor be willing to sell at that price?
Subject business-economics
Ready to try a high quality writing service? Get a discount here