A Patent Race (Dutta) (This question is harder. It looks at a patent race under very different assump- tions to the 'duel' we played in class. Two firms, A and B, are each considering trying to develop a new p the new widget wins a patent worth $20 million plus a penny. Developing a new widget involves several steps'. The firms alternate moves, with A moving first, until one of them wins the patent. All moves are observed. In each turn, a firm can choose whether to take 0, 1, or 2 development 'steps'. Taking 0 steps in a turn costs that firm So. Taking 1 step in a turn costs $4 million. And taking 2 steps in a turn costs $11 million. For simplicity, assume a zero discount rate. Initially, each firm is 4 steps away from completing development. (a) Describe and explain carefully what will happen in this patent race and why. (Hint: it may help to read Dutta ch 12 (but notice I changed the numbers).)
(b) Very briefly explain what is the economic rationale for granting 'intellectual property rights' such as patents. What are some disadvantages for society of granting such rights?

Match the vocabulary word to the correct definition. 1. sexual harassment 2. terminate 3. recruitment 4. professional development 5. union a. any unwanted sexual attention, the suggestions that maintaining one’s job or professional advancement depends on sexual favors, or verbal and/or physical harassment of a sexual nature b. to fire from a job or end a professional relationship c. an organization of those in the same industry who join together to more effectively bargain with employers d. the process of attracting and hiring employees e. continuing education in a chosen field

What are six resources for you decide which type of business to start and how to start it?

In return for their with optimizing his painting project, the castle servant informed poly and digit that he saw someone dressed as the king leaving behind a trail of crumbs as he walked into the jester's room late last night. poly and digit have finally found the crisp-collecting culprit — it turns out the jester's shoe size and hair color match the clues that were found! in gratitude, poly and digit agree to the servant with his current task of replacing all of the tables and chairs in the castle. his goal is to determine which furniture company should produce the new furniture. he receives information from a company that customizes elegant furniture, and he wants to analyze the company's production process in order to calculate some problems about cost and availability. read the following scenario, and assist poly and digit as they the servant with his calculations. the fit for a king furniture company requires 2020 hours of labor to produce a standard table, and a chair requires 1212 hours of labor. the labor available is 565565 hours per week. the company can produce at most 3535 chairs per week.