The above table shows the quantity of patents reviewed by a firm's attorney and the corresponding probability that the firm w infringe on another firm's patent. The cost of infringement is $50,000.
-Refer to the table above. If the attorney reviews 51 patents, what is the expected marginal benefit of reviewing the 51st patent?
Definitions:
Net Income
The total earnings of a company after subtracting all expenses, taxes, and costs from total revenue.
Income Distribution
The allocation of earned income or revenue to various stakeholders, such as dividends to shareholders or wages to employees.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded against an asset since it was put into use, representing how much of its value has been used up.
Allowance
A provision in accounting for a reduction in the value of receivables or inventories, often related to potential bad debts or damaged goods.
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