Examlex

Solved

The Number of Patents Issued for a Certain Product Between

question 32

Multiple Choice

The number of patents issued for a certain product between 1950 and 1970 was increasing with respect to time at a rate jointly proportional to the number of patents already obtained and to the difference between the number of patents already obtained and the carrying capacity of the system. The carrying capacity was approximately 8000 patents, and the constant of proportionality was about 0.00024. By 1960, 4000 patents had been obtained. Find the general solution for the number of patents t years after 1950.


Definitions:

Incremental Costs

The additional costs that are incurred if the level of business activity or output changes.

Out-of-Pocket Costs

Out-of-pocket costs are expenses that individuals directly pay from their funds, not covered by third-party payers like insurance.

Incremental Revenue

Additional revenue generated from a specific action or decision, beyond what would have been generated otherwise.

Special Order

A one-time order that is not considered part of the company's normal ongoing operations.

Related Questions