新技术管理代考 MANAGEMENT OF NEW TECHNOLOGY

新技术管理代考

MANAGEMENT OF NEW TECHNOLOGY

新技术管理代考 If we take into account that an important function of formal research and development is to increase a firm’s absorptive capacity

Time allowed: 2 hours

Candidates must answer TWO questions. All questions carry equal weight.

This paper consists of FIVE questions.

Candidates are allowed to bring into the examination room: Calculators Casio FX-83GT PLUS or Casio FX-85GT PLUS only.

 

新技术管理代考

Please do not leave your seat unless you are given permission by an invigilator.  新技术管理代考

Do not communicate in any way with any other candidate in the examination room. Do not open the question paper until told to do so.

All answers must be written in the answer book(s) provided.

All rough work must be written in the answer book(s) provided. A line should be drawn through any rough work to indicate to the examiner that it is not part of the work to be marked.

At the end of the examination, remain seated until your answer book(s) have been collected and you have been told you may leave.

 

 



  1. Answer parts (a) to


    (e) of this

Let a firm in a perfectly competitive industry have a production function that can be written:

Q = 2L + 4K, where Q is output, L is labour and K is capital.


  • [10 marks] Illustrate in a graph the combinations of labour and capital that result in an output of 100

  • [10 marks] Calculate the marginal product of labour and

  • [10 marks] Suppose now that a technological change occurs so that the combinations of labour and capital that result in an output of 100 units can be written 100 = L + 4K. Illustrate the change on the same

  • [10 marks] Calculate the new marginal product of labour and

  • [10 marks] Describe the type of technological change that has



  1. Answer parts (a) to (c) of this 新技术管理代考



Suppose that two innovation opportunities exist, each costing £100 in initial outlay, but gener- ating different possible returns. Investment A generates a return of £150 with probability 0.5 and £100 with probability 0.5, while investment B generates a return of £180 with probability


  • and £10 with probability 5.

    • [10 marks] Define and calculate the expected return for each

    • [30 marks] Compare and contrast the investment choice of a self-financed investor and an investor financed by debt. Explain your reasoning

    • [10 marks] What does your analysis in part (b) imply for the financing of new techno- logical investment?





  1. Answer parts (a) to


    (d) of this

“If we take into account that an important function of formal research and development is to increase a firm’s absorptive capacity, then knowledge spillovers should increase, rather than decrease, the incentive to conduct formal research and development."


  • [10 marks] Explain what is meant by a firm’s “absorptive capacity".

  • [10 marks] What are the main determinants of a firm’s absorptive capacity?

  • [20 marks] Explain why it might be the case that an increase in knowledge spillovers would be associated with an increasing incentive to conduct research and development (R&D)?

  • [10 marks] Is there empirical support for the above quotation?

 

 



  1. Answer parts (a) and (b)  新技术管理代考


    of this

Venture capitalists rely relatively heavily on criteria relating to characteristics of the inventor (for example, whether he/she is capable of sustained effort) when deciding whether to fund  a new innovation-based venture. On the other hand, internal review procedures tend to rely relatively heavily on criteria relating to characteristics of the invention (for example, whether the invention is technically feasible).


  • [25 marks] Explain the meaning of the terms “adverse selection" and “moral hazard".

  • [25 marks] Describe the main characteristics of venture In what sense can venture capital be seen as a response to adverse selection and moral hazard in the market for funding new innovations?



  1. Answer parts (a) to (d) of this



Consider a pharmaceutical firm that is financing research for a new vaccine.


  • [10 marks] Describe the type of externality and the consequences on firms’

  • [20 marks] Draw the demand and supply graph and show the deadweight

  • [10 marks] What are the market failures associated with this externality?

  • [10 marks] Suggest possible government policies to remedy the

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