An idea can be represented by a triple (u, c, p) where U is the consumer surplus when the technology is competitively supplied, is the cost of developing the idea into a technology, P is the probability the firm fails to develop the idea into a technology. Suppose there are 11 firms joining a patent race, each with the same idea (8, 10, 0.25) . For simplicity, assume the discounted time T = 16 and = 0.25 Standard patent race assumptions apply. a. Suppose n= 5 Calculate each firm's expected profit. b. Calculate the number of firms in the race at equilibrium. An idea can be represented by a triple (u, c, p) where U is the consumer surplus when the technology is competitively supplied, is the cost of developing the idea into a technology, P is the probability the firm fails to develop the idea into a technology. Suppose there are 11 firms joining a patent race, each with the same idea (8, 10, 0.25) . For simplicity, assume the discounted time T = 16 and = 0.25 Standard patent race assumptions apply. a. Suppose n= 5 Calculate each firm's expected profit. b. Calculate the number of firms in the race at equilibrium