sheridan company incurred 568000 of research and development cost in its laboratory to develop a patent. It spent $141000 in legal fees for a patent granted on January 2, 2017. On July 31, 2017, Sheridan paid $60000 for legal fees in a successful defense of the patent. What is the total amount of the increased to Patents through July 31, 2017?

The lowest cost of manufacturing a specific quantity of a good is referred to as the total cost (TC) in economics.
This is the overall economic cost of production, which consists of variable cost, which changes depending on the quantity of a good produced, and fixed cost, which is independent of the quantity of a good produced and comprises inputs like labour and raw materials, perhaps including sunk costs.

The given data is,

Legal fees on January 2, 2017=$141000

Legal fees on July 31, 2017=$60000

Total amount of Patents through July 31, 2017

=Legal fees on January 2, 2017+ Legal fees on July 31, 2017

=$141000+$60000

=201,000

The total cost of increased patent fees through July 31, 2017 is $201,000.

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