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- 1. A regulator is charged with determining the length of a patent on new intellectual property, a song. If the regulator approves the patent for a relatively long duration, what is likely to happen? a Consumers will have broader access to the song. b The song's price will be relatively low for longer. c Artists will be more encouraged to produce new songs in the future. d The songwriter will earn lower royalties from the song.Please explain and show graphically effect of patents in overall market structure.Justify protection of patent based on social cost,sunk cost and social benefit theory.
- tue or false? after an industry is regulated by federal regulatory agency, companies in the industry can maintain their long run vaibility by continuing to focus on making better products or services.1b. On this diagram, identify the profit maximizing price and quantity and indicate the amount of profit being earned. 1c. Assuming this company has an effective patent on this medicine, what limits how high a price it can charge? Explain your answer. *I need help with problems 1b and 1c. Thank you!Please bullet point reasons why and why not patents can set innovation back rather than induce it?
- The government’s primary goal in awarding patents is to: A. Make sure that patent holders earn substantial profit. B. Create more monopoly firms. C. Create a perfectly competitive market. D. Encourage more innovation.7. To encourage research and development, the US has a very strong patent protection system that blocks duplication of patented technology for profit. Which example best illustrates positive spillovers from technology creation? a. Black market sales of generic Zyrtec, a patented allergy treatment. b. Specialized mechanic shops emerging that service only newer generation electrical cars. c. Wastewater disposal pollution near fracking sites, a new technology for oil and gas extraction. d. All of the aboveEach time a song is played on the radio, the record company and the songwriter are paid a royalty of $0.30.Of the total, 75% goes to the company and the rest to the writer. If on a network of 50 radio stations, a certainsong is played 4 times a day during the first week and then 20 times a day for the next three weeks, how muchdoes the network owe in royalties for the four weeks? How much do the record company and the songwriterreceive each
- which best characterizes the reason why electricity was deregulateda) new technologyb) x inefficiencyc) foreign competitiond) economies of scaleAcme Drug Co. has a patent on the drug A-rene, the annual demand for which can be described by the demand curve: Q = 4500 - 300P. Production of the drug requires an annual fixed cost of $3,000 and a per unit marginal cost of $5. (i) How many units of the drug will Acme produce each year, and what price will it charge, in order to maximize its profits? What will be its annual profits? (ii) Now suppose that the Better Drug Co. has discovered B-rene, a new drug which seems to be identical to A-rene in all its effects. If Better enters the market, competition with Acme will conform to a Cournot duopoly. Better’s costs are identical to those of Acme. What would be the equilibrium outcome of this duopoly? Specifically, how much would each firm produce and what would be the price? How much profit would each firm make? Would Better find it profitable to enter the market? (iii) Would it be in the interests of society as a whole for Better Drug to enter into production? Identify the gainers and…Swanson innovations, a small research and developments firm produces 16.5 times as many patents per employee as large fires. Which strategy for competitive advantage is the entrepreneur demonstrating? a. integrity and responsibility b. customer focus c. quality performance d. innovation e. niche market Typed and correct answer please. I ll rate