Innovation has been frequently described in formal mathematical models as a linear process. Do you agree with this view? Articulate your answer by considering the major properties of the innovation process as discussed during the ECON1165 module

QUESTION 1 (Question b and c need to be solved) 1.a) Describe what is the difference between innovation and invention.  1.b) Describe the different types of innovation usually identified by economic and business studies. 1.c) Innovation has been frequently described in formal mathematical models as a linear process. Do you agree with this view? Articulate your answer by considering the major properties of the innovation process as discussed during the ECON1165 module.

In the healthcare economy, as in many other markets, if the firm has a high capital-to-labor ratio, it is more responsive to changes in price due to the inability to easily switch production capacity because of the fixed nature of capital or the substitutability of labor for capital. Group of answer choices True False

David Ricardo ([1817] 1965) modified Smith’s model by introducing diminishing returns to land cultivation. Diminishing returns implies that as you apply more of a variable input (labor) to a fixed input (land), the productivity of each additional worker will eventually decline as long as technology isfixed. He claimed that land was of variable quality and finite. Thus, as an economy grows, population grows relative to land, and the productivity of the labor on the land will decline. According to Ricardo, the only way stagnation could be averted, at least temporarily, would be through the trade and imports of cheap food or wage goods. The essential doctrines of John Stuart Mill (1848) differed little, if at all, from those of Ricardo. He, like Smith, believed in the doctrine of laissez-faire , but he also recognized the possibility of modifying the system. He displayed a leaning to the socialist ideal, growing closer as his life advanced. He believed that we should sacrifice economic…