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Homework (WK8) - "Government involvement in general...

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Week 8:  Microeconomics: Putting It All Together (Mar 1 - Mar 7) - Homework    Homework Homework Assignment You are to work alone to analyze and prepare answers/solutions for the following questions and/or case studies. The text should be your primary source of information throughout this course. Consolidate your response into one file and submit it to your instructor not later than Week 8 Saturday Midnight central time. Name your file with your name and the week number, i.e. Jones3 or Brown3. Your file should be in either Microsoft word (*.doc) or rich text (*.rtf) format. Submit your assignment by attaching it into the Dropbox , by clicking on the Dropbox tab at the top of the course frame and choosing the current week assignment. Do not paste it into the Dropbox. Week 8 Assignment This week your homework assignment is to answer the following question. Since you only have one problem this week, take the time necessary to answer using the microeconomic concepts that you have learned over the last eight weeks:
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Unformatted text preview: "Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods - once produced, information can be shared at virtually no cost. A new production technology in an industry could be make available to all firms, reducing costs of production, driving down price. and benefiting the public. The patent system, however, allows private producers of "new knowledge" to exclude others from enjoying the benefits of that knowledge. Inventors would have little incentive to produce new knowledge if there were no possibility of profiting from their inventions. If one company holds exclusive rights to an advanced production process, it produces at lower cost but can use the exclusion to acquire monopoly power and hold price up." a. On balance, is the patent system a good or a bad thing? Explain in detail. b. Is government involvement in scientific research a good idea? Discuss....
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