MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
Question
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Chapter 14, Problem 4QAP

a)

To determine

The way to deal the given disturbing abuses of the patent system.

b)

To determine

The categorization of industries.

c)

To determine

The method for encouraging research in areas with no patent protection.

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1. A U.S. patent for the drug that most effectively treats HIV prevents other drug companies from producing a comparable substitute for patients. a. What is the effect of patent protection on the demand for a drug? How does the shape of the demand curve differ before and after a patent has expired? Support your explanation with a graph. b.Demand curves respond to preferences, income, and costs of substitute and complements. Discuss how these factors determine a country’s demand for HIV treatments. How might the effects of the patent protection differ across countries?
The New York Times has stated that Mylan, the company that makes the now infamous Epipen, has become “the poster boy for out of control drug prices.” Why did this Pittsburgh-based company raise prices so much that Americans pay three times as much as Canadians for the same drug? Do you think patents are good for society?
Under which circumstances is patent protection most necessary? Where information about technological improvements disseminates slowly Where information about technological improvements disseminates rapidly In a market with few sellers Where the cost of research and development is very low
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