Describe what the inventor gets as a return

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Patent or copyright protection was intended to protect the artist or inventor for a period of time, but no longer. It was intended to encourage protection two ways. First, the artist or inventor gets a return for the period of protection. Second, when the protection runs out, the artist or inventor had better have something else ready.

Required:

Problem 1. Describe what the inventor gets as a return. That is to say, what is the source?

Problem 2. Suppose public policy increases the length of time of patent protection. What does that do to the present value?

Problem 3. Does increasing the length of time of patent protection make society better off? Does anyone suffer a downside when the length of time of patent protection is increased?

Reference no: EM132825051

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