Explain why at first patents seem a deterrent to growth

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Q. At first patents might seem such as a deterrent to growth because in effect they restrict the use of new technology. Yet many economists believe that patents generate growth. Explain why.

Q. A monopoly's only variable cost is its wage bill. Each one of its workers makes 6 units of its product, using a certain highly product-specific skill, and is paid a wage of $240. Market demand is Q = 100-p, and fixed costs are $400. Show that if the monopoly fears entry by an identical firm, it is better off giving the workers a pay rise if the rival must meet this wage. (Assume that entry would result in a Cournot duopoly.)

Reference no: EM1345907

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