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Author Question: Explain how patents have been beneficial for markets. What will be an ideal ... (Read 63 times)

karlynnae

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on: Jun 30, 2018
Explain how patents have been beneficial for markets.
 
  What will be an ideal response?

Question 2

Mr. Smith earned a salary of 5,000 in in 1980 while his son earned a salary of 8,000 in 2010. If the price index for 1980 was 100 and that for 2010 was 198, whose salary was worth more? Explain your answer.
 
  What will be an ideal response?


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triiciiaa

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Reply #1 on: Jun 30, 2018
Answer to Question 1

Patents increase the profitability of inventions, encouraging firms to develop new products and production processes.

Answer to Question 2

In order to find out whose salary was higher, we need to convert Mr. Smith's salary into 2010. The value of Mr. Smith's salary in 2010 can be obtained by using the formula:
Value in 2010 = (Price Index for 2010 / Price Index for Year


karlynnae

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

aruss1303

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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