1. When the patent expired on a drug named \"Librium\" (a sedative that was the forerunner of Valium), its price dropped from $15 to $1.10. Why did this drop in price occur? 2. Boomerang R&D Inc. has spent a long time and a lot of money working on a new boomerang design. It has finally invented a shape of boomerang that works much more accurately than the standard boomerangs in the market. The new style will probably be applicable to drones. However, Boomerang R&D Inc. has no knowledge of drone technology and will be unable to apply its design to this area. Boomerang R&D Inc. applies for a patent for the new shape. (1).What is the economic reasoning behind patents? (2).What are the main disadvantages of patents? (3).The patent office could give Boomerang R&D Inc. a narrow or a broad patent. Assume that selling the boomerangs with the new shape will earn Boomerang R&D Inc. hundreds of thousands of dollars. Should the patent office give the company a narrow or broad patent? Why? (4).Does the breadth of the patent (narrow or broad) given to Boomerang R&D Inc. affect the optimal duration of their patent? In this specific example, would a broad or a narrow patent have a shorter optimal duration