a firm has a propietary technology and demand for technology is given by Q_d=5-4p, where Q_d is the quantity demanded for the licenses of the technology per year, and p is the price of the licenses. nd suppose that the patent expires in 20 years, and the interest rate is 4%

1. To maximize profits how much should the firm charge for each license?
2. Calculate consumer surplus, producer surplus and deadweight loss per year
3. Suppose the patent expires after 20 years, and the interes rte is 4%. Calculate the privarte value of the patent
4. What is Total dead wightwight loss of the patent over its life
5. What is the Total consumer surpluss generated by the patent over its (life (including time after the patent expires)
6. What is the social value of the patent
7. How much does the goverment needs to pay the firm for the patent, what are the benefits of doing so
8. What does Michael kremmer suggest the goverment do in this case?