l. A patent gives inventors the exclusive right to produce and market a product for a period of time. GCR lCompany is a protmaximizing firm. It has a patent for a unique antispyware computer program called Aspy. (a) Assume that GC'R is making economic prot. Draw a correctly labeled graph and show the prot-maximizing price and quantity. (b) Assume that the government imposes a lumpsum tax on GCR. (i) What will happen to output and market price'? Explain. (ii) What will happen to GCR's profits? (c) Assume instead that the government grants a perunit subsidy to GCR for Aspy. (i) What will happen to output and market price? Explain. (ii) What will happen to GCR's profits? (d) Now assume that GCR's patent on Aspy expires. What will happen to GCR's economic prots in the long run? Explain