Question 1 (Minimum of 300 words) Please read the opinion piece written by Annalee Newitz in the November 4, 2011 issue of the Washington Post entitled "Who needs government-funded research on a cow's stomach? We all do.". (a) Use the economic definition of public goods to explain why basic scientific research as described by Ms. Newitz fits the definition of a public good. (minimum 125 words) Note: Basic research is typically undertaken to acquire new scientific knowledge without any particular use or application in mind. In other words, the mission of basic research is to expand human knowledge. (b) Use economic reasoning to explain why economists would argue that private firms will not undertake the efficient amount of basic scientific research. (Minimum 75 words) (c) How might the government correct this market failure? (Minimum 75 words)