Question: A company is granted a patent on automobile technology which, when fitted in a car, will park the car into a parking spot automatically. Assume

A company is granted a patent on automobile technology which, when fitted in a car, will park the car into a parking spot automatically.

Assume that demand for this automatic parking technology is positive and show the equilibrium price and quantity in the market, as well as profits if they exist. Label all elements of the graph.

Explain in words how and why equilibrium price and quantity will change when the patent expires in 17 years.

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Question: A company is granted a patent on automobile technology which, when fitted in a car, will park the car into a parking spot automatically. Assume

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