Discussion: Microeconomic principles being used. Discussion: Microeconomic principles being used. Prior to beginning work on this discussion, read Ellen Martin’

Discussion: Microeconomic principles being used.

Discussion: Microeconomic principles being used.

Prior to beginning work on this discussion, read Ellen Martin’s article, The Ethics of Big Data (Links to an external site.).

Based on the article’s content, respond to the following:

Describe the microeconomic principles being used. What is the impact for demand?

Evaluate the different market structures that big data benefits the least and the most from.

While data collection may benefit the business community, discuss the concerns for consumers as big data proliferates.

Your initial post should be a minimum of 300 words.

Part 2

Patents are granted for 20 years, but pharmaceutical companies cannot use their patent-guaranteed monopoly powers for anywhere near this long because it takes several years to acquire Food and Drug Adminstration (FDA) approval of drugs.

What purposes do barriers to entry created by the government serve?

What are other barriers to entry in the pharmaceutical industry?

Should drug patents be extended to 20 years after FDA approval?

Explain what would be the costs and benefits from this extension.

Your initial post should be a minimum of 300 words.

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