CMNS 230 Lecture Notes - Lecture 3: World Intellectual Property Organization, Richard Florida, Marginal Cost
16 Jul 2016
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What are three eras of cultural production outlined by hesmondhalgh: patronage and artisanal, market. What are three mandates for cultural industries suggested last week: commercial, non-commercial, government. Give an example of a possible response or business practice that media companies use to minimize their risk: artificial scarcity, convergence, formatting. Communicates ideas-information or entertainment each unit requires significant resources. Expensive one- time process creates intellectual property that then can be cheaply stored, duplicated and delivered. Difficult to estimate demand in advance of incurring cost. Limited; product is perceived as unique; copyright protects. Competitive forces of demand and supply; constrained by marginal costs and non- discriminatory pricing. Each product is consumed and not available to others. Continual advertising over years to reinforce brand copyright. Within markets at going rate; between markets is discriminatory; c. Marginal costs is insignificant, and pricing of cultural products can be highly discriminatory between markets.
