one characteristic of a successful innovation is "Saved money for users of the innovation". That is not always true. What is always true? Illustrate with an original example.

What is the relationship between innovation and innovation killers? What role do clear decision roles have with opportunities to generate innovations?

Innovation is a term that is frequently heard in the business world today.

Respond to the following questions in 500 600 words.

Why is innovation so important to an organization?

What is the entrepreneurial mindset, and how does it relate to innovation?

What are the two types of internal innovations? How are they different from each other? Explain, using one example of each typ

Innovation is generally a crucial component in gaining a competitive advantage. Process structure and inertia can be considered problematic for innovation as both signify resistance to change. Many people are unwilling to change unless they believe that there is a problem. Successful innovation requires change and adaptation of new ideas. How do you think that these gaps can be overcome? Why?

1. [20 marks]  Does a market economy provide too little or too much incentive to undertake innovation?  Explain, identifying the criterion you are using to answer.  Identify the roles that competition and appropriability play in your answer.
2. [20 marks]  Does empirical evidence show that patents increase innovation rates or not?  Explain, citing evidence and measurement issues as appropriate.  
3. [10 marks]  Compare the static and dynamic welfare effects of using patents to incentivise innovation or, alternatively, using prizes to incentivise innovation. Point out both advantages and disadvantages of each method.  

Part 1: After the 2010 earthquake in Haiti, many charitable organizations conducted fundraising campaigns to raise money for emergency relief. Some of these campaigns allowed people to donate by sending a text message using a cell phone to have the donated amount added to their cell-phone bill. The report "Early Signals on Mobile Philanthropy: Is Haiti the Tipping Point?" (Edge Research, 2010) describes the results of a national survey of 1526 people that investigated the ways in which people made donations to the Haiti relief effort.

The report states that 17% of Gen Y respondents (those born between 1980 and 1988) and 14% of Gen X respondents (those born between 1968 and 1979) said that they had made a donation to the Haiti relief effort via text message. The percentage making a donation via text message was much lower for older respondents. The report did not say how many respondents were in the Gen Y and Gen X samples, but for purposes of this exercise, suppose that both sample sizes were 400 and that it is reasonable to regard the samples as representative of the Gen Y and Gen X populations.

(a) Is there convincing evidence that the proportion of those in Gen Y who donated to Haiti relief via text message is greater than the proportion for Gen X? Use

α = 0.01.

(Use a statistical computer package to calculate the P-value. Use μ_Y − μ_X. Round your test statistic to two decimal places and your P-value to three decimal places.)

Part 2:

(b) Estimate the difference between the proportion of Gen Y and the proportion of Gen X that made a donation via text message using a 99% confidence interval. (Round your answers to three decimal places.)

( ____ , ____ )

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

1. Beginning balances were: Cash, $109,000; Taxes Receivable, $213,500; Accounts Payable, $64,250; and Fund Balance, $258,250.
2. The budget was passed. Estimated revenues amounted to $1,390,000 and appropriations totaled $1,384,200. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $995,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $965,000 for property taxes and $337,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $123,250.
6. Contracted services were performed relating to $109,500 of the contracts with invoices amounting to $104,700.
7. Other expenditures amounted to $1,035,500.
8. Accounts payable were paid in the amount of $1,202,000.
9. The books were closed.

Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

1. Beginning balances were: Cash, $105,000; Taxes Receivable, $207,500; Accounts Payable, $61,250; and Fund Balance, $251,250.
2. The budget was passed. Estimated revenues amounted to $1,350,000 and appropriations totaled $1,345,000. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $975,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $945,000 for property taxes and $327,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $116,250.
6. Contracted services were performed relating to $103,500 of the contracts with invoices amounting to $99,500.
7. Other expenditures amounted to $1,017,500.
8. Accounts payable were paid in the amount of $1,172,000.
9. The books were closed.

Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

1. Beginning balances were: Cash, $100,000; Taxes Receivable, $200,000; Accounts Payable, $57,500; and Fund Balance, $242,500.
2. The budget was passed. Estimated revenues amounted to $1,300,000 and appropriations totaled $1,296,000. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $950,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $920,000 for property taxes and $315,000 from other revenue.
5. Contracts were issued for contracted services in the amount of $107,500.
6. Contracted services were performed relating to $96,000 of the contracts with invoices amounting to $93,000.
7. Other expenditures amounted to $995,000.
8. Accounts payable were paid in the amount of $1,140,000.
9. The books were closed.

Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:

1. Beginning balances were: Cash, $93,000; Taxes Receivable, $189,500; Accounts Payable, $52,250; and Fund Balance, $230,250.
2. The budget was passed. Estimated revenues amounted to $1,230,000 and appropriations totaled $1,227,400. All expenditures are classified as General Government.
3. Property taxes were levied in the amount of $915,000. All of the taxes are expected to be collected before February 2021.
4. Cash receipts totaled $885,000 for property taxes and $297,500 from other revenue.
5. Contracts were issued for contracted services in the amount of $95,250.
6. Contracted services were performed relating to $85,500 of the contracts with invoices amounting to $83,900.
7. Other expenditures amounted to $963,500.
8. Accounts payable were paid in the amount of $1,092,500.
9. The books were closed.

Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.