The department shall:
A. be responsible for the administration of the Patent and Copyright Act;
B. promulgate rules pursuant to the Patent and Copyright Act;
C. apply, on behalf of the state, for the patent protection or registration of copyright and pay the associated expenses;
D. share with the inventor, after expenses, fifty percent of the income collected on the invention or work; and
E. determine, after a cost-benefit analysis, whether to retain the patent or copyright for the state.