1. The federal budget has pledged to make Victoria the first location in the southern hemisphere to manufacture mRNA vaccines. Producing vaccines domestically will not only secure the supply of vaccines during virus-related health problems readily but also the neighbouring or other developing countries will be benefited if they need the support of vaccines in the time of an outbreak of the virus. a) Briefly discuss the reasons for market failure. What kind of market failure will be improved by Australian government's initiative of manufacturing mRNA vaccines? (2 marks) b) Using appropriate diagram/s, discuss whether the Australian government's initiative to produce vaccines will increase the supply of vaccines close to socially optimal level compared to the previous market supply of the vaccine