3. If you are not part of a group plan in Canada through your employer, you can buy drug insurance for individuals. But this insurance tends to be quite limited. Explain briefly why this is the case. 4. Explain why, given the tax treatment of health insurance plans in Canada, employees of firms where most employees are well paid are almost always generously covered but employees of firms with mostly low-paid employees are not offered group insurance coverage. 5. If a company brings an innovative life-saving drug to market, it will typically charge a high price during the period during which it has a monopoly created by the patent. The drug costs basically nothing to make, about $1. To make life simple, suppose that there are only three patients, J, K and L. J and K can each afford to pay at most $100 for the drug. L is willing to pay up to $10,000. Patients who don't get it will die. a. What price should the company set, if it knows the willingness to pay of each patient? (Assume that the company has to charge the same price to everyone to whaom it sells.) b. What, if anything, should the government do? Discuss pros and cons of different options including whether the government should impose any kind of price control