A leading pharmaceutical firm that has just announced a 99 percent

success in the testing of a vaccine that cures the dreaded coronavirus. Assuming also the government

(FDA) has granted company of yours got a 7 years patent right to produce and sell the vaccine ,

(i) How would you describe the nature of this product? Explain with graph

(ii) What kind of elasticity of demand will this product exhibit? Show example with graph

(iii) Given that over 100 million people that belong to the extreme poor bracket have been infected

with the virus how will the product be priced in the market?