Assuming your company is a leading pharmaceutical company that has just announced the

99 per cent success in the testing a vaccine that cures the dreaded coronavirus. Considering

also that this company got a 7 years patent right to produce and sell the vaccine under its

brand name.

(a) How would you describe the product and nature of this vaccine? Explain with

demand/supply graph.

(b) What kind of elasticity of demand will this product exhibit? Explain with the use of

graph.

(c) Assuming the country is facing a scenario where over 100,000 low-income earners have

been infected with the virus, how will the product be priced in the market