COVID-19 has already affected over 32.6 million individuals and claimed 991,743 lives globally (JHU CSSE, September 25, 2020, 6:01 PM). Governments around the world are implementing a variety of strategies to contain this pandemic: prescriptions of social distancing and hygiene measures, extensive production of personal protection equipment (PPE), expansion of testing and hospital capacities, use of face masks and contact tracing, and racing towards developing vaccines. Finding a COVID-19 vaccine is the first priority of many governments and public health around the world. The video below from the Wall Street Journal illustrates an economic framework in which one can derive the final price of a vaccine.

1. What is your opinion about what the illustrator calls "Vaccine Economics"?
2. Which market structure is closely related to "Vaccine Economics"? Explain.
3. Could the theory of profit maximization predict the price of the COVID-19 vaccine? Explain.
4. Does "Vaccine Economics" consider inclusion and inequity in the development and distribution of vaccines? Explain. As a manager, political leader, or policymaker, how would you address such issues.

https://www.wsj.com/video/series/wsj-explains/vaccine-economics-where-profit-and-public-health-collide/5357E450-D89B-4619-B889-CD31166E3D41