This assignment intends you to apply the microeconomic tools developed in class to analyze and discuss real-world economic or business cases. (min 2000 wds)

The task is as follows:

References to use:

******** If you use further references please include them in the final answer

1. https://news.yale.edu/2022/07/05/insulin-extreme-financial-burden-over-14-americans-who-use-it

2. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5001219/

3. https://diabetesjournals.org/care/article/41/6/1299/36487/Insulin-Access-and-Affordability-Working-Group

1. Use the concepts learned in the class to describe and explain the main assertions in the article from the references above .

2. Expand on the context of the article by providing a larger view of the economic environment relevant to your article.

This assignment should include, but not be limited to, the following items:

A brief description of the insulin market: data on the aggregate demand/supply of insulin in the U.S., type of competition in the insulin market (perfect competition, monopolistic, etc.)

Discuss the main factors affecting the cost of producing insulin, the technology employed, and productivity at the level of an individual producer. How did the cost of making insulin change over time?

Discuss the evolution of the demand for insulin briefly: what factors affect the demand, and show trends over time

Using a demand and supply analysis, analyze how the statements in the paper can be explained using a basic diagram in which the demand/supply curve shift.

Conclude with a forecast of the future evolution of prices, if available. You may need to consult 1-2 more articles or websites (U.S. Department of Agriculture, etc.) to help you write the piece and collect relevant statistics about the insulin market.

(Thank you in advance for your time and assistance with this assignment)