The global pandemic 2020 has promoted a race to capture the market for introducing effective vaccine and treatments. OutputPrice/UnitTotal Cost155001000250001200345001500440002500535004000630005700725007500820009400915001140010100013500Assume if many firms enter into the business of providing vaccine determine: i) How the demand curve of PFIZER would change and how it would now maximize its profit? The kind of market structure now PFIZER is forced to operate in? Also, illustrate the same using the two-dimensional labeled diagram.

Total revenue is prices times quantity. Profit = Total revenue - Total cost

Answered: The global pandemic 2020 has promoted a…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The global pandemic 2020 has promoted a race to capture the market for introducing effective vaccine and treatments.

Output	Price/Unit	Total Cost
1	5500	1000
2	5000	1200
3	4500	1500
4	4000	2500
5	3500	4000
6	3000	5700
7	2500	7500
8	2000	9400
9	1500	11400
10	1000	13500

Assume if many firms enter into the business of providing vaccine determine:

i) How the demand curve of PFIZER would change and how it would now maximize its profit? The kind of market structure now PFIZER is forced to operate in? Also, illustrate the same using the two-dimensional labeled diagram.

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