This is a microeconomics question and I need a clear answer to the question asked.* 2. This question has three parts; read each part carefully before beginning to answer part a. Please clearly label the parts of your answer as a, b, and c. Answers that are not labeled a, b, and c will not be read and will receive no points. The question contains all of the information you need to answer it correctly and fully, as long as you apply your knowledge of Microeconomics to the situation described. No additional research about Pfizer or Lipitor or cholesterol is required to answer this question. The pharmaceutical company Pfizer developed and produced a drug called Lipitor. Lipitor can treat high cholesterol; reducing high cholesterol can reduce the risk of stroke, heart attack, and other heart problems. Many people have high cholesterol. In 1991, Pfizer received a patent on Lipitor. The patent lasted 20 years. In 1991, the price of Lipitor was $500. a. In 1992, shortly after Pfizer received the patent for Lipitor, the demand for cholesterol medication increased, as medical reports made more people aware of the dangers of high cholesterol. Explain the effects in the short run of this increased demand for cholesterol medication on the price of cholesterol medication, Pfizer's profits, the number of cholesterol medication producers, and the supply of cholesterol medication. "Explain" means "state what will happen and say why it will happen." Will the price of cholesterol medication be higher than, lower than, or the same as $500? b. Consider now the period from 1992 (when demand increased) through 2010. That is, this is the period when Pfizer's patent was still in place. Explain the effects in this period of the increased demand for cholesterol medication on the price of cholesterol medication, the profits of cholesterol medication producers, the number of cholesterol medication producers, and the supply of cholesterol medication. A full-credit explanation will give a correct description of what causes what; that is, it is not enough to merely list the changes (if any) in price, profits, number of producers, and supply - those changes must be presented in the proper order, with explanations of what causes what to happen. Will the price of cholesterol medication be higher than, lower than, or the same as $500? c. In 2011, Pfizer's patent on Lipitor expired. Explain what happened after 2011 to the price of cholesterol medication, the profits of cholesterol medication producers, the number of cholesterol medication producers, and the supply of cholesterol medication. A full-credit explanation will give a correct description of what causes what; that is, it is not enough to merely list the changes (if any) in price, profits, number of producers, and supply - those changes must be presented in the proper order, with explanations of what causes what to happen. Will the price of cholesterol medication be higher than, lower than, or the same as $500?