graphical representation

Use the following news clip to work Problems 10 to 12. Zoloft Faces Patent Expiration Pfizer’s antidepressant Zoloft, with $3.3 billion in 2005 sales, loses patent protection on June 30. When a brand name drug loses its patent, both the price of the drug and the dollar value of its sales each tend to drop 80 percent over the next year, as competition opens to a host of generic drug makers. The real winners are the patients and the insurers, who pay much lower prices. The Food and Drug Administration insists that generics work identically to brand-names. Source: CNN, June 15, 2006
10. a. Assume that Pfizer has a monopoly in the antidepressant market and that Pfizer cannot price discriminate. Use a graph to illustrate the market price and quantity of Zoloft sold.
b. On your graph, identify consumer surplus, producer surplus, and deadweight loss.
11. How might you justify protecting Pfizer from competition with a legal barrier to entry?
12. a. Explain how the market for an antidepressant drug changes when a patent expires.
b. Draw a graph to illustrate how the expiration of the Zoloft patent will change the price and quantity in the market for antidepressants.
c. Explain how consumer surplus, producer surplus, and deadweight loss change with the expiration of the Zoloft patent.