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Do the elasticity and consumer choice theories apply to the current coronavirus-impacted market for products? How so?
On weeks 7 and 8 share with us how you believe (via observation, reading or news) evidences of price, income and cross elasticities of demand and elasticity of supply in markets. Wherever possible see if you can also show the impact of the Covid19 upon consumer and producer behavior in terms of elasticities of demand and supply and when possible, also consumer utilities and consumer and producer surplus. Share examples of what has happened. Write like you know microeconomics. Add the economic terminologies that you have learned in this class into your main post and response/s, wherever you can. See if you are able relate the post-pandemic prices of specific goods and services to elasticities of demand and supply.
You only need to apply one or two of the concepts listed below from chapters 5 and 6 to a real world situation that someone else has not already posted on the discussion board. Please don’t confuse “determinants of ELASTICITY” with determinants of demand.
Chapter 5: Here are some elasticity terminologies that you can apply: 1) price elastic or price inelastic demand, 2) what caused the high or the low price elasticity of demand (determinants of elasticity), 3) elasticity and revenue, 4) price elasticity and burden of tax, 5) income elasticity, 6) cross elasticity between two products, 7) elasticity of supply.
Chapter 6: 1) Diminishing marginal utility 2) the concepts of consumer or producer surplus and 3) deadweight loss
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