Describe what happened to the market for masks

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Reference no: EM133239639

Question - Market Equilibrium Discussion

Description - Describe, using supply, demand and market equilibrium what happened to the market for N95 masks (don't think of any other kind of mask just yet) when a global pandemic hit in 2020. Assume as a starting point (for simplicity) that prior to the pandemic, the market equilibrium price of N95 masks was $1 each and the market equilibrium quantity was 10 million. You can make-up your own numbers to represent any changes.

A complete graph with all lines and axes labeled, including equilibrium price and quantity as a starting point (before the changes noted below happened)

If either curve shifts, you must tell us the variable of supply (e.g., price of inputs went up, number of suppliers increased, etc.) or demand (incomes increased, expectation that "X" would be hard to get in the future, etc.) that shifted.

Using the same graph or a different graph, show the new equilibrium price and quantity after the market changes. Be sure to identify what happened to equilibrium price and quantity.

Reference no: EM133239639

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