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Assignment:
Demand, Supply and Elasticity During Covid19 Background: The world has witnessed and faced big economic challenges, like Demand and Supply side crisis in the markets due to Covid-19 Consumer markets have facing challenges - consequently Demand, Supply and price elasticity are undergoing change. Below are the requirements that you need to work on for your assignment from an economist's perspective to explain what is happening in the Canadian market Markets : we will only address the consumer goods market) Product Shortages or out of stock situations are happening in supermarkets.
Q1. Give 3 examples of products that were and / or are still unavailable: and, Why do you think this has happened from a: 1-Demand perspective (ex: consumer panic) 2-Supply (ex: real production issues).
Q2. Based on your personal views, text book and info from the internet, Explain for each product the demand and supply situation -What happens to Price elasticity during shortages? -Explain from a supply perspective -Explain from a demand perspective.
Q3. What about substitutes and complementary products to the 3 products that you selected. Give 1 example for each.
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