Based on your personal views, textbook, and your research, explain for each product the demand and supply situation. (15 points)
1. -What happens to Price elasticity during shortages?
2. -Explain from a supply perspective
3. -Explain from a demand perspective
What substitutes and complementary products are to the 3 products that you selected? Give 1 example for each (10 points)
Background:
Today, the world is facing a big economic challenge due to Covid-19 Consumer markets are 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. Give 3 examples of products that were and/or are still unavailable: (10 points)
Why do you think this has happened from:
1. Demand perspective (ex: consumer panic)
2. Supply perspective (ex: real production issues)
