Business, 18.07.2021 01:00, angelicar1160

Please take an event or policy that interests you. Please try to use the concepts of supply and demand, and elasticity and any other economic concepts we have learnt to analyze the influence of this event or policy. You could construct this analyze through answering the following 7 questions. 1. What is the event/policy (0.5 points) and which market it affected (0.5 points)?
2. Did demand curve shift because of the event/policy (0.5 points)? If so, did the demand curve shift to right
or left (0.5 points)? Why (0.5 points)?
3. Did supply curve shift because of the event/policy (0.5 points)? If so, did the supply curve shift to right or
left (0.5 points)? Why (0.5 points)?
4. Is the demand curve elastic (relatively flatter) or inelastic (relatively steeper) (0.5 points)? Why (0.5 points)?
5. Is the supply curve elastic (relatively flatter) or inelastic (relatively steeper) (0.5 points)? Why (0.5 points)?
6. Would the answers to question 2 and 3 increase or decrease the equilibrium price of the market you are focusing on (0.5 points)? How about the equilibrium quantity (0.5 points)? Why, try to draw out the supply-demand diagram and explain (0.5 points)?
7. What are the consequences (about the revenue) (1)? Could you explain why (if needed, you could figure this out through analyzing the association between total revenue and price elasticity of demand) (1)?

Answers: 1

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Please take an event or policy that interests you. Please try to use the concepts of supply and dema...