a) Once COVID-19 was declared a pandemic by the World Health Organisation, consumers globally have reacted with panic buying in a bid to forestall potential supply disruptions. Perform a comparative analysis on the nature and extent of panic buying in Australia and New Zealand. Are there any similarities or differences in the behaviour of the consumers in their respective markets and the products that were stock piled.

(b) Under conditions of consumer panic buying, satisfying demand with the available products is a complex problem. What is the extent to which retailers in Australia and New Zealand have relied on substitute products to satisfy consumer demand.

(c) Although panic buying could be induced by fears of potential supply disruptions due to a negative event occurring, the subsequent behaviour of consumers could actually originate an artificial shortage of goods such as toilet paper, hand sanitisers and other essential day to day commodities. Identify and discuss any two events that happened in the last 15 years that caused massive panic buying. You are not restricted to Australia and the Asia Pacific region.

(d) With reference to what you discussed in part (c) above, what was the effect on prices in the short term?

(e) Irrational stockpiling can also lead to price gouging, says Steven Taylor, a professor and clinical psychologist at the University of British Columbia, and the author of The Psychology of Pandemics. What role governments could play to control possibilities of price gouging. Make reference to Australia and New Zealand.