At the outset of the COVID-19 pandemic the demand for hand sanitizers increased markedly around the globe resulting in retailers rationing supplies as well as hiking prices. Sales of hand sanitizers and similar products swelled across several international markets since the COVID-19 outbreak began in January. According to data released by a market research firm, hand sanitizers sales saw a year-on-year increase of 255% in February. Meanwhile, Indian shoppers were buying 7% more liquid hand soaps and spent 10% more on household cleaners compared to February 2019. In the later part of 2020, the price of hand sanitisers has since gone back to its pre-COVID-19 level.

2.1 With the aid of diagrams, critically evaluate the change in the market type and other factors influenced the prices increased of hand sanitisers at the outset of the pandemic. 2.2 With the aid of diagrams, discuss how price elasticity of demand of hand sanitisers was affected, including its impact on revenue at the outset of the pandemic, relative to the later part of 2020 when the price of hand sanitisers has since gone back to its pre-COVID-19 level.