BASIC MICROECONOMICS

Reflecting on the war between Russia and Ukraine.

1. What are some of its microeconomic impacts to both suppliers and direct customers of this product in the market?
2. Determine the number one or the prime commodity impacted by the said conflict?
3. Identify the type of P elasticity D of this product. Reason for such classification as well as the determinant of such categorization (5 points) .
4. Explaining its effect to the P of the said product leading to another impact to transportation costs.
5. Towards the end, include in the discussion an imported product and its effect to the customers purchasing power.
6. As a rational customer, what authentic action will you do with your trips to lessen such expense and apply the principle of scarcity in this crises?