Question
How did the Covid-19 pandemic affect the demand and supply and therefore the market equilibrium for particular goods in the UAE? What product to use:
How did the Covid-19 pandemic affect the demand and supply and therefore the market equilibrium for particular goods in the UAE? What product to use: Examples: (Food or Fruits or oranges... Etc), (milk or yoghurt, etc), (apartments, or villas,) (home internet, laptops, electronics), (air travel, public transport like metro), (health care products like face mask, ...etc)
Use the ideas about demand, supply and elasticity, demand and supply shifters, and the factors that determine elasticity to discuss the expected impact of Covid-19 pandemic on demand and/or supply and consequently the market equilibrium for this product -What effect did Covid-19 have on the demand side and why? -What effect did Covid-19 have on the supply side and why? -what effect overall on the market equilibrium (price and quantity sold in the market). -how might elasticity of demand or supply for the product affect the magnitude of effect on the market outcome?
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