NOTE price elasticities of demand and supply are important for understanding the response of consumers and producers to changing demand and supply conditions This means that regardless of the price the producer charges on such products or services, the consumer must get this product or service at the same quantities A CTUAL DISCUSSION Directions Please discuss all of the following questions in your initial submission Can there be such a case that producers can charge whatever price they want without any limit Explain your answer Try to find some examples Even if consumers do not react to higher prices in the short run, is there a chance that they may react in the longer run Explain your answer Try to find some examples In addition to inelastic demand, what else may explain increasing demand despite increasing prices Suggest three possible reasons Explain your answer and give examples The coronavirus crisis has started to affect the U S economy in March 2020 We are in Fall of 2021 now During this period, do you think the price elasticity of demand for education has become larger or more inelastic with the coronavirus crisis Why

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NOTE: price elasticities of demand and supply are important for understanding the response of consumers and producers to changing demand and supply conditions.This means that

NOTE: price elasticities of demand and supply are important for understanding the response of consumers and producers to changing demand and supply conditions.This means that regardless of the price the producer charges on such products or services, the consumer must get this product or service at the same quantities.ACTUAL DISCUSSION:

Directions

Please discuss all of the following questions in your initial submission.

Can there be such a case that producers can charge whatever price they want without any limit? Explain your answer. Try to find some examples.
Even if consumers do not react to higher prices in the short run, is there a chance that they may react in the longer run? Explain your answer. Try to find some examples.
In addition to inelastic demand, what else may explain increasing demand despite increasing prices? Suggest three possible reasons. Explain your answer and give examples.
The coronavirus crisis has started to affect the U.S. economy in March 2020. We are in Fall of 2021 now. During this period, do you think the price elasticity of demand for education has become larger or more inelastic with the coronavirus crisis? Why?