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Scenarios were a visible pattern in COVID-19 situation. Each one of them tells something about elastic/inelastic behaviour of consumers. Breifly explain the type of price/income/cross
Scenarios were a visible pattern in COVID-19 situation. Each one of them tells something about elastic/inelastic behaviour of consumers. Breifly explain the type of price/income/cross elasticity that each subpoint reflects:
- Declining demand for automobiles.
- Essential commodities whose purchase cannot be postponed.
- Essential commodities which can be bought little later.
- Growing demand of Handwash and hand sanitizer.
- Growing demands for online meetings platforms and other virtual services.
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