Think about the case of Rapid Antigen Tests (RATs) in January 2022 in Australia. (For those overseas - they were very hard to find, there was a shortage, and prices increased.) What do you think you could predict about the price elasticity of demand for RATs in that period, and why? What would you predict about the price elasticity of supply for RATs in that period, and why? How were these elasticities related to the market outcomes observed? How did the price/quantity outcomes change over the longer term? Why? 1 James Freeman (2019), 'Tragedy of the Starbucks commons', The Wall Street Journal, 10 January, at https://www.wsj.com, viewed 17 April 2020