Explain what the non-price determinants of demand and supply are
and then discuss in detail the critical role that price plays in
ensuring that markets reach equilibrium. Explain how the Covid-19
crisis impacted the market for hand sanitizer, toilet paper, and
canned goods and how would the market normally respond to these
changes. What could be potential negative consequences should the
government have mandated rationing of these resources?
Discuss how the determinants of health contributed to the
opioid crisis in Anytown.
Which determinants of health have had the most influence on the
crisis in Anytown? Indicate if the influence was a negative or
positive.
Explain the determinants of resource demand.
i. Discuss the 3 determinants of resource demand
1. Changes in product demand 2. Changes in productivity
a. Quantities of other resources b. Technological advance c.
Quality of the variable resources
3. Changes in the prices of other resources including:
a. The case of substitute resources–the
substitution effect and the output effect
b. The case of compliments
1) Using the determinants of elasticity of labor demand, discuss
how each of those determinants applies in the case of fitness
instructors. Conclude with whether you believe, as a result of your
discussion, demand for fitness instructors is likely elastic or
inelastic.