1. Name 3-5 types of products that experienced an increase in demand due to COVID-19. Explain...

1. Name 3-5 types of products that experienced an increase in demand due to COVID-19. Explain why the demand for these products increased.

2. Graph the original demand function for these products and its response (shift) due to COVID-19.

3. Explain how the prices for the products, whose demand increased, will respond in the equilibrium. Explain what needs to happen to supply in order to maintain the prices of these products prior to the increase in demand caused by COVID-19. You may draw a graph to illustrate your point.

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Expert Solution

Above is the answer of question 1 with explanation.

Rahul Sunny answered 2 weeks ago

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