Question

In: Economics

PART; What would you expect economist to predict would be the impact on your life relative...

PART; What would you expect economist to predict would be the impact on your life relative to the solar power industry if there were no off shore drilling and no importation of foreign oil?(Hint: The combination of these two changes would reduce the supply of oil in the United States by about 70%)

PART 2: Digging Deeper When disaster strikes, you can count on two things: Looting and Price Gouging. Consider that a major hurricane has struck. Power is out, chaos has ensued. Explain what might happen in terms of the supply of essential goods, such as food and gas. Then discuss how price gouging might result. Compare and contrast price gouging with looting.

Solutions

Expert Solution

Solar panel prices will respond in relation to the forces of supply and demand as explained before

When there is only the use of the solar panels the price of the panels will respond in relation to supply and demand and for the oil because it is not supplied then the prices will be expected to rise since there will be demand for the oil while the supply for the oil has been cut short which will impact people greatly.

When a disaster occurs a supply chain disruption is expected whereby the goods will not be delivered in time and the price is expected to hike. The business is expected to lose sales and market share due to the supply chain disruption which is disadvantageous to the business.

In the case of price gauging it might result whereby the seller had stocked essential goods and when a disaster occurs it will be very hard to get other goods due to the disruption in the supply chain and this might result into hiking the prices of the goods. It might also result to hiking of price of supply for few suppliers who can access the market.

In gauging you sell the goods at higher prices than usual while in looting you take advantage of a situation and steal goods from those affected. All cases might be similar in that both are willing to satisfy their self-interests.

Rahul Sunny answered 1 month ago
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