Question

Economists worldwide argue that the effects of the COVID-19 (corona-virus) pandemic will be disastrous for the global economy and may result in a prolonged economic recession. This is mainly because the pandemic combines numerous simultaneous negative shocks to the economy. One of the shocks that may be the largest and longest lasting may be a consumer demand shock to the global economy. Based on what you learned from this course, discuss how you think individual demand may be affected by this pandemic? To give a complete answer, make sure to discuss how the concepts of preferences and income (budget constraint) may be affected by the pandemic. [It may help to remember that, in this course, we learned that individual demand (choice) is derived from both utility (preferences) and income (Budget constraint)]

Answer 1

In this stage of covide-19 pandemic , economy will be destroyed Fully . Now a days customer was not satisfied with any product which produced with safety. Customer satisfied by safety using production of a product, wich givs maximum satisfaction to the customers because of corona virus. In this stage a industry and group of industries thought about how they sell his products with maximum safety. So customers are satisfied with product. If any doubt with product regarding safety so they do not purchase it .