During COVID - 19 pandemic everyone forced to use face mask. Explain the effects of this...

During COVID - 19 pandemic everyone forced to use face mask. Explain the effects of this
action on the face mask market. Comment on the 2 (TWO) price elasticity of demand
and 2 (TWO) price elasticity of supply for face mask. Identify the market structure for face
mask and discuss 3(THREE) characteristics of face mask in related to the market
structure. You may use diagrams to support your answer.

Solutions

Expert Solution

After the pandemic there is a drastic increase in the market of face mask. As now everyone need the face mask for there protection from the virus. Now face mask market has increase at a very fast rate.

Price elasticity of demand is percentage change in quantity demanded upon percentage change in price.now demand of the face mask has suddenly increased so drastically that it's demand has risen very high and also if demand increase then price will also increase.

Price elasticity of supply is percentage change in quantity supply upon percentage change in price. Now supply of face mask also increased at the same rate as demand.

I think the market stuture for the face mask would be the monopolistic market structure.

Features of it are

. As now face mask is sold by the sellers in different places and markets.

. Mask has also become a necessity good for some time.

. As in the market there are different types of masks which means they have there close substitute.

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Rahul Sunny answered 1 year ago

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