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Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...

Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education (Zoom), stay-at-home activities and online grocery shopping surged dramatically since the outbreak of pandemic.
1) Based on your learning in Microeconomics, explain how COVID-19 has a favourable and an adverse impact in today’s situation, with aids of diagram “Market Forces of Supply and Demand” and “Elasticity”. (300 words)

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Rahul Sunny answered 1 year ago
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Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces that make economies work to search for their market equilibrium. The impact of COVID-19 is an unprecedented event that affects the global economy. In the article, the overall retail sales dramatically dropped by 34.8%, with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in the first five months of 2020. However, online-based consumption, like demand for food delivery, online education...
Buyers determine demand while sellers determine supply. Both laws of supply and demand establish market forces...
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Word limit: 800-1000 words Questions: Buyers determine demand while sellers determine supply. Both laws of supply...
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