REThe 2019-2020 COVID19 pandemic drastically changed life on Earth. Our economic behaviour has changed so drastically that traditional economic theories are being pushed to their limits, and, at the same time, have cemented the core tenets of economics as well. Based on the podcast and articles, I want you to explore, utilizing the theories that we have covered thus far, how COVID19 affected economic behaviour.
Answer the following questions in essay form. I do not want bulleted answers:
1) After reading the articles, how has COVID19 affected basic necessities, luxury goods and travel? What type of good has toilet paper become? What about airline tickets?
Use outside resources, if you wih.
2) Given the information from the articles and podcast, how has the supply and demand for these goods changed?
Use outside resources, if you wish; however, look at the shifters of supply and demand to help guide you.
3) How have the elasticities of these goods changed? Think of price, income and cross-price elasticities here.
