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As you probably know economics is a social science, thus associated with political science. This week we shift our focus to the role of the government and some difficult cases where the markets might fail

1.As you probably know economics is a social science, thus associated with political science. This week we shift our focus to the role of the government and some difficult cases where the markets might fail. Can you discuss what can cause this kind of market failure and how the Government intervenes?

2.Chapter 7 analyses consumer choices and the elasticity of demand. We learn that the elasticity of demand is a relative concept and of course, it varies over time. Can you give an example of a product that had a great fluctuation during the recent COVID 19 regarding their elasticity of demand? What other factors affected this change?

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