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September 28, 2022

Demand, Supply, and Elasticity

ECON312 Principles of Economics

Week 2 Discussion

Demand, Supply, and Elasticity

1. Law of Demand

Explain the law of demand. Why does a demand curve slope downward? Illustrate with an example.

2. Determinants of Demand

What are the determinants of demand? What happens to the demand curve when any of these determinants change? Distinguish between a change in demand and a movement along a fixed demand curve.

3. Rationing Function of Prices

An important concept in demand and supply is the rationing function of prices. What do economists mean when they say, “price floors and ceilings stifle the rationing function of prices and distort resource allocation”? Explain with an appropriate example.

4. Price Elasticity of Demand

What are the major determinants of price elasticity of demand? Use those determinants and your own reasoning in judging whether demand for each of the following products is probably elastic or inelastic: (a) bottled water; (b) toothpaste; (c) Spam; and (d) Heinz ketchup.

5. Current Event: COVID-19

Research has shown that face coverings decrease the spread of the novel coronavirus, COVID-19. As such, 2020 saw several changes in the market for these masks (and possibly beyond). Explain, in your own words, how the factors of demand and supply have influenced this market by submitting a one- to two-slide narrated PowerPoint file or a short video.

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