Problem 2:At the start of the COVID-19 pandemic, it was difficult to find supplies of standard household toiletpaper in grocery stores. Using supply and demand analysis, speculate as to why?Problem 3:Consider an individual's demand curve for a specific good, given that person's preferences andincome. That demand curve depicts how that individual's quantity demanded of a particular good(say boneless skinless chicken thighs) depends upon the price. Specifically, the individual'sdemand curve plots the answers to "what is the utility maximizing quantity of that specific goodgiven the person's preferences and income for a specific price for that good, holding fixed theprices of all other goods?"A typical good is depicted on pages 21 and 24 of Notes N2. Page 21 shows how the utility-maximizing amount of beer varies with the price change by showing how the consumermaximizes their utility subject to the budget constraint (which varies with the price of beer). Page24 summaries those answers in an individual demand curve. These graphs show the typicalsituation in which an individual's demand curve is downward sloping (i.e., as the price of the goodconsidered rises, the quantity demanded by an individual falls).Question: Can an individual's demand curve for a specific good be upward sloping (i.e., as pricefalls, the quantity demanded drops)? If you think it can be upward sloping, illustrate this byshowing a set of indifference curves (for this good and another good) and budget constraints(where the differences in the budget constraints are due to variation in the price of the good beinganalyzed) that implies an upward-sloping demand curve. Illustrate that these indifference curvesimply an upward-sloping demand curve. Do you think these indifference curves are fairly typicalor odd? Why?

Answered: Problem 2: At the start of the COVID-19…

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Policies are designed to address issues, often with good intentions. However, the most difficult thing in designing policies is that they imply a balanced analysis of the trade-offs to avoid a worse outcome than the initial problem. Price controls are usually introduced to curb rising prices during emergencies or in specific industries. As the Covid-19 crisis continues in Malaysia, the government has imposed a maximum price control scheme on essential items, starting from April 15 until the end of the Movement Control Order (MCO) period. I believe that price control is not a good measure to reduce the upward movement of prices during a period of emergency. This is all the more true under the current scenario, where the eventual upward movement of prices is not dictated by a shortage, but is the consequence of the policy designed to contain the spread of Covid-19. In the present situation, producers are ready to meet the pressure coming from the demand if they could do so. In order to…
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Problem 2: At the start of the COVID-19 pandemic, it was difficult to find supplies of standard household toilet paper in grocery stores. Using supply and demand analysis, speculate as to why?