Question
Draw a supply and demand curve that explains the current demand/supply of PPE amidst the coronavirus...
Draw a supply and demand curve that explains the current demand/supply of PPE amidst the coronavirus pandemic. Is the quantity supplied increasing or decreasing to match the demand? explain.
Homework Answers
Answer #1
In
the current market, Supply of PPE is less compared to the higher
demand. As these PPE's are inelastic in nature, hence the slope of
the supply curve is a bit steeper. As a result, prices are
higher.
Now, to meet the quantity demanded, the supply curve as shown in the figure (S1), will need to shift to the right (S2). This increases the quantity supplied from Q to Q1 to meet the market demand.
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