Question

1. What caused the price of oil to crash? Keep in mind there are many ways...

1. What caused the price of oil to crash? Keep in mind there are many ways to answer this question and there is no one correct answer.

2. Due to the effects of the coronavirus, there are now over 100 different potential vaccines in the works. Why are there so many different companies working on a vaccine? Use economic concepts to explain your answer.

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Answer #1

1. Since the entire world is in lockdown, people are not allowed to go out, go to office, parks, gyms or markets, their demand for travel has reduced drastically. Air travel has been restricted and so is vehicle usage on roads. Also, factories and other production activities have come to a halt. This has led to drastic fall in demand for oil, leading to a fall in its price to such low levels

2. So many different companies are working on a vaccine because they are aware once they win the race to invent the much awaited vaccine, their market valuation would jump up tremendously. Their sales and profits would shoot up and government as well as scientists and doctors all over the world would look up to them and be willing to pay them anything to get the vaccine.

This is a once in a lifetime opportunity for vaccine making companies, and everyone wants to capitalise on it.

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