Question

Using an appropriate model, show and discuss the implications of COVID-19 pandemic on
consumer welfare.

Answer 1

Covid19 pandemic has impacted every sphere of human life. A lot of people have lost their lives and still loosing. Life has changed after the coronavirus pandemic. The people's view to see life has also changed and this pandemic has left a very critical effect in life as well as a view of the people. The people are also facing a lot of financial crisis and they are struggling to maintain a balance in life. The people are not able to meet out their daily needs and the government is trying to help people to sustain in this critical situation. People are going through a phase of life where they are not able to pay bills, children fees. This pandemic has affected each and every person and all the industries are badly shattered. All the sectors like agriculture, petroleum, education industry, manufacturing industries all are badly affected and therefore, consumer welfare is also affected. People are dependent on the services provided by these industries and they are really hampered with this global pandemic. As people are not able to utilize the goods and services due to lack of availability and limited supply, therefore, the consumer welfare is also affected due to this.