Question

800-1000 word limit
Questions:
Buyers determine demand while sellers determine supply. Both laws of supply and
demand establish market forces that make economies work to search for their market
equilibrium. The impact of COVID-19 is an unprecedented event that affects the
global economy. In the article, the overall retail sales dramatically dropped by 34.8%,
with jewellery and luxury goods drop of 67% but supermarkets increase of 12%, in
the first five months of 2020. However, online-based consumption, like demand for
food delivery, online education (Zoom), stay-at-home activities and online grocery
shopping surged dramatically since the outbreak of pandemic.
1) Based on your learning in Microeconomics, explain how COVID-19 has a
favourable and an adverse impact in today's situation, with aids of diagram “Market
Forces of Supply and Demand” and “Elasticity". (25 marks)
2) Illustrate with TWO real examples (one favourable and one adverse impact) in the
retail industry in Hong Kong or Mainland China or your country to show your
understanding and application of supply and demand as well as elasticity. (50 marks)
3) Principle 6 of Economics states, “Markets are usually a good way to organize
economic activity". Hopefully COVID-19 will end some time in the near future.
Predict how the retail industry would become in the economy with the aftermath of
the pandemic. (25 marks)
ne-based consumption, like demand for
food delivery, online education (Zoom), stay-at-home activities and online grocery
shopping surged dramatically since the outbreak of pandemic.
1) Based on your learning in Microeconomics, explain how COVID-19 has a
favourable and an adverse impact in today's situation, with aids of diagram “Market
Forces of Supply and Demand” and “Elasticity". (25 marks)
2) Illustrate with TWO real examples (one favourable and one adverse impact) in the
retail industry in Hong Kong or Mainland China or your country to show your
understanding and application of supply and demand as well as elasticity. (50 marks)
3) Principle 6 of Economics states, “Markets are usually a good way to organize
economic activity". Hopefully COVID-19 will end some time in the near future.
Predict how the retail industry would become in the economy with the aftermath of
the pandemic. (25 marks)

Answer 1

Answer:

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