Elasticity and consumer choice theories

Do the elasticity and consumer choice theories apply to the current coronavirus-impacted market for products? How so?

Share how you believe (via observation, reading or news) evidences of price, income and cross elasticities of demand and elasticity of supply in markets. Wherever possible see if you can also show the impact of the Covid19 upon consumer and producer behavior in terms of elasticities of demand and supply and when possible, also consumer utilities and consumer and producer surplus. Share examples of what has happened. Write like you know microeconomics. Add the economic terminologies that you have learned in this class into your main post and response/s, wherever you can. See if you are able relate the post-pandemic prices of specific goods and services to elasticities of demand and supply.
You only need to apply one or two of the concepts listed below from chaters 5 and 6 to a real world situation that someone else has not already posted on the discussion board. Please don’t confuse “determinants of ELASTICITY” with determinants of demand.
Chapter 5: Here are some elasticity terminologies that you can apply: 1) price elastic or price inelastic demand, 2) what caused the high or the low price elasticity of demand (determinants of elasticity), 3) elasticity and revenue, 4) priece elasticity and burden of tax, 5) income elasticity, 6) cross elasticity between two products, 7) elasticity of supply.
Chapter 6: 1) Diminishing marginal utility 2) the concepts of consumer or producer surplus and 3) deadweight loss (From Prof. Edwards’s PowerPoint lectures posted in the Modules)
You must make one 200+ words main post and one 100 words or longer response to someone else’s post. The word cound does not include compliments or agreements. It only includes the facts and the economic reasoning. “Main post”; and your responses as ” Response.” For your responses please be sure to address the person whose post your response addresses.

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