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Real Case Application Set A
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Real Case Application Set A
Part 1. Pandemic
A. Oil Market
Saudi Arabia and Russia dispute over excess oil production levels and Saudi Arabia
increases oil production. Major economies are in lockdown.
Other things held constant, Demand shifted left because of the nonprice determinant
Other things held constant, Supply shifted right because of the nonprice determinant
B. Gasoline market. Refer to the scenario in A. Also, Oil is an input to gasoline.
Other things held constant, Demand shifted left because of the nonprice determinant
Other things held constant, Supply shifted right because of the nonprice determinant
C. Airline Travel Market
Fears of the pandemic reach the U.S. by March. Oil prices decline. Increase in sanitation
efforts by airlines.
Other things held constant, Demand shifted left because of the nonprice determinant
Other things held constant, Supply shifted right because of the nonprice determinant
D. Face Masks Market
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Face masks become part of recommended protection. Cottage industries (at home
production) develop. Clothing manufacturers reduce production of business attire and
athletic uniforms and increase production of face masks
Other things held constant, Demand shifted right because of the nonprice determinant
Other things held constant, Supply shifted right because of the nonprice determinant
E. In Home Office equipment/electronics in March versus April.
In March most individuals make move to remote and work from home.
Other things held constant, Demand shifted left because of the nonprice determinant
Other things held constant, Supply shifted right because of the nonprice determinant
Part 2. Price Ceilings (laws and reputation) and shortages
A. Residential TP Market vs Commercial Toilet Paper Market and Overall TP Market
Shelter in place order goes into effect. Only essential businesses are open.
Fun facts 99% of tissue products manufactured in U.S.
Manufacturing in remote areas
Grocery stores and retailor inventory (2-3 weeks)
2 markets for TP
Consumer househo...