How consumer behavior has changed during the pandemic

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Here is an episode from Planet Money by NPR. https://www.npr.org/transcripts/906346251Links to an external site.

This short episode talks about how buyer behavior has changed since the pandemic. I want you to answer the following questions and choose one of the questions (questions 2-4) to draw a supply and demand diagram to supplement your answer. Upload one photo of your diagram to the bottom of your discussion post.

1. Quickly list all the shifters of the demand curve.
2. The number of consumers smoking cigarettes has increased since the start of the pandemic. Which shifter of the demand curve accounts for this shift? Which direction does it shift? In theory, what will happen to price when this shift happens?
3. Used cars/trucks increased in price. Ignoring supply chains and production: list two shifters of demand that would account for the increase in price during the pandemic. Which direction did the demand curve shift for used cars? Are used cars substitutes or compliments to new cars? Are they a normal good or an inferior good?
4. More people are working from home. Are companies renting more or less office space for their workers? Which direction has demand for commercial office space shifted and which shifter describes this change?
5. Real meat has increased in price! What has happened to the purchasing of fake meat (e.g., Beyond Beef) due to the price increase of real meat? Are fake meat and real meat compliments or substitutes? List the two shifters of demand that explains the rightward shift in fake meat consumption.

Don't forget to draw one demand and supply diagram to supplement your explanation to one of the questions (questions 2-5) above.

Answer rating: 100% (QA)

Answer Heres a breakdown of the questions and a brief explanation of the concepts involved 1 Shifter... View the full answer