Question: Refer to the article http://www.econlib.org/library/Columns/y2007/Mungergouging.html 5) Using the concept of consumer surplus, discuss whether the citizens of Raleigh were better or worse off from the

Refer to the article http://www.econlib.org/library/Columns/y2007/Mungergouging.html

5) Using the concept of consumer surplus, discuss whether the citizens of Raleigh were better or worse off from the imposition of price gouging laws? Refer to the gure from question (4), being careful to compare the consumer surplus from asituation with and without price gouging laws. Why do you think the citizens clapped when the 'icemen' were arrested by the police? Hint: you can search online to read about the rationale for price gouging laws. For example, the Australian Competition and Consumer Commission made specic reference to price gouging as a response to the Covid-19 pandemic. [5 marks]

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=+a. Demographics Provides insight into audience by their age, income, education, gender, occupation (employment status), etc.

=+5. What do you want them to think (about the brand)? (THINK CONSUMER BENEFIT.