2. 250 word post on WALMART in regards to the Law of Supply. Please write about WALMART and how it is surviving nicely during the pandemic. Why do you think this is so? Is it their balance sheet or demand?
3. 250 word post on the Law of Demand. As the price goes up the demand for an item goes down. Please use a specific example of a product where demand is elastic and where demand may have become inelastic as a result of COVID-19.
Answer preview
The law of demand states that low prices lead to high demand, while high prices lower the demand for goods. The law simply states that demand is inversely proportional to price. Demand refers to the amount of goods that customers are willing to buy at a particular price. Usually, the demand for goods and services is based on customer needs. The financial strength to afford the goods also influences demand. Without finances, a person cannot afford a particular good and therefore has no effective demand. Since the law of demand states that price is inversely proportional to demand when prices are high, consumers find ways of reducing their expenses on expensive products, and this reduces demand. The demand curves for products differ in that whereas, for some, the curve can be steep. For others, it can be curved. One product that has elastic demand and has been affected by the pandemic is gasoline in specific
