ECO2103: The global spread of covid-19 impacts all the industries throughout the world: Principles of microeconomics Essay, IIU, Malaysia
|University||INTI International University (IIU)|
|Subject||ECO2103: Principles of microeconomics|
i) The global spread of covid-19 impacts all industries throughout the world. However, some industries profited during these trying times. Analyze the effectiveness of the industries during this crisis in Malaysia. Using the knowledge of ‘demand and supply, explain why some industries can make a profit and be successful while some failed in Malaysia.
ii) Assume that there are two critical industries in Malaysia, one being the petroleum industry (inelastic DD) and another car industry (elastic DD). Using the knowledge of ‘elasticity demand’, explain how would you increase the revenue of each industry? Demonstrate the method you employ to enhance the saleability of the product in each industry.
iii) Assume that there was no covid 19 incident and that the tourism industry was doing fine in Malaysia. In this case, the Malaysian government decided to apply a sales tax on tourism sales. Using simple illustrations, explain the impact of the sales tax on the seller, buyer, and the government.
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