DURING COVID 19, THERE WAS A HUGE SHORTAGE OF HAND SANITIZERS RESULTING IN A PRICE INCREASE. USING THE LAW OF DEMAND AND SUPPLY, AND THE 4 PRINCIPLES OF MARGINAL, COST-BENEFIT, OPPORTUNITY COST, AND...

Law of Demand and Opportunity Cost of Hand Sanitizers    4
LAW OF DEMAND AND OPPORTUNITY COST OF HAND SANITIZERS
Table of Contents
Introduction    3
Analysis    3
Conclusion    4
References    5
Introduction
    The global hand sanitizer market globally has experienced high growth rate due to the outbreak of covid-19 pandemic situation. In the year 2020, the hand sanitizer industry witnessed a growth of 500%. It was mainly due to rise in the hygienic awareness and for self-protection from the infectious disease of covid-19. We will analyze the law of demand and opportunity cost with respect to the actions of both consumers and suppliers of hand sanitizers in the pre-covid, during the covid era and post covid vaccination.
Analysis
     The law of demand signifies that with a rise in the price of goods, there is an inverse effect on the quantity purchased. Thus, higher the price, lower will be the quantity demanded. But during the covid-19 pandemic situation the demand of hand sanitizers reached 1400% from December 2019 till February 2020. The sanitizers from the local pharmacies were being sold out. During this period the companies manufacturing hand sanitizers have...