National authorities to prevent the spread of the COVID-19

      Question 1 As we expected preventive measures to be taken by local and national authorities to prevent the spread of the COVID-19, the demand for surface and hand sanitizers skyrocketed. How did COVID-19 impact the price elasticity of surface and hand sanitizers, and could a rational (profit maximizer) surface and hand sanitizers producer or seller react to that? Question 2 Briefly discuss how greater consumption of a good affects utility. Use the consumption of a given good or service to support your discussion.   Question 3 How is the Concept of Diminishing Marginal Product (returns) is related to the concept of economies of scale?   Question 4 What are some of the advantages of a perfectly competitive market in an economy? Use one specific business to describe a clear example of your personal observation of perfect competition.