(Solved Homework): Hello Class When supply is lowered and demand increases we have a recipe for…

Hello Class When supply is lowered and demand increases we have a recipe for higher prices. When this occurs during emergencies our reaction is this is wrong. How can businesses do that? Have they know decency? The attached article shares the opinion that is ok to have higher prices for items like water during emergencies. What are your thoughts? Do you agree with the author’s opinion? Explain your reason. Feel free to discuss other examples of price changes due to the either Hurricane Harvey or Irma. It is great to share articles too.

Expert Answer

Answer

In a free economy when everything decide on the demand and supply it is good to increase price when demand is more and supply is less,it should be done in normal situation.Always there are ethics and morality in business with social responsiveness of the suppliers which is normally the business houses.In the time of emergency like hurricane,tornado or war like situation prices should not be increased more by the business.It reflects moral hazards and low moral and social responsibility of the providers.Everyone who are affected by these emergencies suffered a lot and it is worst to charge them much in the distress situation.For emergency products and services like water,electricity etc, the price of these aticles should not be hyper increased to get more profit from the situation.

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