Let’s take another look at how all this works together using a well-known event as our point of reference: The Great Toilet Paper Shortage of 2020. When reading about this, think about market equilibrium and the impact that shifts in supply and demand have on market output and price.
The Great Toilet Paper Shortage of 2020
Within days of the COVID-19 virus arriving in the United States, a very strange phenomenon began happening. You probably saw it first on social media. Or, maybe you were in stores personally to witness it. The toilet paper buying panic! How did this happen? What in the world did COVID-19 have to do with buying copious amounts of toilet paper? Theories abound!
Interestingly enough, this is not the first time there has been a toilet paper shortage in the USA! Back in 1973, a talk show host named Johnny Carson (who used to host "The Tonight Show," which Jimmy Fallon hosts in 2020) made a joke in his monologue that there was a toilet paper shortage. Although there were shortages of several things at the time, toilet paper did not top the list nationally. Still, people listened and took it seriously anyway. Panic ensued! Much like what we saw happen in 2020, the shelves were emptied! This panic-driven shortage based on a joke continued for four months. Toilet paper was even sold on the black market!
Instructions
The point of the forum is to focus on the economic concepts of supply, demand, and equilibrium price. The focus is not on political or other aspects of this issue. Please focus on the topic at hand and not other aspects of the virus. Avoid making any negative or aggressive posts.
- In your initial post, write an original (your own words) response to the discussion prompts below. Please clearly label your responses to match each discussion prompt. You must cite any sources used to help you write your response. To avoid Moodle "timing out" and losing your work, type your response on a document first then paste into Moodle.
- Post your answer under your teacher's initial post below in the form of well-written and well-organized sentences. You must wait 5 minutes before you will be able to see your classmates' responses. You may edit your post during this 5-minute editing window.
- After 5 minutes, you will be able to see and respond to your classmates' posts. You must reply to at least one other student’s response according to the criteria listed in the grading guide below and the discussion forum guidelines (opens in a new window). Click on the post to which you will reply, type your response in the reply box, and click Post to Forum.
Prompts
In your own words, respond to the following questions. Write detailed sentences to show how well you understand the concepts. Remember to follow the discussion forum guidelines.
- Where was the equilibrium price and quantity before the shortage started?
- Was this “shortage” due to an increase in quantity demanded? Or, did demand actually “shift” (remember your 5 demand shifters)?
- Do you think the equilibrium price and quantity changed? Or, as the video showed us, did things return to normal (equilibrium) due to the market forces at work?
- Did the price of toilet paper go up? Why or why not?
Grading
This assignment will count for 25% of your grade in this unit.
| Assignment Element | Criteria | Point Value |
|---|---|---|
| Initial Post | The student has written a well-developed initial post, of at least the length, directed in the assignment. The student has developed his or her thoughts fully and conveyed accurate information. | 25 |
| Response to Classmate's Post | The student has responded to another student as directed in the assignment, following Guidelines for Responding to Another Student. The response constructively and positively critiques and analyzes the other student's initial post, evaluating the argument and examples. The response post goes beyond agreement or disagreement and explores what was learned from the post, expands on the post, or asks a relevant question regarding the post | 20 |
| Timeliness | The student has posted within the required time frame. | 5 |