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Disaster Relief and High-Priced Goods

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What are some of the advantages and disadvantages of setting the price of goods high after a disaster such as a hurricane?

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Solution Summary

This solution explains the advantages and disadvantages of setting the price of goods higher after a disaster. This is a common trend in disaster stricken areas where hurricanes and earthquakes are prevalent.

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When disaster strikes, the businesses (and residences) generally take a toll due to the devastation. The main benefit of setting prices high on certain goods, and particularly on inelastic goods, is that it helps to restore economic balance in the devastated ...

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