Please answer the question below in an essay format of 100-300 words. Ensure that you check your grammar and spelling and add references, if any, before you upload your answers to the Sakai Airport Management Departmental Exam assignment.
Use the knowledge that you already have regarding economics and ethics, as this essay is primarily a test of your written communication skills. Can you convey your information, explanations and reasoning about a business situation effectively?
We recommend to spend about 20-30 minutes to complete this assignment.
Right after Hurricane Katrina, John Shepperson thought he could help and make some money too.
Mr. Shepperson bought 19 generators from his local store. He and his family then rented a U-Haul van and drove 600 miles to an area of Mississippi that was left without power in the wake of the hurricane.
Mr. Shepperson offered to sell his generators for twice what he had paid for them, and people were eager to buy them.
After a short time, police confiscated his generators. Mr. Shepperson was jailed for four days for price-gouging. His generators are still in police custody.
1. Describe the situation in economic terms. Include a supply and demand graph if you wish to further describe what happened.
2. What are the ethics in this situation?
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