Our lives have been totally disrupted by COVID 19. People have been laid off, companies have been told to close and many people are working from home. In this paper I want you to discuss the impact of...

Our lives have been totally disrupted by COVID 19. People have been laid off, companies have been told to close and many people are working from home. In this paper I want you to discuss the impact of this crisis on supply and demand on a particular industry or product. Remember, that in microeconomics we don’t talk about an entire economy. The impact on GDP, unemployment and interest rates are macroeconomic topics, not microeconomic topics. Choose a particular product or industry. Please remember this is an individual assignment not a group assignment. When answering these questions, you need to conduct research to back up your opinion. Please note the number of marks assigned to a question. For example, one sentence in a question worth 5 marks will earn you one mark, not 5. Cite at least 3 current, Canadian articles that discuss the product or industry you have chosen. 1. Discuss the impact COVID 19 is having on demand for the product or industry you have chosen. You must state what product or industry you are analyzing. What factors are causing demand to shift? Explain at least two of these factors. Make sure you explain if demand is increasing or decreasing for the product and why. (6 marks) 2. Discuss the impact COVID 19 is having on supply for the product or industry you have chosen. What factors are causing supply to shift? Make sure you explain if supply is increasing or decreasing for the product and why. (6 marks) 3. Identify the market structure for this industry. Do you think the market structure had any impact on the change in demand and supply? At what point should the company producing the product shut down production? Explain. (4 marks) 4. How well do you think this industry will recover now that we have started reopening the economy? Explain. (5 marks) 5. Draw the demand and supply curves for this product before COVID 19. Point out equilibrium. Indicate, using labels and arrows what direction demand and supply has gone since the crisis has begun. Point out the new equilibrium. You do not have to make up numbers, but you need to accurately label demand, supply and equilibrium, both for the original market and the current market after the impact of COVID 19 (5 marks). Submission Instructions Here are the instructions for how to submit your answers. Not following these instructions will result in lost marks. Arial 12 font 1 inch margins Double spaced Use proper citations – Humber uses the APA format. For more information on how to cite correctly, click on Academic Help on the left of the course home screen and scroll down to “Reporting Your Sources”. Include a cover page. Please include the rubric on a separate page as the last page of your paper. Submit a Word document with your answers labeled and in the correct order. Your submission should be between 3 to 5 pages not including the cover page, citations or rubric. Less than 3 pages and more than 5 pages will lose marks. I will only mark the first 5 pages. Submit using instructions provided on the submission page as you would any assignment. Your name must be in the title of the document. Emailed submissions will automatically receive 0. Late submissions will receive 0. Rubric Criteria Potential mark Mark Discussion of demand – Q 1 6 Discussion of supply – Q2- 6 Market structure – Q3 4 Recovery - Q4 5 Creation of graph – properly labeled – Q5 5 Grammar, spelling, sentence structure, submission instructions followed 3 Proper Citations 1 Total 30