Homework answers / question archive / Choose a particular product or industry

Choose a particular product or industry

Economics

Share With

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. Cite at least 3 articles that discuss the product or industry you have chosen. Discuss the impact COVID 19 is having on demand for the product or industry you have chosen. 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) 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) 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) How well do you think this industry will recover now that we have started reopening the economy? Explain. (5 marks) 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).