a) Example and Shock: Choose a topical and relevant example of a firm dealing with a change that could be appropriately analysed with the model of Perfect Competition or Monopoly. Your case study may relate to the current COVID-19 situation as it applies to an industry, but other case studies are also very acceptable.

i) Give an example of a firm and industry that could be analysed using the model of Perfect Competition or Monopoly. Justify why it would be appropriate to use the model of your choice. You only need to choose one: either Perfect Competition or Monopoly, not both.

ii) Give an example of a major change that has affected the firm (i.e. a shock).

b) Analysis: Use the appropriate model to analyse the effects of the shock you have identified. Present clear, appropriately labelled diagrams. Explain:

i) The shifts in curves

ii) The output and pricing decisions of the firms

iii) Effects on the firms and the industry.

c) Empirical Evidence: Present some quantitative data that gives further context to your analysis. Given the time constraints, it is not necessary to create charts etc, but you can use your data to quantify some of the variables from your Analysis in part b), above.