Assignment 4 consists of two essay questions (worth 10 marks each) based on the subject material and require some additional research.Sources used in your answer should be fully referenced in APA 6th style.

Assignment 4 (and Assignment 3) is addressed economic issues related to the pandemic created by COVID-19. While not absolutely essential, you are advised to access the media items used in this 'backgrounder' for further elaboration of the issues raised. You may use these items as references in your own work along with the news items that you have independently accessed.

Write the following essays ensuring that you apply economic principles or theory wherever possible to support your discussion. Communicate your ideas with diagrams and illustrative examples as necessary.

Essay 1 (10 marks)

essay which provides an economic explanation of (a) why pharmaceutical companies had not produced a vaccine that could be used to combat COVID-19 by the start of 2020 and (b) why neither national governments nor WHO had intervened to ensure the production of a vaccine prior to the emergence of COVID-19. (c) In addition, provide an economic explanation of why not enough medical equipment was in place in Australian hospitals to fight the pandemic and indicate what would have needed to have been done to ensure that sufficient equipment was available. (d) Finally, comment on whether or not action to ensure the availability of medical equipment could have included enhanced manufacturing of such equipment in Australia encouraged by government assistance?

Essay 2 (10 marks)

essay which indicates (a) in what ways social distancing requirements were 'hitting the economy like a sledge hammer'? Explain using the model of aggregate demand and aggregate supply. (b) Identify government policies which attempted to counter these outcomes and (c) explain if these polices have been effective. (d) Finally, comment on whether or not regional Australia has fared differently (compared with metropolitan Australia) during this recessionary period.