Ecersice 2

The market which we are taking is the market for masks, where there is an increase in the supply.

TITLE:

THE IMPACT OF THE COVID-19 PANDEMIC ON THE MARKET FOR MASKS

Step 1:

The market chosen is of MASKS.

The COVID-19 pandemic hasresulted into mismatches in the markets, which were earlier working properly.

The pandemic has affected the economies around the world.

The market for masks witnessed a change in the supply after the spread of the COVID-19 virus around the world.

Step 2:

Market for masks has a downward sloping demand curve, and the supply has an upward sloping supply curve.

The market is very competitive in nature, because there are no barriers to entry or exit in the market.

The time period which we are taking into consideration is during the COVID-19 pandemic.

Subheading:

THE INCREASE IN SUPPLY

Step 3:

There is a shock to the supply, where there was a sudden increase in the supply of masks in the market.

This is because, as the demand for masks increased, more and more producers entered the market, and there was an increase in the supply of masks.

This resulted into an increase in the equilibrium quantity of masks, and the decline in the equilibrium price of masks.

But over the period of time, there was over supply of masks, and the reduced price resulted into a decline in the profits of the firm.

So, this made the firms leave the market because they started earning losses.

STEP 4:

TITLE:

THE IMPACT OF THE COVID-19 PANDEMIC ON THE MARKET FOR MASKS

Subheading:

THE INCREASE IN SUPPLY

Reference:

https://timesofindia.indiatimes.com/business/india-business/mask-oversupply-may-see-50-cos-shut-shop/articleshow/79712120.cms

1. Use the same market you used for Online Exercise 2. However, you can change it if you are not happy with your market. You don't need permission, but you can email Nicola to check the market with her if you'd like to. 2. The word limit is 1,000 words; you can write less but you can't write more. This excludes the reference list. 3. You need to pick a market to analyse, it must have had a market shock (unexpected change) in 2020 - 2021. It cannot be a market with price fluctuations like petrol prices, which always occur so are expected, or one that has seasonal variations which are expected - like snow ski ticket sales in summer compared to winter. Assignment Topic suggestions and ideas to get you started: With significant rainfall in many drought-stricken farming areas recently there has been unprecedented demand for glyphosate, a type of weed killer as farmers are buying lots of it to kill off the weeds and plant crops https://www.farmonline.com.au/story/6649452/chemical-stocks-tight-but-sufficient-fornow/

The impact of COVID-19 on international travel services, cafes, clothing shops in shopping centres, Bars, Clubs, Leisure Centres (all negatively impacted) or positively impacted Bunnings / hardware stores, streaming services, food delivery, online house party apps, online dating apps, cyclist stores (how many bike riders are there on the bike tracks, me included!!) COVID impact on the travel industry, this year with domestic travel interstate still poor. Hotels and accommodation are still affected by COVID-19 Travel restrictions means a massive worker supply shortage for fruit and vegetable growers, this is impacting the market price and quantity These are just some ideas to get you thinking if you have an idea of a different market shock you'd like to analyse, go for it!

4. Pick something that interests you, but one you can also apply the economic concepts from weeks 1 - 8. This is important, there are lots of cool market changes out there but if you are struggling to work out how the demand shift for mobile phone components in France impacts GDP or unemployment, then maybe rethink your essay topic. Consider the market, it is easier to examine the impacts of a market shift in a town or country rather than an international shift. For instance, the shift in demand for avocado's in Australia due to caf closures with COVID-19, this impacts farmers and consumers in Australia, it will affect GDP, it may increase unemployment etc. Work out the time frame you want to discuss, make sure you state it in your market overview or introduction, this clear definition of the time frame will make the economic analysis easier. Seek help and advice if you are unsure contact your workshop facilitator or Nicola Thomas with a topic and check if they think it is suitable for the essay. 5. Research your essay topic, gather information from a range of sources. A good essay has at least 5 references from difference sources. The sources do not need to be peer reviewed journals, but they do need to be reliable. DO NOT USE YouTube, blogs, vlogs or Wikipedia. A good idea when you are researching your topic is to have a word document open and copy and paste links into the document when you find something interesting or useful. When you are writing your essay you can open up your word document and you will have all your sources readily available. 6. Structure your essay. It needs: An introduction - short and sweet introducing the topic and market in 2 - 3 sentences A paragraph describing the market - the market overview One - two paragraphs analysing the impact of the market shock / change - apply as many economic concepts as you can from weeks 1- 8 A conclusion summarising your findings Do not include bullet points in an essay, if you want to present summarised information you would normally present in dot points, use a text box or chart. 7. Include a chart or graph you have created yourself; this will demonstrate you can apply the concepts discussed in workshops and lectures to your market. Please don't copy and paste charts you've googled. If you aren't a computer whiz, it is fine to hand draw the graph, take a photo of it and insert it into your essay.I have included an example below of 2 methods of drawing a graph that you could use, one uses colour to illustrate different economic concepts, the other has no colour but uses a table instead. Remember to include a heading with the graph.

8. If you have too many words proof-read it or get a friend to with the Marking Guide next to them (see end page of this document), evaluating does this address the marking criteria? If it is interesting information but it doesn't address a key point, cut it out and copy it into a spare document. See if the essay still reads well without it. This is best done at least a couple of hours after writing the essay

Or go online and visit LaTrobe's Studiosity, you can submit your work and within a couple of days you will get a response. Bear in mind it will be busy week 8 & week 9. Studiosity has a range of essay support and live help, please check it out. Studiosity: https://studiosity.com/connect/clients/la-trobe-university/student_home