Economics

A. COVID-19 has had an impact on the economy, and more specifically, on the supply and demand of some products & services. Briefly (in a couple of sentences each) explain one product that has seen in increase in demand because of COVID 19, one product that has seen a decrease in demand because of COVID 19, one product that has seen an increase in supply because of COVID 19, and one product that has seen a decrease in supply because of COVID 19. (2.5 Marks) B. Suppose new studies show that drinking one glass of red wine per day may help prevent heart disease, while at the same time, a fungal disease destroys a large portion of the grape harvest of BC vineyards (grapes are used in the production of wine). Draw fully labeled graphs showing the impact on BC red wine. Overall, what will happen to equilibrium price and equilibrium quantity of BC Red Wine? HINT: 3 Graphs. (2.5 Marks)