Our lives have been totally disrupted by COVID 19. People have been laid off, companies have been told to close and many people are working from home. In this paper I want you to discuss the impact of this crisis on supply and demand on a particular industry or product. Remember, that in microeconomics we don't talk about an entire economy. The impact on GDP, unemployment and interest rates are macroeconomic topics, not microeconomic topics.

Choose a particular product or industry.. Cite at least 3 articles that discuss the product or industry you have chosen.

1.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. Explain if demand is increasing or decreasing for the product and why.(3 marks)

2.Discuss the impact COVID 19 is having on supply for the product or industry chosen. What factors are causing supply to shift? Make sure you explain if supply is increasing or decreasing for the product and why.(3 marks)

3.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.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. Don't have to make up numbers, but need to accurately label demand, supply and equilibrium, both for the original market and the current market after the impact of COVID 19