BECN 150

Take Home Written Exam

Fall 2022
Due: Sunday December 11, 2022
This is Part 1 of your final exam. It is out of 30 marks and is worth 30% of your
final mark.

Our lives have been totally disrupted by COVID 19 for 2 ½ years. People were laid off,
companies were told to close and many people are still working from home. In this
paper I want you to discuss the impact the reopening of our economy had on supply
and demand for a particular Canadian product. Remember, that in microeconomics we
don’t talk about an entire economy. We focus on individual companies and industries.

Choose a particular Canadian product to answer all of the following questions. Please
remember this is an individual assignment not a group assignment. When answering
these questions, you need to conduct research to back up your opinion. Please note
the number of marks assigned to a question. For example, a one sentence answer to a
question worth 5 marks will earn you at most 1 mark, not 5 marks. Cite at least 5
current (within 3 months), Canadian articles that discuss the product you have
chosen. You must use (and cite) these articles in your discussion to demonstrate how
they influenced your opinion regarding demand, supply, equilibrium and recovery.

1. Discuss the impact reopening the Canadian economy this year had on demand
for the product you have chosen. You must state what product you are analyzing.
What factors caused, or are causing demand to shift when the economy
reopened? Explain at least two of these factors. Make sure you explain if
demand will be increasing or decreasing for the product and why. (5 marks)
2. Discuss the impact reopening the Canadian economy this year had on supply for
the product you have chosen. What factors caused, or are causing supply to shift
as the economy reopened? Explain at least two of these factors. Make sure you
explain if supply will be increasing or decreasing for the product and why. (5
marks)
3. Identify the market structure for the industry that this product operates in. How
big is the industry? Do you think the market structure had any impact on the
change in demand and supply? How is the market being affected by the supply
chain issues we are experiencing? At what point should the company producing
the product shut down production if they are struggling to reopen profitably? (5
marks)
4. How quickly, and how well, do you think this industry will recover now that we
have reopened the economy? Back up your opinions with research. (4 marks)
5. Draw the demand and supply curves for this product before COVID 19. Indicate,
using clear lines, labels and arrows, what direction demand and supply moved
when the economy shut down due to the pandemic. Clearly label this second set
of lines. Draw a third set of lines, labels and arrows showing what happened to
supply and demand now that reopening has happened. You do not have to make
up numbers, but you need to accurately label demand, supply and equilibrium,
 for the original market, the market during COVID 19 and the anticipated future
market now that we have reopened. In each case, point out the equilibrium. Don’t
make me guess what you are trying to illustrate. All three stages should be on
the one graph. In your commentary, explain what happened in each of the three
cases, i.e. did demand and supply increase or decrease? Why did this happen?
Did the equilibrium increase or decrease? Why did this happen? Back up your
opinions with research. (6 marks).

Submission Instructions
Here are the instructions for how to submit your answers. Not following these
instructions will result in lost marks.

1. Arial 12 font
2. 1 inch margins
3. Double spaced
4. Use proper citations – Humber uses the APA format. For more information on
how to cite correctly, click on Resources, Additional Resources, then Writing
Centre and scroll down to “Writing Centre Services, Student Resources, then
Research.
5. Your assignment will be submitted to SafeAssign, which identifies plagiarism.
SafeAssign’s database includes previous semester assignments that have been
submitted by students, as well as internet sites. Any plagiarism, no matter how
minor, will result in a 0 on the exam and an Academic Misconduct Report
will be filed.
6. Include a cover page.
7. Include the rubric on a separate page as the last page of your paper.
8. Submit a Word document with your answers clearly labeled and in the correct
order. Do not include the questions.
9. Your submission should be between 6 to 8 pages not including the cover page,
citations or rubric. Less than 6 pages will lose marks. I will only mark the first 8
pages.
10. Submit using instructions provided on the submission page as you would any
assignment. Your name must be in the title of the document.
11. Emailed submissions or submissions submitted in any format but a Word
document will automatically receive 0 and I will not mark them.
12. Late submissions will receive 0.
 Rubric

Criteria Potential Mark

mark
Discussion of demand – Q1 5

Discussion of supply – Q2 5

Market structure – Q3 5

Recovery - Q4 4
Creation of graph – properly labeled 6
and explained – Q5

Grammar, spelling, sentence structure, 3

submission instructions followed

Proper Citations 2

Total 30