ECON 310 Queens University Contagion and Implications of Isolation Enforcement Essay Please see the attached file, all the requirements are inside the file

ECON 310 Queens University Contagion and Implications of Isolation Enforcement Essay Please see the attached file, all the requirements are inside the file, ask me if any specific slides are needed An Essay on the Economic Impact of COVID-19
— Guidelines by Prof. Amy Sun
ECON310, Winter 2020
Queen’s University
General Requirements:
1. Essay is due at 10:00pm on April 13, Eastern Standard Time.
2. Email your essay to baiyouchen@econ.queensu.ca, copying to
hfsun@econ.queensu.ca.
3. Essay must be in either a word file or a PDF file. No photos please.
4. Times New Roman; Font size 12; Single line spacing; Letter size page.
5. No less than 3 pages in total, excluding any cover page.
Pages must be numbered.
6. Must be independent individual work. No group efforts, please.
7. University academic integrity requirements apply.
Content Requirements:
Apply your knowledge obtained from Econ310 to analyze the economic impact
of COVID-19:
1. You can expand your discussion along (but not limited to) the sub-topics
listed in “Suggested sub-topics”.
2. You must choose at least 3 out of the 4 suggested sub-topics to elaborate
on. You are free to organize your essay in any order of the sub-topics you
would like. In other words, you do not need to follow the exact order of subtopics as listed below.
3. You must clearly identify the sub-topics of your choice using section titles
of the exact wording as listed below. For example, your essay may contain
3 sections, respectively entitled “1. General Equilibrium Analysis”, “2. Policy
Analysis” and “3. Game-Theoretic Analysis”.
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Suggested Sub-Topics:
1. Partial equilibrium analysis. Pick one market, any market (financial/capital
market, labor market, goods market, housing market, etc.), and discuss the
potential impact on this market. For example, how might the labor market
be affected? Here is a hint: As always, when it comes to the equilibrium
concept, think demand and supply. How might demand and supply of labor
respectively be affected? How might wages be affected? What about
unemployment? Well, unemployment isn’t really something that we
specifically study in 310. But do you have any predictions about it using your
economic intuition, and possibly knowledge you’ve gathered from other
courses you’ve taken so far?
2. General equilibrium analysis. Try to connect the market of your focus from
the above section with the rest of the markets in the economy. Discuss how
the impact on one market might spill over to affect other markets. Again,
for all of the markets you mention, think about the demand and the supply
sides. Your analysis does not have to be restricted to a discussion of a
domestic economy. Feel free to discuss even international trade and the
global economy.
3. Policy analysis. Can you come up with some policy recommendations aimed
at facilitating a speedy and smooth economic recovery after the COVID-19
situation is under control? Again, think along the lines of demand and
supply. What kind of policies can help stimulate demand? What kind of
policies can help restore supply? Describe the policies you recommend and
discuss why they might work.
4. Game-theoretic analysis on individual choices of conducting proper social
distancing. We’ve witnessed people who seem to under-estimate the value
of conducting social distancing in the wake of the virus. Try to design a
game-theoretic scenario in which there might exist two Nash equilibria, one
being a good equilibrium with all players choose to engage in social
distancing and the other being a bad equilibrium with all players ignoring
social distancing guidelines. You are free to choose the number of players,
to specify the strategies/choices available to them, and describe the payoffs
to each player once an outcome is revealed.
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Some Remarks:
This essay is intended to provide a chance to reflect on what is going on around us.
I hope to see your true individual intelligence and personalities shine through.
Hopefully after you complete this essay, you will have realized that what we are
challenged with right now, as a society, is far from just a battle against COVID-19,
it is also a war against the potential catastrophic economic consequences. The
longer the battle against the virus takes, the worse the economic outlook up ahead.
We NEED to win the public health battle as soon as we can, in order to start
rebooting our economy. So please spread the word, and explain the thoughts
you have gathered from writing this essay to people around you. Let us fight the
joint health and economic crisis together!!!
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