What Has Been the Impact of the COVID-19 Pandemic on the Economy - Economics Assignment Help

Assignment Task

What has been the impact of the COVID-19 pandemic on the economy? – Seena  
[Identify two specific ways that the COVID-19 pandemic shocked the economy during the first twelve months of the COVID-19 pandemic, applying your AD-AS model. You should think in terms of the four components of Aggregate Demand (AD) and the factors that influence Short-Run Aggregate Supply (SR-AS). Each of your two shocks should relate to a component of AD or to SR-AS, and be able to be represented by a shift in either the AD or SR-AS function.]
[For each of the two shocks that you have identified, explain why the shock occurred during the pandemic and consider how you would illustrate its impact using an AD-AS model. Explain to your client how each shock caused a shift in AD or SR-AS, and how this consequently affected Output (Y) and Price Level (P). If the shock is affecting the AD function, you should specifically mention which component of AD is affected.
[Illustrate each of these two shocks in an AD-AS diagram. You should create two separate diagrams for each of your two changes. Include all essential elements of your diagram, including marking the initial and new macroeconomic equilibrium points. In your discussion of each of these shocks, you should clearly explain what happens to Output and Price Level and illustrate this on your diagrams. For the purpose of this analysis, you should assume the economy begins at Potential Output (Y*) and you only need to focus on short-run effects. Remember that each diagram should illustrate the effect of one shock only and assume no other changes are occurring (that is, you are “holding everything else constant”).
[You should present your diagrams in the Technical Appendix of your consultancy report and provide your written explanation in the body of your report here. Within your explanation, you can refer to the Technical Appendix (for example: “Refer to Figure 1 in Technical Appendix”.]  
(5-7 sentences for each of the two shocks in addition to diagrams)

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