Applying Supply and Demand: Real World Examples
For this assignment you will find a news article (not a blog, not Wikipedia, not an opinion article, a news article) that IMPLICITLY (not directly) describes a change in supply, demand or both in a real world market. The learning objective is to understand how supply and demand impacts markets and prices.Begin by downloading and studying:
Find a news article on the Internet that IMPLICITLY describes a shift in the supply curve or in the demand curve. In other words, the article MUST NOT directly say which graph to use. For example, inappropriate articles would be the ones with titles like “demand is short”, “excess supply”, “high demand”, and so on. Instead, the titles must be about changes in prices and/or sales (watch video below for more guidance). The article must be recent (within the last six months), and MUST NOT be from an encyclopedia or reference website that discusses demand and supply. DO NOT use blogs. Use well-established business web sites like “google.com”, or “yahoo.com”.
The best articles are about changes in the price and/or sales of a particular product. You then have the opportunity to demonstrate your understanding of supply and demand shifts as you explain the changes in price and quantity experienced by the product you choose.
RECOMMENDATION: READ THE SAMPLE PROJECT: Under the Getting Started link.
Summarize the article. Do not quote the article, but explain it as if you were telling someone about it. If you do use direct quotes or paraphrases, remember that citations and references are required.
Explain which graph in our collection – A, B, C, or D – illustrates the shift that you identify by describing the change in price and the change in equilibrium quantity (remember the difference between a change in quantity and a change in the position of the curve – these are described in the documents linked above).
Some articles may describe a situation where both curves shift. This is not common but it is possible.
Do use paragraphs in your post. And do remain focused on what is in the article.
Provide a full URL link to the article along with an APA-formatted reference to the article at the bottom of your submission.
Important: This is a Microeconomic course. Do not choose an article discussing Macroeconomic issues: Inflation, unemployment, trade deficit, government budget deficit, etc.
NOTE: This research assignment is 5% of your course grade. In Week 3 there is similar assignment that is 15% of your course grade. The difference is so that you can learn how to properly complete the research assignment in Week 1. Thus, in Week 3 the expectations for your work will be higher than in Week 1. Be sure to carefully review any instructor feedback on your Week 1 research assignment and to apply that to your Week 3 research assignment work.
RUBRIC FOR RESEARCH ASSIGNMENT – MICROECONOMICS
Levels of Achievement
Article selected is not appropriate (no current news, self-implied graph in title, encyclopedia)
Article is partially acceptable: old, too broad (macro), partial self-implied graph in title
Proper article selected (current news, title refers to changes in price or sales)
Specific graph reference
No specific graph reference (A, B, C, or D)
Graph is implied but it’s not named or identified
A specific graph (A, B, C or D) is selected
Appropriate graph reference
Graph is selected, but it’s not appropriate or consistent with the article being used
Graph selected is not appropriate but arguments used are
Student selects an appropriate graph
No justification of graph (s)
Weak arguments justifying graph (s)
Student justifies graph(s) properly
To receive full credit, your submission must be at least 250 words long.