Define the market that the supply and demand model represent

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Assignment

Principles of Economics 1 Essay Instructions Purpose: Much of what we study in this unit drives everyday economic behaviour. The concepts and theories we study go a long way in explaining complex, real-world events. These two writing assignments are designed to get you to apply the economics you learn in this unit. The first essay requires you to use economics to explain and analyse an event reported in a newspaper or magazine. Reading the popular press (magazines and newspaper etc.) like an economist will help illustrate the scope of economic reasoning. The second essay requires you to use economics to analyse market failures and evaluate proposed solutions. The essays are also intended to introduce you to writing in economics. Assignments:

Essay #1: The first essay is structured around supply and demand analysis. Find a recent article in a newspaper, magazine, or online news site that discusses an event that can be explained with demand and supply analysis. The article should be no older than six months. The essay should be around 500 word

1. Very briefly summarize the article - attach the article to your essay.

2. Carefully draw a supply and demand model. Carefully label all parts of the diagram.

3. Define the market that the supply and demand model represents. This includes precisely defining the good or service and the structure of the market. Be precise!

4. Using a supply and demand diagram, provide an explanation of the event described in the article. Illustrate all changes to supply and/or demand in your diagram. Importantly, you must provide economic arguments for the changes illustrated in the diagram. For example, if the demand or supply curve shifts you must carefully explain the cause of the shifts using economic arguments.

5. Explain the new equilibrium.

Article: Oil prices rise on tightening supply, strong demand.

Reference no: EM131936319

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