Reference no: EM131055488

Read a current events article that focuses on changing market conditions and the impact of this on a particular firm. Some sources to consider are The Economist, Forbes Magazine, Bloomberg, Businessweek, Wired, Entrepreneur, Inc., and Fortune. It is also recommended that you research within the University Library.

Write a 1,050- to 1,750-word paper summarizing the content of the article and address the following: 

• Identify two microeconomics and two macroeconomics principles or concepts from the article.
• Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.
• Identify at least one shift of the supply curve and one shift of the demand curve that resulted from the events detailed in the article.
• Explain what causes the shifts, and how each shift affects the price, quantity, and the decision making of the firm.
• Describe how changes in the price of the product produced by the firm impacts revenues and as a result may affect economic and accounting profits.

Include brief responses to the following in your paper:

• How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar?
• How do the concepts of economics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?
• How do economic and accounting profits differ?
• How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy?
• Assess the role of ethics in the decisions made by the firm regarding pricing their product.