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What is the impact on price and quantity

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Reference no: EM131661632

Assignment

For the first assignment, you will use concepts learned in this class to explain a current event. Use a credible news source and find an article that appeals to you and that you can explain using comparative statics (i.e. shifts in supply and demand) or elasticity. Briefly summarize the story, describe how the story relates to micro topic, and draw a graph illustrating your topic. Please submit no more than 2 files (doc or pdf are both fine).

• Writing (350-450 words)

o (I) Briefly and in your own words, summarize the content of the article (1 paragraph).

o (II) Analyze the event using comparative statics. Qualitatively describe how your "current event" changes demand, supply, or elasticity of demand.

- Does your event impact demand, supply, elasticity of demand? all of the above? How?
- What is the impact on price and quantity?
- include at least one graph illustrating economic concept.
- Include 1-2 sentences explaining how graph relates to your analysis.

o (ii) Use full sentences and spell-check, include references (i.e. news source, textbook, APA format)
o Don't Plagiarize

• Graph

o Please include at least one graph illustrating the concept and topic you are addressing.

- Your graph should be similar to what we construct in class and should illustrate one of the following concepts:
- shift in demand or shift in supply, comparison of elasticity of demand
- You should also indicate how the change in demand or supply impacts price and quantity.

Reference no: EM131661632

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