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 Do not quote the article, but explain it as if you were telling someone about it.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.
- To receive full credit, your submission must be at least 250 words long.