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 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 describes a shift in the supply curve or in the demand curve. 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 or industry specific web sites.
- 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.
- DO NOT use articles whose titles directly imply the graph. For example: “supply decrease”, “demand increase”, etc. You should use only articles that discuss changes in price and/or sales but DO NOT use articles that directly refer to supply and/or demand changes. The video below explains how to look for an appropriate article.
- 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 (Do not quote the article, but explain it as if you were telling someone about it.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 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.
Video demonstrating how to look for an article:
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 CriteriaPoor workPartial workGood workArticle quality(10 points)Article selected is not appropriate (no current news, self-implied graph in title, encyclopedia)(0 points)Article is partially acceptable: old, too broad (macro), partial self-implied graph in title(5 points)Proper article selected (current news, title refers to changes in price or sales) (10 points)Specific graph reference(10 points)No specific graph reference (A, B, C, or D) (0 points)Graph is implied but it’s not named or identified(5 points)A specific graph (A, B, C or D) is selected (10 points)Appropriate graph reference(40 points)Graph is selected, but it’s not appropriate or consistent with the article being used(0 points)Graph selected is not appropriate but arguments used are (20 points)Student selects an appropriate graph (40 points)Graph justification(40 points)No justification of graph (s) (0 points)Weak arguments justifying graph (s) (20 points)Student justifies graph(s) properly (40 points)
If you have any questions or concerns, email me.To receive full credit, your submission must be at least 250 words long.Now click on the “Week 1 Research Assignment” title at the top of the page and submit your assignment as a Word Document.