PAPER #2 ARTICLES MUST BE FROM THE CURRENT Term (January 1 2024) THROUGH THE PRESENT DATE.
Economic Principle:
Demand – The factors that can shift demand & the impact of an increase or decrease in demand on equilibrium price (Pe) and equilibrium quantity (Qe).
OR
Supply – The factors that can shift supply & the impact of an increase or decrease in supply on equilibrium price (Pe) and equilibrium quantity (Qe).
Section 1
1-1.5 pages in length
Explain as completely as you can what an economist means by demand (supply) and discuss (this implies that you are able to discuss why the factor causes the shift and explain the direction of the shift …for each factor (this can be done in one sentence for each factor) ALL the factors that can shift a demand (supply) curve. How does a change in demand (supply) differ from a change in quantity demanded (quantity supplied)? Explain what happens to Pe and Qe when demand (supply) increases and when demand (supply) falls.
You are either focussing on Demand or supply do NOT do both..
If you choose demand I should NOT see supply until the graph
if You choose supply I should NOT see demand until the graph
NO EXAMPLES in this section
Section 2
1-1.5 pages in length
Select an article FIRST PUBLISHED THIS Term that represents a situation where there is/will be a shift in demand (supply) for some product or service. You MUST ATTACH A COPY OF YOUR ARTICLE or URL. Without it, your paper cannot be graded. Briefly (no more than 1/3 of the page) explain the situation. Then spend most of your time relating the article’s events to at least 1 and more if in the paper of the determinants of demand (supply) you explained on page 1. Be very explicit in identifying the determinant responsible for the curve shift and in explaining why the curve will move as you predict. Do you see demand (supply) rising or falling? As an economist, what impact do you predict this change will have on Pe and Qe? Put this together in a logical progression and be sure to use paragraphs!
Below, as an example, you’ll see the headline of an article about the Christmas tree market. You’ll be writing about the article you’ve selected and will include the title and source of your article at the top of page 1.
Page 3 Graph. Construct a properly labeled graph of supply AND demand for the market discussed in your article. Label the initial demand (supply) curve D1 (S1) and the initial equilibrium price and equilibrium quantity Pe1 and Qe1, respectively.
Now, staying on the same graph, if your topic is demand draw in the new demand curve and label it D2. Leave the supply curve alone. Find and label the new equilibrium values Pe2 and Qe2. If you’ve chosen to write about supply, draw in the new supply curve (label it S2) to show the increase or decrease in supply. In this case, let the demand curve stay put. Label the new equilibrium values Pe2 and Qe2.
Title must include: Product; curve shifting; direction of shift; shift factor(s) causing the shift in a single complete phrase (not in pieces)
You do NOT need numbers form the article start at P0 and Q0 and end at P1 and Q1; relative changes in Pe and Qe will suffice.
Late papers are not accepted. Make sure you’re included a copy of your article. Without it your paper cannot be graded.
KEEP READING….
You haven’t gotten to the formatting instructions for this assignment yet.
Scroll down some more!
Your Name
Your course number here (5 digit number)
Micro Application Paper #2
“Back-to-Nature Trend Moves Consumers Away From Artificial Christmas Trees”
The Sacramento Bee, January 6, 1997
ECONOMIC PRINCIPLE:
Demand – The factors that can shift demand & the impact of an increase or decrease in demand on equilibrium price (Pe) and equilibrium quantity (Qe). « DO INCLUDE THIS SECTION HEADING AT TOP OF YOUR PAGE 1
Use the rest of page 1 to elaborate on this economic principle. See paper tips.
THIS ARTICLE: « DO INCLUDE THIS SECTION HEADING AT TOP OF YOUR
PAGE 2!
Use page 2 to explain what’s going on in the article. (Here, in the Christmas tree market, it appears tastes have changed and caused demand for artificial trees to fall. That would shift the demand curve to the left and cause both Pe and Qe to drop.)
Page 3 is a graph depicting the tree market before and after this change in preferences. It shows both supply and demand initially, with Pe & Qe identified. To this base-graph is added the revised demand curve (here, farther to the left since demand for artificial trees is falling) and the new Pe and Qe are indicated.
USE THIS FORMAT FOR PAPER #2 AND YOUR EXTRA CREDIT PAPER, CHANGING THE PAPER NUMBER, ECONOMIC PRINCIPLE & ARTICLE INFORMATION FOR EACH PAPER.
GENERAL REMINDERS
Reports must be TYPED (11-12 pt font, black ink on white paper), DOUBLE-SPACED and cannot exceed 2 pages in length, not including graphs. Use the FORMAT PROVIDED. Do include section headings.
Attach a copy of the article you’re writing about to Paper #2 & your Extra Credit paper. Your article must be something published since the start of this Term. Use any publication you like. Business publications are fine, but so are Sports Illustrated, Newsweek, your neighborhood Booster, or any other. You can find economic issues in all kinds of magazines and newspapers. You can pull an article off the Web as long as it is from a generally recognized periodical, originally published this Term, and you attach a copy (not a link) to your paper.
Your task here is to APPLY economic concepts, NOT TO SUMMARIZE articles.
IDENTIFY THE RELEVANT ECONOMIC CONCEPT at the top of your paper.
In the 1st section of your paper, thoroughly EXPLAIN THE CONCEPT IN YOUR OWN WORDS. Do not quote the book and don’t refer to your article yet. This should fill up your 1st page.
In the 2nd section of your paper, EXPLAIN HOW THE ARTICLE ILLUSTRATES THIS CONCEPT. Your task is to demonstrate a working knowledge of economics, NOT to simply summarize the article. Play the role of the econ professor constructing an example to illustrate a concept in class. This is the 2nd page of your paper.
INCLUDE A GRAPH on page 3 to illustrate what’s going on. Label your graph appropriately.
5 points per day late (not 24 hrs …per day).
Papers mare ONLY e-mailed to the instructor (Shunt@cscc,edu) .Papers must have a copy of the article and graph included, draw by hand or use graph paper, scan or take a picture use the snip tool and place on your paper.
“Work-in-progress” will not be graded. Your paper is not ready to submit until it is TYPED (11-12 pt font, black ink on white paper)/DOUBLE-SPACED with 1″ MARGINS on all 4 sides, your article attached. PROOFREAD!
PAPERS WHICH ARE NOT
PROPERLY FORMATTED
WILL BE RETURNED
UNREAD.
FORMAT GUIDE
PAPERS #2 and Extra Credit
