ECON 102 Introduction Microeconomics

Task Written essay 1: Supply and Demand Article Purpose This assignment is an excellent way to apply the supply and demand framework in a real-life situation beyond the textbook examples and cases. Instructions Find an article in a recent newspaper or magazine illustrating a change in price or quantity in some market. Analyze the situation using economic reasoning.  1. Has there been an increase or decrease in demand? Factors that could shift the demand curve include changes in preferences, changes in income, changes in the price of substitutes or complements, or changes in the number of consumers in the market. 2. Has there been an increase or decrease in supply? Factors that could shift the supply curve include changes in costs of materials, wages, or other inputs; changes in technology; or changes in the number of firms in the market.  3. Draw a supply-and-demand graph to explain this change. Be sure to label your graph and clearly indicate which curve shifts. Helpful notes: Markets for ordinary goods and services are most easily analyzed. Avoid advertisements because they contain little information. Be cautious with commodity and financial markets unless you have a very good understanding of the particular market. Most changes will only shift one curve - either supply or demand - not both. Assessment Criteria The criteria on which the students will be assessed are as follows: The competence in writing a report following the proper guidelines of academic work, using proper referencing where appropriate. The comprehensiveness and clear understanding of the selected issue. The deployment of multiple arguments with clarity and the presentation of a critical review of the issue under review The ability to assess which theories should be given more attention. Submission This is an individual assignment. Assignments should be 500 words long (excluding graphs) with 12-size font and double-spacing between lines. Students are expected to turn in a copy of the article along with their paper.   Assignments must be typed and submitted on Turnitin on the day they are due (end of week 4).   Where coursework is submitted late and there are no accepted extenuating circumstances it will be penalized in line with the following tariff:  Submission within 6 working days: a 10% reduction for each working day late down to the 40% pass mark and no further. Submission that is late by 7 or more working days: submission refused, mark of 0.