Assignment- Supply and Demand
This assignment will likely be the most challenging of the semester, so give yourself a lot of time.
You will choose one of the attached news article on an event which shifts the supply or demand curve (or you can one of your own); then draw and explain the reason for the shift.
Detailed Instructions:
1. Look over the articles at the end of these instructions and choose one to use. If they are all taken or none interests you, you can find your own by going to www.marketplace.org and finding an article about a consumer product and something that has occurred to cause a change in the price or quantity.
2. Post a "reserve" under your Assignment Group so that no one will use the article you have chosen. You cannot use an article someone has already reserved or written about.
3. Write a paragraph describing the situation, and provide the link.
4. Draw a supply/demand graph of the product. It must be hand drawn on graph paper and done very neatly with a straightedge (neatness will be part of the grade). Take a picture of it and post. You don't need exact prices or quantities; you can use the letters P and Q. Include axis labels and equilibrium points, and label all lines.
5. Decide what change or changes will occur on the graph based on the events in the article and draw the change.
6. Review the tutorial on Supply and Demand. In the tutorial it discusses "determinants" - categories of situations that can shift the demand or the supply curve.
7. Fill out the following sentence as a way to describe your graph:
My graph shows the market for _______________. On the graph, the ___________ curve shifted to the _____________ causing the equilibrium price to _______________ and the equilibrium quantity to _____________. The determinant that caused the shift is ______________. The information in the article that supports this determinant is: _________________________________