DQ 2 - Give an example of the Law of Demand, the Law of Supply. In the rental market [choose one class to where you live or where you work] tell us 'the equilibrium rental for a 2 bathroom, 2 bedroom apartment in a safe neighborhood close to great transportation. What is the rent for one of those apartments?, What would cause 'an outward shift of demand'? In the minimum wage market, who is the supplier and who is the demander of labor? If the government raises the minimum wage, does the demand for minimum wage workers increase, decrease or stay the same? Use the Law of Demand to answer.
DQ 3 - What is the difference between a movement along and a shift of the demand curve? What is the effect on the equilibrium price and quantity that results from an increase in demand, supply, and both? Provide examples for each instance. What is the role of supply [price and non-price factors] and demand [price and non-price factors] in decision making?
Assignment: Article Analysis Write a 700 word paper that: Analyzes the basis for the trends in consumption patterns, as discussed in the article you selected.
- Consider the utility derived from a product or service mentioned in the article.
- Describe what has occurred to change the demand for the product or service and its market and equilibrium prices. Assume that supply remains the same.
- Describe what has occurred to change the supply of the product or service and its market and equilibrium prices. Assume that demand remains the same.
- Explain if the demand for this product or service price elastic or inelastic? What does this imply about how consumers respond to changes in the price of this product or service? Support the determination of the price elasticity of demand with a reference.
Format your paper consistent with APA guidelines.
Write in the 3rd person. Include an introduction, thesis statement and summary conclusion.
For example: This paper will analyze... it recommends