Description
Find an article that discusses a firm or industry experiencing a change in price and/or quantity (better yet both) of its product. This means that supply and/or demand for the product is changing and that there is a change in equilibrium.
Using supply and demand terminology, write a 2-page analysis explaining the change.
The opening section should briefly describe the firm or industry in question and what circumstances it is facing in terms of price and quantity. Cite the link to your article: Web page title, full URL, date you accessed the page.
The next sections should describe the specific factors from the article that have caused supply and/or demand to shift and in which direction. Which specific ‘shifters’ are relevant? Be sure to connect your article to the ‘shifters’.
The next section will explain the equilibrium change using correct terminology. i.e., explain how the shifter caused a shortage or surplus, and how the price and quantity respond. Use ‘change in (demand or supply) and ‘change in (quantity demanded or supplied)’ terminology correctly.
Wrap with your own analysis. Is the equilibrium stable? Or will the business revert to its prior equilibrium? Or to another equilibrium?
Using Word’s line and text box tools, include a fully-labeled graph showing the supply and demand change. For a tutorial on that, see https://www.youtube.com/watch?v=8amITplkN44