Demand – The factors that can shift demand & the impact of an increase or

You have the option of writing about either SUPPLY OR DEMAND (not both).
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).
Page 1 Explain as completely as you can what an economist means by demand
(supply). What is meant by a change in demand and change in quantity
demanded (or supplied)? EXPLAIN THE CONCEPT IN YOUR OWN
WORDS. Do not quote the book and don’t refer to your article yet.
Identify ALL the factors that can shift a demand (or supply) curve
(those in the text and in the presentations). Explain briefly how each factor
impacts the respective curve you have chosen (could be several
paragraphs)
Explain what happens to Pe and Qe when demand (supply) increases and
when demand (supply) falls.
Make sure all the points I have highlighted about have been discussed on
page 1. However, it should all be presented in a logical progression. I am
looking to see how well you can articulate the economic principle you have
chosen to discuss.
Page 2 Select an article FIRST PUBLISHED THIS SEMESTER that represents a
situation where there is or you anticipate a shift in demand or supply for some
product or service. You must attach a copy of the article or provide a link if it is
online. Without it, your paper cannot be graded. Your article must be
something published this semester. Use any publication you like. Business
publications are fine, but so are Sports Illustrated, Newsweek, your
neighborhood Booster. You can find economic issues in all kinds of magazines
and newspapers.
Briefly explain the situation. EXPLAIN how the article illustrates the concept
you are discussing (demand or supply). Your task is to demonstrate a
working knowledge of economics, NOT to simply summarize an article.
Play the role of the econ professor who’s constructing an example to
illustrate a concept in class.
Spend most of your time relating the article’s events to at least 1 of the
determinants of demand (or 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 or supply rising or
falling? As an economist, what impact do you predict this change will have on
Pe and Qe?
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 D0
(S0) and the initial equilibrium price and equilibrium quantity Pe0 and Qe0,
respectively.
Now, staying on the same graph, if your topic is demand draw in the new
demand curve and label it D1. Leave the supply curve alone. Find and label
the new equilibrium values Pe1 and Qe1. If you’ve chosen to write about
supply, draw in the new supply curve (label it S1) to show the increase or
decrease in supply. In this case, let the demand curve stay put. Label the new
equilibrium values Pe1 and Qe1.
Don’t worry if you don’ t have numbers to put on your graph; relative changes
in Pe and Qe will suffice.
Make sure your graph has all curves and axes labeled; the equilibria price and
quantity identified on the appropriate axes; what units are being used to
measure price and quantity; as well as what market or good is being depicted.
Finally a title on the graph is necessary. the title should include the market and
description of what is occurring in the graph below.
Late papers will not be accepted! Make sure you’ve included a copy of your article.
Without it your paper cannot be graded.
GENERAL INFORMATION
HOW LONG? A MINIMUM of 2-3 typed pages PLUS your graph page and, a copy
(or link) to your article.
WHEN DUE? Date stamp on e-mail/fax submissions will count as the date a paper
was turned in.
YOUR PAPER WILL NOT BE COUNTED AS “SUBMITTED” IF IT IS
MISSING ANY OF ITS PARTS (i.e., graph, article etc.) so please
check your work before you send it in. You should receive a
confirmation e-mail within 2 business days. If you don’t, please send
an e-mail inquiry.
GRADING? Economic content, appropriate application of the principle, and a
properly constructed graph all count. Grammar, spelling, and
punctuation count too!
 Do you have the economic principle straight? Is your
explanation of it complete, clear and logical?
 Does the article illustrate the topic principle as you suggest? Is
the connection between the situation/article and the principle
clearly explained? Don’t forget to send along a copy of your
article.
 Have you provided a properly constructed and labeled graph,
as appropriate?
 Grammar/spelling/punctuation matter! You can drop your score
quickly by failing to PROOFREAD. For help, contact the
WRITING CENTER — 245 Franklin. Penned-in corrections are
counted as proofreading misses. Suggestion: proofread, pencil
in the corrections needed, make them and re-print your paper.
POINTS? 100 possible points