Write an essay on “The effects of Supply and Demand with the Price of Oil and Gas” in which you need to explain specific economic principles and then applied to a newspaper article that would focus on the market for a specific good where demand has shifted. The structure of the essay should be as follows:

Introductory paragraph which clearly specifies what market will be discussed, why the demand is shifting and in which direction and briefly summarize the article.

Explanation of the model of consumer behavior and how it is related to the demand curve. Explain in your own words what the model of consumer behavior is and how it is used to describe the demand curve.

Apply the model to your article. You should discuss what in the article led you to your conclusions about the source of the shift in demand. You must include at least two graphs, a supply and demand graph which shows which way the demand curve is shifting and a graph of the model of consumer choice.