Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer the following A,B, and C. please be precise with answers and answer the questions they ask. Thank you Journal #2 Supply and Demand

Please answer the following A,B, and C. please be precise with answers and answer the questions they ask. Thank you

image text in transcribed
Journal #2 Supply and Demand Event Journal 10 points This exercise is an informal analysis of a real world economic event. You will practice providing an economic explanation of what is happening in the market that you have chosen. You may feel a bit uncertain about your analysis because you will likely not have all of the information to be precise, but just do your best. Along with a sketched graph, you will use words to explain a real world event and what you think the resulting economic outcome will be. Your answer should be a graph and at least a half ofa page of written explanation. You can type it if you want or you can do it by hand if you are neat. If I can't read it you will lose points. Be sure to follow the directions. I look for the items I ask for when assigning points. a. Find a news source for some event that would be a demand shifter or a supply shifter in a market for a good. (Some good news sources might be agweb.com, Startribune.com, Reuters.com, wsj.com, or some other publication that would give you real news.) If you don't remember what these shifters are, look in the slides or in your text in Tables 1 and 2 for some ideas. Be sure to put a link to your article in your finished journal assignment. Once you have found an event to use, sketch the market for the product you are studying. Be sure to include a demand curve, a supply curve and label the price axis and the quantity axis. (You won't have data for this, so just a sketch is fine.) Be sure to the include units used to measure the good being modeled. See if you can find a current price for your product (try google or there might even be information in your article) and the amount produced in the market you are studying (again, google is helpful.) These might have to be guesses if you ca n't find price information, but try to find something. Be sure to indicate where you got your information have some kind of citation. It doesn't have to be formal. (Even if it is a guess, report that.) Next draw the event in your market (Le. a demand shift or a supply shift) Explain the event in words (like an "increase in the supply of and a decrease in the quantity demanded") Finally, be sure to identify the market outcome (explain what happens to the market equilibrium price and quantity) that you think will result from your event

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Economics questions

Question

Which of the major surveying methods is most costly? Why?

Answered: 1 week ago

Question

=+What were the original values, and how are they distributed?

Answered: 1 week ago