This assignment is really hard for me please help me with this. One page of summary from any article. do not have to summarize the entire article, especially if it is long. just need to mention the main points as well as any conclusions the article makes. how this article relates to the subject of microeconomics. should also use the models and tools and analyze what is happening in the article. use definitions, economic laws, models, graphs, etc. Have at least one graph . Examples would be a supply and demand graph, a budget line, cost curves, etc. this graph should be of an economic model like the supply curve or else . Bar charts, line graphs, tables etc will not be counted as the graph. Here is a example :===

Recent Trends in the Market for Beef According to the CNN article posted April 14th, 2014 entitled "Beef prices hit record big ", the price of ground beef is currently $3.55 per pound. The average price for beef products in the US has increased by more than 50% since 2010. These prices are the highest they have been for the past 20 years and some experts say these higher prices are going to stick around for a signicant period of time. This is impacting the restaurant industry with some chains having to raise their prices to accommodate the new cost of beef. We could also see higher prices for other foods such as milk, eggs, fruits and vegetables. This article relates to Microeconomics because it is an illustration of how different [non-price] factors are affecting the supply and demand for food in the United States. Microeconomic theory tells us that the supply or demand of a commodity, such as food, is a function of several non-price determinants. For instance the supply of a good is a function of conditions of production, the price of inputs, the number of suppliers, government regulations, etc. The demand of a product is a function of the income of consumers, changes in tastes and preferences, changes in the number of consumers, prices of related goods, etc. This article is about how the changes in the supply and demand for different food products are impacting the market price for such goods in the US. For instance lets look at the market for beef. The article states that we are seeing these new higher prices because of an increase in demand for US beef in Asia. This is a classical case of an increase in demand due to an increase in the number of consumers [See Figure 1]. If more people are demanding beef that is produced in the US then the demand curve for beef will shift to the right [D to D']. This will shift equilibrium to the right as well as up [E to E'], therefore more beef will be produced at a higher price. Figure 1 Market fer US Beef DI Q However when the article talks about the changes in the prices of other food products this is change in supplyr rather than demand. The drought that the US is 5.- products this is change in supply rather than demand. The drought that the US is experiencing in manyr states means that not as much food can be grown due to changes in the conditions of production. This means that the supplyr of milk, eggs, fruits and vegetables may,r fall [See Figure 2]. This is a shift in the supplyr curve to the left [S to 5']. Therefore equilibrium shifts to the left as well as up [E to E'], therefore less food is being produced at a higher price