Writing Assignment-Micro Reection Paper Assignment (5%) It is often perplexing for rst year students to see how microeconomic concepts like opportunity cost, demand, supply, and elasticity pertain to their lives. These topics often seem remote and foreign even though they are very relevant. It is the objective of this assignment to foster an understanding of how the material in Chapters 2, and 3 of the textbooks relates to your life. In turn, your grasp of the course material should be deepened and strengthened. Instruction Students are required to write about two concepts (Choose conceptsfterms from New Glossary Terms on page 73 for chapter 2 and page 119 for chapter 3) and link it with your personal experiences. Students are advised to write a single-spaced paper ranging in length from minimum 500 words to a maximum of 700 words. There are no wrong answers. However, a summary of chapterslexternal articles is not acceptable. You are simply expected to reflect on the material from the chapters and determine the way(s) in which it is meaningful to you either for the past, present, or future. You will be graded on the originality and insightfulness of your work and not the quantity. I CHAPTER 3 TOPICS Dumping excise taxes rst come, first served minimum wage price ceiling price controls price floor producers' preference production quotas rationing rent control subsidy CHAPTER 2 TOPICS ceteris paribus change in demand change in supply. change in the quantity demanded change in the quantity supplied complementary products demand demand schedule equilibrium price equilibrium quantity excise taxes income effect inferior products market market demand market supply. Example: The example is related to macroeconomic concepts and students should be able to adapt it for microeconomics. Every two years my parents buy a new car from General Motors in the price range from twenty to thirty thousand dollars. This is where GDP comes in; when they buy the car it adds to the consumption (C) section of the equation and increases the income for the United States government. In the meantime, they sell their car to someone in the paper for some percent of 4 what they paid for it. This, however, does not count for the GDP, because the car was already owned once the price that was paid already added to the GDP and therefore does not now. Unemployment is the one aspect of our economy that has affected me directly. During the mid- 803 my mother and father were both employed at a steel mill in a little town called Natrona Heights [Pennsylvania]. After working for a combined 23 years, they were both laid off on the same day. Just a week after that we were all living with my grand mother and my grandfather. I remember this time of my life very clearly because I was forced to share the same room with my three brothers