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4 pages/≈1100 words
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APA
Subject:
Mathematics & Economics
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Essay
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English (U.S.)
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Topic:

Supply, Demand, and Equilibrium Market Price

Essay Instructions:

 

 

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Home / My courses / BUSI1083-21S-C-ON_BBA2B / 24 May - 30 May / Individual Essay

 

 

 
   
Part 1

 

Title 

Start Date 

Due Date 

Post Date 

Marks Available 

 

 

1

Individual Essay - Part

5 Apr 2021 -

03:00

28 May 2021 -

23:00

1 Jun 2021 -

23:00

100 

Summary:

Instructions and Submission

Due no later than 11:00 p.m. on Friday of Unit 8 Worth 15% of final grade

Late Submission Policy

These assignments are subject to the Late Submission penalty policy, namely 5% per day for three days. This page will close and will not allow further submissions after this Late Submission period has expired.

In the event of an emergency preventing you from submitting within this time frame, special permission must be obtained from your instructor. Documentation substantiating emergency is required. In such a circumstance, if

the extension is granted, the professor will reopen the submission function for you on an individual basis.

Please do not email your submissions to your professor, either before or after the due date; all coursework should be submitted through the online course (Moodle).

Description

In this assignment, you will apply your economics knowledge to explain and interpret a recently published economics article. You will research and select one article published within the past year that discusses an economics issue from a list provided and explain the economics of the article. The article may be obtained from a major business or

economics journal, magazine, or newspaper (The Economist, Wall Street Journal, Businessweek, Times, Fortune, etc.). Using your own words as much as possible, explain the main points being made by the article’s author, the economic principles used by the author to support his/her argument, and the implications of the story. To do this, you will be applying some of the key economics concepts you have learned in the course to explain the meaning and relevance of the economics story to individuals, firms, and/or industry.

Objectives

To identify key economic issues in real world scenarios affecting individuals, households, and firms.

To apply the appropriate economic concepts and principles to understand, explain, and interpret the decisions made and actions taken by the main economic agents.

To evaluate and reflect on the implications of changes in economic conditions on the behavior and decisions of households and firms.

Required Materials

 

Title Start Date Due Date Post Date Marks Available

Hutchinson, E. (2017). Principles of microeconomics. University of Victoria. https://pressbooks.bccampus.ca/uvicecon103/

Recently published Business/Economic journal articles from Yorkville University Library or other academically credible online source.

Major Topics Covered

Supply, demand, and equilibrium market price Elasticity

Specialization and trade Consumer behaviour

Production in the short and long run periods Competitive markets

Monopoly, cartels, and price discrimination Another topic related to microeconomics

Important Note

Avoid topics related to macroeconomics. These topics include unemployment, inflation, trade policy, national income/GDP, income inequality, poverty, etc.

Good microeconomic topics often focus on decisions of firms (production costs, market supply and demand, competition, etc.) and decisions of individuals (opportunity costs, demand for products, consumer behaviour, etc.

Instructions and Requirements

Your topic must align closely with one of the topics listed above. Papers submitted on topics outside this list will not receive credit.

The Paper comprises the following required elements:

A. Cover Page. On your Cover Page, clearly state the economic topic you will be discussing from the list above and its number. Example, Topic 7: Monopolies, cartels and price discrimination.

1. Below the economic topic, state the name of the article, date published, author and publication name. Example, “Public outcry over variable pricing schemes in Canada’s public transportation”, Jeff Hendriks, The Canadian Transporter Magazine, March 10, 2019.

 

2. Include your name, course and date below the article’s name.

B. Content. Your paper should have the following four content sections:

1. Introduction and identification of key economic issues and concepts. In this section of the paper, explain in summary the intent of the article and how the author fulfils this objective in the article.

 

a. Clearly identify the main economics topic or issue raised in the article, the article’s title, date of publication, publisher and author.

 

b. Note that the article must have been published within the past year from a reputable source.

 

c. While the author will elaborate the issue, you will identify the key economics concept(s) attendant to it. That is, what economic principles, theories or concepts apply to the article?

 

2. Relevance of the economic issue. In the second section you will focus on explaining the importance of the economic issue(s) cited in the article and its relevance to individuals, firms, and/or government. Most

economic issues have implications for consumers, or producers, or to the nation as a whole. Examine and discuss the possible meaning and importance of the issue to these groups.

 

3. Academic explanation of the economic concepts. This is the core section of the paper where you will use economic theory and illustrations (usually graphs) to academically explain the economic principles or

theories on which the article is based. At least one explained graph is required in this section.

 

a. You will utilize your knowledge of economics to connect what the author is presenting in his/her article. In other words, use the appropriate economic theory to explain the author’s main point.

 

Title Start Date Due Date Post Date Marks Available

b. The key to this section is applying your economics knowledge (concepts, graphs, illustrations) to

help clarify to readers what the article is saying.

 

4. Conclusion and reflection. Summarize and reflect on what you have learned from reviewing and

interpreting the article. How is this knowledge important to you? What other implications can you derive from the article?

Note: Clearly indicate these four content areas above by using them as section headings in the paper. Do not use any additional or different headings.

C. References. Your paper should have a minimum of £ve credible references listed as sources for this paper.

D. Appendices. If necessary, to show illustrations, tables, diagrams, data, etc.

Submission

1. This research paper should be submitted as ONE document in Microsoft Word (.doc or .docx) only, in APA format, and not created with any other software that has to be converted to Word format. Any tables,

spreadsheets, graphs, diagrams, etc. should be copied into the Word document.

 

2. The paper should be a maximum of 7 pages double-spaced (not including cover page, table of contents, and references page), using Times New Roman 12pt font, and comply with APA style. Correct use of APA citation and referencing methodology is required. No abstract is required.

 

3. Hand-written and scanned works, pdf. files, jpg. files, as well as files posted in Google drive, will not be accepted or graded.

 

4. Do not copy illustrations, tables, diagrams, etc. to substitute for your written analysis. These elements should be placed in an Appendix area at the end of your paper if necessary.

 

5. Your writing should accurately record sources of material cited, quoted, paraphrased or summarized in the appropriate places as well as in a References list at the end of the paper. Your paper should be checked for plagiarism, with no more than 30% of the content matching similarity with Internet sources.

 

6. The resubmission of papers from previous courses (whether or not taken at Yorkville University), partially or in its entirety, is unacceptable, and will result in a grade of zero for this assignment.

Evaluation

 

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Essay Sample Content Preview:

Supply, Demand, and Equilibrium Market Price
Author’s Name
Institutional Affiliation
Course Code and Name
Professor’s Name
Date
Supply, Demand, and Equilibrium Market Price
Introduction and Key Economic Concepts and Issues
The equilibrium market price refers to the point where the quantity demanded is equal to the quantity supplied. The article “Companies Cheered by Post-Covid-19 Demand Have a Supply Problem” by Laura Forman was published in The Wall Street Journal on 26th April 2017. Forman's primary objective was to show the effect of the demand and supply on various companies, which the coronavirus pandemic had influenced. The author clarifies that firms that want to succeed must observe the demand and supply trend and services. Demand and supply are significant economic concepts that, when observed well, can lead to increased productivity and profitability. Forman shows that many companies that had reduced their workforce, such as platform firms, are now enticing employees, drivers, or hosts as the economy portrays signs of recovery and the demand for products and services starts to rise.
Relevance of the Economic Issue or Concept
Demand, supply, and the equilibrium market price economic concepts are crucial to individuals, firms, and the government. In particular, demand and supply set the price of products and services that people buy in different sectors. They also determine the cost of raw materials, which affects the price of finished products (Snyder & Shen, 2019). When it comes to the government, it considers increasing or decreasing the importation or exportation of products based on demand and supply. For example, when domestic companies are under-production of specific goods or services, the government reduces duties or levies on imports. In that case, firms and individuals can import the commodities or services they need. Demand, supply, and the equilibrium market price have significant implications on producers, consumers, and the nation. For instance, producers use these economic concepts to estimate the profits they will make from specific products. That is why companies usually look for cheap raw materials so that they can maximize profits. When it comes to consumers, they look at the quality of products and their substitutes to determine what they will buy based on their income levels (Golgeci, Karakas, & Tatoglu, 2019). Consequently, demand, supply, and market price equilibrium facilitate the way people do business and how the government makes regulations.
Forman depicts that many companies, such as Uber Technologies and Airbnb, which had retrenched their workforce, are now searching for drivers and hosts as the demand for their products and services starts to increase. Specifically, when the demand for commodities and services increases, the supply decreases. The COVID-19 pandemic made Uber and Airbnb lose vehicles and hosts, respectively. These platform companies rely on third parties to provide services to their customers.
For example, Uber requires people to register their cars to get rides when they need them. Nevertheless, Uber is facing a problem due to the growing rider demand, where loyal customers complain about "unacceptable" ...
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