Assignment: The Key Concepts in Economics

Due Week 4 and worth 175 points

Write a three to four (3-4) page paper in which you:

1. 1.       Identify at least four (4) key points of a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-8.
2. 2.       Apply one (1) of the following economic concepts (supply, demand, market structures, elasticity, costs of production, GDP, Unemployment, inflation, aggregate demand, and aggregate supply) to the key points that you highlighted in Question 1.
3. 3.       Explain how the concept that you identified in Question 2 could affect the U.S. economy.
4. 4.       In your concluding paragraph, state whether you agree or disagree with the economic article identified in Question 1. Provide a rationale for the response.
5. 5.       Use at least three (3) quality resources in this assignment with one (1) being your article.

Your assignment must follow these formatting requirements:

·         Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.

·         Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.

The specific course learning outcomes associated with this assignment are:

·         Analyze the dynamics of supply and demand to anticipate market equilibrium.

·         Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies.

·         Describe the impact of various forms of competition on business operations with emphasis on perfect competition.

·         Use technology and information resources to research issues in principles of economics.

·         Write clearly and concisely about principles of economics using proper writing mechanics.

This is what chapters 1-8 covered …

1.     1 Introduction: What Is Economics? 1

2.     2 The Key Principles of Economics 28(opportunity cost, marginal principle, principle of voluntary exchange, principle of diminishing returns, real-nominal principle)

3.     3 Demand, Supply, and Market Equilibrium­ 49

4.     4 Elasticity: A Measure of ­Responsiveness 79

5.     5 Production Technology and Cost 109

6.     6 Perfect Competition 131

7.     7 Monopoly and Price Discrimination 157

8.     8 Market Entry, Monopolistic Competition, and Oligopoly­ 177

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Please contact me so that I can tell you the product for the paper. 

 For this assignmentyou will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This milestone should be a 2–3-page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Second, it explains how two nonprice factors impact the demand of your chosen product or service. Third, it explains how two nonprice factors impact the supply of your chosen product or service. Fourth, it defines the industry and the market equilibrium associated with the product or service. Fifth, it predicts the effect of changes in supply and demand on the market equilibrium. Finally, it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.

Specifically, the following critical elementsmust be addressed:

I. Supply, Demand, and Market Equilibrium

a) Determine the extent to which the supply anddemand of your chosen product or service aresensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service? 

b) Select two nonprice factorsthat impact the demandof your chosen product or service. Justify your selections. 

c) Select two nonprice factorsthat impact the supplyof your chosen product or service. Justify your selections. 

d) Define the industry and the market equilibriumassociated with the product or service. 

e) Predictthe effect of changes in supply and demand on the market equilibrium.

f) Based on the predicted changes, what decisions related to supply and demand would you makefor your product or service? 

Guidelines for Submission:PartI Milestone One should adhere to the following formatting requirements: 2–3 pages (not including cover page or appendix), double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting.