Econ 186: In the News Assignment #1
Find an article that was published this year that discusses a price change of a product due to either a shift
in demand or a shift in supply. The article should thoroughly describe the reason(s) for this change in
price.
The product should be in a competitive market where there are many buyers and sellers, and prices are
determined by the interaction of supply and demand in the marketplace. Some examples could be beef,
housing, or wheat price changes.
Your article must come from a credible news source. Avoid articles from academic journals. Graphs,
tables, or illustrations cannot be sourced and must be created by the student. Upload your submission in
Moodle before the due date to avoid late penalties. Do not use an article that discusses changes in the
price of a financial instrument such as stocks, futures, or options.
Based on your article, thoroughly address the following questions using course concepts:
1. Is the price changing because of a change in supply or demand? Explain the reasons for this price
change as described by the article. Use a well-labeled supply and demand graph to illustrate what
has happened in the market for this product. Note: you do not need to provide specific prices or
quantities.
2. Would you consider this product to have inelastic or elastic Price Elasticity of Demand? How about
the Price Elasticity of Supply? Explain your reasoning. Note: you do not need to calculate elasticity
but rather demonstrate your understanding of the concept.
3. How would the elasticities change in the long run? Contrast, using two graphs, the size of the
impact the change in price would have on price and quantity 1) in the short run 2) in the long run.
4. The government decides to intervene in the market to control the price. Would the government
want to protect buyers or sellers in this case? Using a graph, illustrate the impact a binding
intervention would have the quantity demanded and quantity supplied in the market. Describe
the possible consequences that may occur because of the market intervention.
Your submission must include 2 separate files.
1. Your chosen article
a. .pdf format of the article in its entirety by printing to PDF or scanning the article.
b. Your article will not be considered as submitted if you only include a link.
2. Your response to the questions
a. .pdf formatted file uploaded to Moodle
b. Simply sharing access to a file in the cloud is not acceptable.
c. Must follow APA guidelines. See sample paper and APA guide on Moodle.
Upload your submission in Moodle before the due date to avoid late penalties.
Below Standard Approaching Standard At Standard Exceeds Standard
Article is off-topic,
Article is loosely connected Article is on-topic, comes from
does not come The article choice shows that the student took great effort to find
Article to the assignment questions a credible source, and is a
from a credible an outstanding article that is a solid illustration of the concepts
Choice or is really applying similar good case study to illustrate
source, or was not covered in the assignment questions. The article does not include
15% topics in a slightly different the concepts covered in the
included in the other variables that lesson its usefulness as a case study. = 15%
context. = 6% assignment questions. =11%
submission. = 0%
Student answered the Student answered the question with a level of detail that displays
Student missed an important
Student did not question in full. Graphs a very clear and comprehensive understanding of the subject
point in answering the
Question 1 answer the contain all required matter. The response is concise and does not contain any
question or graphs were
20% question information, are very easy to irrelevant or extra information that doesn’t contribute to
Inadequately presented.
effectively. = 0% interpret, and labeled and answering the question. Graph presentation is textbook quality
= 8%
sized correctly. = 14% and consistent in their design across the assignment. = 20%
Student answered the question with a level of detail that displays
Student did not Student missed an important
a very clear and comprehensive understanding of the subject
Question 2 answer the point in answering the Student answered the
matter. The response is concise and does not contain any
15% question question. question in full. = 11%
irrelevant or extra information that doesn’t contribute to
effectively. = 0% = 6%
answering the question. = 15%
Student answered the Student answered the question with a level of detail that displays
Student missed an important
Student did not question in full. Graphs a very clear and comprehensive understanding of the subject
point in answering the
Question 3 answer the contain all required matter. The response is concise and does not contain any
question or graphs were
20% question information, are very easy to irrelevant or extra information that doesn’t contribute to
Inadequately presented.
effectively. = 0% interpret, and labeled and answering the question. Graph presentation is textbook quality
= 8%
sized correctly. = 14% and consistent in their design across the assignment. = 20%
Student answered the question with a level of detail that displays
Student did not Student missed an important a very clear and comprehensive understanding of the subject
Question 4 answer the point in answering the Student answered the matter. The response is concise and does not contain any
20% question question. question in full. = 14% irrelevant or extra information that doesn’t contribute to
effectively. = 0% = 8% answering the question. Graph presentation is textbook quality
and consistent in their design across the assignment. = 20%
Improper use of
Some improper use of Mostly proper use of grammar,
Style and grammar, spelling, Proper use of grammar, spelling, APA formatting and sourcing.
grammar, spelling, APA spelling, APA formatting or
Formatting APA formatting or (0 errors)
formatting or sourcing. sourcing.
10% sourcing. = 10%
(3-4 errors) = 4% (1-2 errors) = 7%
(5+ errors) = 0%
