Select at least two news articles that discuss demand, supply, and equilibrium price of two substitute products, like beef and chicken; butter and margarine. It can be two articles that discuss both products, or one article about one product and another article about another product.
At least one news article should be dated within the previous two months.
Refer to week 2 content materials and use specific economic vocabulary within your discussion, i.e.
Demand for one product:
o Quantity demanded,
o Determinants of demand,
o Shifts in demand curve, etc.
Demand for another product:
o Quantity demanded,
o Determinants of demand,
o Shifts in demand curve, etc.
Supply for one product
o Quantity supplied,
o Determinants of supply,
o Shifts in supply curve, etc.
Supply for one product
o Quantity supplied,
o Determinants of supply,
o Shifts in supply curve, etc.
Changes in equilibrium quantity and equilibrium price for one product
Changes in equilibrium quantity and equilibrium price for another product
The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate.
Please note that the goal of this assignment is to read, understand, and discuss recent news using microeconomic terminology. The articles should be from an on-line newspaper or magazine. Materials posted on educational websites, like www.thebalance.com, www.khanacademy.org , and so on, are not considered news articles even if they were recently updated and contain material related to the term paper topic.
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