You will write two short essays based on recent articles of your choosing (no older than 4 months) from the popular press. The first essay is structured around supply and demand analysis. The topic of the second essay is open—students are encouraged to write about an event that interests them. Each essay should be around 500 words.
Essay #1: Find a recent article that discusses an event that can be explained with demand and supply analysis. Your work should contain the following:
1. Very briefly summarize the article – attach the article to your essay. 2. Carefully draw a supply and demand model. Carefully label all parts of the diagram. 3. Define the market that the supply and demand model represents. Be precise! 4. Using a supply and demand diagram, provide an explanation of the event described in the article. Illustrate all changes to supply and/or demand in your diagram. Importantly, you must provide economic arguments for the changes illustrated in the diagram. 5. Explain the new equilibrium. 6. Comment on the limitations of your supply and demand analysis.
Essay #2: Find a recent article that describes an event that you find interesting. The only restriction is that it should not be another supply and demand analysis like the first essay. Your task is to analyse the event using economics. Your essay should begin with a very brief description of the event (again, attach the article to your essay). The essay should proceed with a precise description of the economic setting and then an economic analysis.