Find a news article dated June 1st, 2017 through today that has economic content related to one of the following concepts: Supply and Demand

General Description Over the past few weeks we have learned many different economic concepts and their applications. The purpose of this assignment is to challenge you to take one of these concepts and apply it to a good or market in the real world. When researching and writing your paper, you should be critically evaluating your chosen economic concept. How well does it apply to your market or good? In what ways does it not explain the market or good well? Instructions Find a news article dated June 1st, 2017 through today that has economic content related to one of the following concepts: ? Supply and Demand ? Elasticity 1. Summarize the news article with focus on the economic content (4-5 sentences) 2. Economic Analysis: If your chosen topic is Supply and Demand: a. Written analysis: i. Identify the market. (1-2 sentences) ii. Identify which curve is shifting. iii. State which determinant of demand or supply is changing. iv. Explain and justify this shift using support from article. v. Identify the impact on equilibrium price and quantity and compare the new equilibrium price and quantity to the initial equilibrium price and quantity. vi. Discuss whether the supply and demand model adequately explains what is happening in your market. What does it not explain well? b. Graphical analysis: i. Graphically show this shift. (It is OK to draw this neatly by hand and take a pic to include in your paper). Be sure to: 1. identify the initial equilibrium 2. identify the shortage or surplus that immediately occurs after the shift 3. identify the new equilibrium price and quantity 4. label everything! Economic Analysis: If your chosen topic is Elasticity: c. Written analysis: i. Identify the good and relevant market. (1-2 sentences) ii. Define your chosen Elasticity measure: 1. Price Elasticity of Demand, Supply, Cross-Price. ECON 202—Principles of Microeconomics iii. Identify what is changing in the market: Price, Quantity demanded, Quantity Supplied. iv. Interpret the change represented in the article using the Elasticity measure. 1. Is it elastic/inelastic/unit-elastic? What does that imply? v. Compare the impact on consumers and producers: Who benefits? Who loses? vi. Discuss whether the article agrees with the economic analysis. Do they properly interpret the change in the market? d. Graphical Analysis: i. Using either the numbers from the article or an approximation: 1. Create the relevant supply or demand curve that the elasticity is measuring. (it is OK to draw this neatly by hand and take a pic to include in your paper). Be sure to: a. Label everything (curve, market, x and y axis) b. Identify the original price and quantity. c. Identify the new price and quantity. d. Show and label the measured elasticity on the graph. e. Make sure the shape of your curve accurately reflects whether the market is elastic/inelastic/unit-elastic. By 11:59pm on Tuesday October 3rd, you will submit your assignment to both a) Vericite (see link on Canvas) b) Assignments: Writing Assignment 1 Include in one document (.pdf, .doc, or .docx only): ? Your typed summary and analysis and scanned graphical analysis ? A full reference for the news article including a live link directly to the article