ECO 101 WEEK 4 Assignment 1
Analyzing Supply and Demand
Select a good or service with which you are familiar
Write a three to four page paper in which you:
1. Explain how changes in two(2) factors that affect the supply of your good (e.g., input costs, number of suppliers)affect the equilibrium quantity and price of your good or service in the market.
2. Discuss the characteristics of your good (e.g., is your good a necessity or luxury?) and determine if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand.Justify your answer.
3. Suppose that the government decides to introduce a price floor in the market. Discuss what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor.
4. Include three(3) external peer-reviewed sources to support your position.
Your assignment mustfollow these formatting requirements:
• Be typed, doublespaced, 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- name, the professor- 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:
• Discuss the concepts of supply and demand, and consumer choice theory as they relate to current economic issues.
• Discuss methods of price determination, elasticity, and utility analysis.
• Use technology and information resources to research issues in microeconomics.
• Write clearly and concisely about microeconomics using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.
Points: 150 Assignment 1: Analyzing Supply and Demand
Criteria Unacceptable
Below 60% F Meets Minimum Expectations
60-69% D Fair
70-79% C Proficient
80-89% B Exemplary
90-100% A
1. Explain how changes in two (2) factors that affect the supply of your good (e.g., input costs, number of suppliers) affect the equilibrium quantity and price of your good or service in the market.
Weight: 30% Did not submit or incompletely explained how changes in at least two (2) factors (e.g., input costs, number of suppliers) that affect the supply of your good affect the equilibrium quantity and price of your good or service in the market. Insufficiently explained factors (e.g., input costs, number of suppliers) that affect the supply of your good affect the equilibrium quantity and price of your good or service in the market. Partially explained factors (e.g., input costs, number of suppliers) that affect the supply of your good affect the equilibrium quantity and price of your good or service in the market. Satisfactorily explained factors (e.g., input costs, number of suppliers) that affect the supply of your good affect the equilibrium quantity and price of your good or service in the market. Thoroughly explained factors (e.g., input costs, number of suppliers) that affect the supply of your good affect the equilibrium quantity and price of your good or service in the market.
2. Discuss the characteristics of your good (e.g., is your good a necessity or luxury?) and determine if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Justify your answer.
Weight: 25% Did not submit or incompletely discussed the characteristics of your good (e.g., is your good a necessity or luxury?) and did not submit or incompletely determined if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Did not submit or incompletely justifiedyour answer. Insufficiently discussed the characteristics of your good (e.g., is your good a necessity or luxury?) and insufficiently determined if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Insufficiently justified your answer. Partially discussed the characteristics of your good (e.g., is your good a necessity or luxury?) and partially determined if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Partially justified your answer. Satisfactorily discussed the characteristics of your good (e.g., is your good a necessity or luxury?) and satisfactorily determined if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Satisfactorily justifiedyour answer. Thoroughly discussed the characteristics of your good (e.g., is your good a necessity or luxury?) and thoroughly determined if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Thoroughly justified your answer.
3. Suppose that the government decides to introduce a price floor in the market. Discuss what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor.
Weight: 30% Did not submit or incompletely discussed what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor. Insufficiently discussed what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor. Partially discussed what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor. Satisfactorily discussed what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor. Thoroughly discussed what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor.
4. 3 references
Weight: 5% No references provided Does not meet the required number of references; all references poor quality choices. Does not meet the required number of references; some references poor quality choices. Meets number of required references; all references high quality choices. Exceeds number of required references; all references high quality choices.
5. Clarity,writing mechanics, and formatting requirements
Weight: 10% More than 8 errors present 7-8 errors present 5-6 errors present 3-4 errors present 0-2 errors present
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