View of the economic environment relevance
This assignment is intended for you to apply the microeconomic tools developed in class, in particular to analyze and discuss real world economic or business cases. Your task for the paper is as follows:
1. Select a very recent economic/business/finance article 2. Use the concepts learned in the class to describe and explain the main assertions in the article. 3. Expand the on the context of the article by providing a larger view of the economic environment relevant for your article.
For example: Suppose you found an article addressing the increase in the price of corn due to the recent draught in the Midwest. Your final paper should include, but not limited to, the following items:
▪ A brief description of the market for corn: data on the aggregate demand/supply of corn in the US, type of competition in the corn market (perfect competition, monopolistic, etc) ▪ Discuss the main factors affecting the cost of producing corn, technology employed, and productivity at the level of an individual farmer. How did the cost of producing corn change over time? ▪ Discuss briefly the evolution of the demand for corn: what factors affect the demand, and show trends over time ▪ Using a demand and supply analysis analyze how the statements in the paper can be explained using a basic diagram, in which the demand/supply curve shift. ▪ Conclude with a forecast of the future evolution of prices, if available.
You may need to consult 1-2 more articles or websites (U.S Department of Agriculture, etc) to help you write the paper and collect relevant statistics about the market for corn. If you use additional resources for your research, you must specify them in a reference page attached at the end of your final paper.
The topics chosen must be broadly related to our chapter’s materials. While you are free to choose the topic remember that there is no right or wrong answer! The purpose of the paper is to offer you the opportunity to do research on a topic of interest and improve your skills of writing your ideas in a concise and logical manner. Your paper should have roughly three main parts:
Introduction: describe the motivation of your paper, and what is the main issue that you want to address.
Main body: use economic concepts/terms and theories learned in the class to make a thorough analysis of the statements made in that article.
Conclusion: End your paper by stating a clear conclusion based on your own paper analysis. The paper should be at least 5 pages long (except the cover and reference page) and type your answer and use the Times New Roman font, size 12. Use the simplest language possible so that even your grandparents can read and understand your paper and its main assertions and conclusions!
Suggested References: you may use our textbook, other books, economic journals or any internet sources to get suggestions or ideas. Some good sources of economic information and analysis are:
The Economist http://www.economist.com/ Federal Reserve http://www.federalreserve.gov/ U.S Bureau of Labor http://www.bls.gov/ Yahoo Finance http://finance.yahoo.com/ CNN Business Section http://money.cnn.com/ Wall Street Journal http://online.wsj.com/home-page