Microeconomics

Desсrіption This assignment involves analyzing and interpreting a recently published economics article. You will research and select one article published within the past year that discusses an economics issue and explain the economics concepts implied in the article. The article may be obtained from a major business or economics journal, magazine, or newspaper (The Economist, Wall Street Journal, Businessweek, Times, Fortune, etc.) and should discuss a key economic issue. Using your own words as much as possible, you will then proceed to explain the main points of the article by connecting it to the economics concepts you have learned in Chapters 1- 11 of your textbook, and interpreting the economic relevance to individuals, firms, and industry. Objectives Identify the key economic issues being discussed in real world scenarios. Interpret and understand opinion on economic issues by applying economic concepts and principles. Evaluate the implications of changes in economic conditions on the behavior of households and firms. Identify possible ways to increase the growth of productivity and profits for the firm. Required Materials Ragan, C. T. S. (2017). Microeconomics (15th Canadian ed.). Don Mills, Canada: Pearson Education Canada. Review Chapters 1-11 of the course textbook Recently published Business/Economic journal articles from Yorkville University Library or other academically credible online source. Major Topics Covered in Chapters 1-11: Supply, demand and equilibrium market price Elasticity Price controls and market efficiency Consumer behaviour Production in the short and long run periods Competitive markets Monopoly, cartels and price discrimination Imperfect competition and strategic behaviour Instructions Your paper should have a minimum of five credible references listed as sources for this paper. Upload your research essay as a Word (or some other compatible word processor). Your paper should include the following main sections: 1. Introduction and identification of key economic issues and concepts. In this section of the paper, explain in summary the intent of the article and how the author fulfils this objective in the article. a. Clearly identify the main economics topic or issue raised in the article, the article’s title, date of publication, publisher and author. b. Note that the article must have been published within the past year from a reputable source. c. While the author will elaborate the issue, you will identify the economics concept(s) attendant to it. That is, what economic principles, theories or concepts apply to the article? 2. Relevance of the economic issue. In the second section you will focus on explaining the importance of the economic issue(s) cited in the article and its relevance to individuals, firms, and/or government. a. Most economic issues have implications for consumers, or producers, or to the nation as a whole. Examine and discuss the possible meaning and importance of the issue to these groups. 3. Explanation of the economic concepts. This is the core section of the paper where you will use economic theory and illustrations (usually graphs) to explain the economic principles or theories that apply to the issues raised in the article. a. You will utilize your knowledge of economics to connect what the author is claiming to economic theory. In other words, use this section to explain the economic theory relevant to the issue and describe how it relates to the author’s argument. b. The key in this section is your skill in explaining how the economic theory applies to the reality of the economic issue being discussed. 4. Conclusion. Summarize what you have learned from reviewing and interpreting the article and the main concepts that were reinforced in your review.

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