Write a 2-3 page paper in which you analyze a current event or phenomenon that is related to the microeconomic theory discussed in class. For example you may analyze price or wage effects of a government policy or economic shock. You may analyze the likely effects of proposed government policy in terms of who will likely benefit from the policy and who will likely be harmed. You may also propose a policy and describe its effects in a market of your choice. You could describe a particular market, in detail, referring to the shape of supply and demand curves, the degree of competition, and the likely effects of shocks or policies within this market.
You have flexibility in choosing your topic as long as it is related to the concepts discussed in class.
Grading:
Your paper will be graded based on how well you do the following:
- Explain the topic and how it is related to the concepts of the course (10pts)
- Apply the concepts discussed in class (ie. supply and demand, consumer and producer surplus, price elasticity, market equilibrium, etc.) (15pts) Be sure to highlight any assumptions you are making in your model or analysis.
- Make predictions, make recommendations, or conclude based on your microeconomic framework (10pts)
- Discuss any shortcomings of your model and how it might be improved (ie. any assumptions relaxed or modified to make it more realistic; is the model you presented inadequate in some way?) (5pts)
Guidelines:
- You can work alone or in a group of up to 4 people
- Everyone in the group must contribute to the work
- When referring to a current event please print and hand-in any article to which you are referring.
- Your paper must be typed, double spaced, and in 12pt font.
