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Essay / Research Paper Abstract
A 7 page paper answering economics questions addressing topics including predicting shifts in the supply and demand curve; price elasticity; opportunity costs; and principal-agent problems. Bibliography lists 5 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSeconSupDemQ2.rtf
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Unformatted sample text from the term paper:
After much of the crop was destroyed by hurricanes in the past growing season, the supply and demand curve for Floridas citrus products should shift to the left. Demand
is not likely to change initially, but there is much less quantity available to supply that demand. The "new equilibrium will have a higher price and a lower quantity"
(Schenk, 2002). 1.b. In Other States Assuming no damage in other states, supply remains constant. Demand is likely to increase, however,
because there is less citrus available from Florida. Price will increase as demand increases but supply remains constant. The demand curve shifts to the right, raising the equilibrium
price. 2.a. Time The longer the time a consumer has to adjust to a price change, the more elastic price should become.
If gas prices spike on a day that a drivers gas tank is empty, he will fill it anyway, and then plan his driving better so that he can
stretch the time between fill-ups. 2.b. Percent of Income The lower the percent of income spent on a product, the less attention
it demands from the consumer. A budget item demands attention, but a ten cent increase in the price of a candy bar probably does not. 2.c. Substitute Products
When there are many substitute products available, the consumer can merely select one of those as an alternative. If Hershey wants to
charge $5 for a candy bar, the consumer can select one still selling for 79? or forego the item altogether. When a commuter needs gas in the car, it
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