Assignment task:
Book: Principles of Economics 10th edition
Mankiv, N. G. (2023). Principles of Economics. (10th Edition). Cengage.
The purpose of your assignment is to apply the week's conceptual models to analyze how external factors affect the supply and demand curves. Select one of the following cases. Analyze the impact of these events on the markets, on the supply and demand curves, and consequently, prices and volumes:
Technological improvements related to cellphones.
The impact of the pandemic on the supply chain.
The impact of the war in Ukraine on commodities such as oil and grain.
The impact of raising taxes on tobacco.
Technological changes related to electric vehicles versus traditional cars in the car markets.
Increases in interest rates of mortgage loans on the real estate market.
You must explain how the supply and demand curves are affected: do they shift to the right or left? Do they change their slope? What happens with the new equilibrium prices and sales volumes? Do they affect the elasticity of the demand or supply? In the short term, did the curve shift or was there only slippage on that curve? If the curve shifted, did it shift to the right or to the left? As it shifted, was there a shortage or excess in quantities demanded/supplied? As a result, what happened to the equilibrium price? To the equilibrium quantity? Finally, you should copy the supply and demand model scenario that best illustrates your answers. Need Assignment Help?
You should also explain your projections in the long run. What will happen in the long run with equilibrium prices and quantities? Explain why. In this section, you should also choose and copy the supply and demand model scenario that best illustrates your answers. In your response, you must demonstrate your knowledge of chapter 4 of the textbook, especially: 4-2. Demand; 4-3. Supply. You must copy the model that you are using, for example, Figure 3 or Figure 7 in Chapter 4, and link your analysis to those Figures.
Your paper this week should be at least 350 words. At the bottom of your assignment, you should include a word count. Remember to include citations to your sources in the body of your assignment and to provide the references at the end of your post. Where possible, please make the links to any web information clickable links. They must be in APA style.