Observe a change in price in a department store, grocery store, or any market you frequent.
For the second part of the assignment, write a short essay that, based on your knowledge of economic theory, describes the process that has changed the price. In your description of the process, identify the variable that you think has brought about the change in price that you observed.
Tips for Exemplary Work
- Read the instructions carefully! The assignment will be graded based on your ability to follow instructions. Students who fail to follow the instructions will receive a zero score.
- Your short answer essay should consist of two paragraphs. The first paragraph is the thesis statement (a one sentence paragraph) and the second paragraph should elaborate in more detail on the “why” and “how” question already answered in the thesis statement.
- This is not a three to five paragraph essay, so write only two paragraphs and do not write a conclusion.
- Read the handout before you start working on this assignment!
- Remember that only the determinants of demand and the determinants of supply are the variables in question that can change demand and supply, and hence, price.
- Save your essay in a Word document on your computer because every time you go back and click on Re-submit Assignment to edit your assignment before the due date, Canvas will give you a blank text box in the Rich Content Editor.
- Do not underestimate the amount of time needed to complete this assignment! Start working on the assignment early in the week so that you can submit the assignment well before the deadline because emergencies tend to happen right around the deadline, and if you don’t have time to deal with unexpected events, then you won’t be able to submit the assignment and you’ll miss it.