supply and demand


You can earn up to 10 points of extra credit.  Each article that is summarized is worth 1 point.  To get the full 10 points you must summarize 10 articles.  Attach a separate file for each article.  Each article must be related to a different concept. For example, one article can be about supply and demand and another can be about price controls.

For each article attach a separate file with the following information in the following format:

  1. Article Title, Author, Publication, Date.  Include a link if you have it.
  2. Summarize the article content.
  3. Identify what class concept is it related to.
  4. Explain how the article content is related to the class concept.

A good source of newspaper articles is the Wall Street Journal.  You can purchase a student subscription to the WSJ or use the PCC library digital subscription.

Article Summary Example:

Propane Is Scarce As Cold Spell Lifts Demand, Prices
by: Caroline Porter and Alison Sider
Jan 25, 2014

  1. “Propane is Scarce as Cold Spell Lifts Demand, Price by Caroline Porter and Alison Snyder, Wall Street Journal, 1/25/2014

2.  Article Summary:  Frigid temperatures are contributing to soaring demand for propane, kicking off a surge in prices and a scramble to get the liquid gas used in agriculture and home heating to parts of the Midwest and South. The article reports that not only an increase in demand but also a decrease in supply has caused record-setting propane prices. “Issues such as maintenance on a major pipeline during November and December, as well as rail disruptions, kept propane supplies in the Midwest from being replenished in time for the cold weather, after farmers used more of it than usual to dry crops after a wet harvest, said T. Mason Hamilton, an analyst at the U.S. Energy Information Administration.” The article notes that consumers are adjusting to the higher propane prices for example by turning down their thermostats.

3.  Class Concept:  Supply and Demand

4.  According the article the demand for propane has increase. This creates a rightward shift in the demand curve.  The supply has also decreased causing a leftward shift in the supply curve.  When demand increases and supply decreases prices will definitely rise.

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