ECON 201, Microeconomics.
For this second response paper (and please note there are just two, not three as originally indicated in the syllabus) you get to choose- read a journal article and write a response paper. Or watch a short film and write a response paper. In both cases your paper guidelines are similar to last time: read the article/watch the film and explain the social and economic significance, with an emphasis on economic analysis. In 2-3 pages (space and a half) you should:
- briefly summarize the article
- explain the economic issues in the article- what topics are addressed and what do they mean in terms of the article
- your opinion of the topic and what it might mean for the future
- anything else you wish to add
2-3 pages, due Thursday night
*links to articles and videos in Canvas module*
The teacher asked for space and half between paragraphs.You can find an article about microeconomics on the Internet or video after watching.Then write according to the requirements I sent you.You sould write 3 pages.
Answer preview
Microeconomics involves studying how the behaviors of the individual or firms regarding tie the allocation of the limited resources as well as the interaction of the firms and firms. Microeconomics mostly deals with how the demand and supply interact. Also, it explains how the firms deal with various mechanisms such as monopoly and cartels. Microeconomics helps individuals to analyze how the changes in the demand and supply of goods and services affect the prices. Also, it explains how changes in the climatic conditions, as well as taste and preferences, impact the demand. Ideally, the fundamental decisions that the organization makes significantly determines how it’s goods and services are demanded by the customers. For instance, the decision of the firms to cut the operation costs lowers the prices of goods and services. In this regard, the microeconomics ca…
(1700 words)