As you’ve been learning about supply and demand, I hope that you’ve been seeing examples of how the model is relevant in our lives.
For this discussion, you task is to find an example of something happening in the news and explain how this event will impact either the supply or demand for a good/service. Specifically, please do the following for this discussion:
1. Post a link to an article that is describing an event that will cause the supply or demand of an item to change.
2. Summarize the article for the class. What has happened?
3. Explain to the class how either the supply or demand will change. Will it increase or decrease? What will happen to the price of the good? What will happen to the equilibrium quantity?
4. Respond to a classmate’s post. Do you agree with their prediction? Explain.