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DEMAND, SUPPLY, AND EQUILIBRIUM PRICE OF TWO SUBSTUTUTE PRODUCTS Due at the end of week 3 Select at least two news articles that discuss demand, supply, and equilibrium price of two substitute products, like beef and chicken; butter and margarine. It can be two articles that discuss both products, or one article about one product and another article about another product. At least one news article should be dated within the previous two months. Refer to week 2 content materials and use specific economic vocabulary within your discussion, i.e. • Demand for one product: o Quantity demanded, o Determinants of demand, o Shifts in demand curve, etc. • Demand for another product: o Quantity demanded, o Determinants of demand, o Shifts in demand curve, etc. • Supply for one product o Quantity supplied, o Determinants of supply, o Shifts in supply curve, etc. • Supply for one product o Quantity supplied, o Determinants of supply, o Shifts in supply curve, etc. • Changes in equilibrium quantity and equilibrium price for one product • Changes in equilibrium quantity and equilibrium price for another product The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate. Please note that the goal of this assignment is to read, understand, and discuss recent news using microeconomic terminology. The articles should be from an on-line newspaper or magazine. Materials posted on educational websites, like www.thebalance.com, www.khanacademy.org , and so on, are not considered news articles even if they were recently updated and contain material related to the term paper topic. The Short paper should have the following structure: 1. Abstract (0.5 of a page) – the short description of the concepts, problems, questions discussed in the Short paper. 2. Introduction (0.5 of a page) (optional) 3. Discussion (about 2-3 pages) – Your task for this part of the Short paper is to analyze the issue described in the articles using the economic concepts and theory learned in this class. Refer to the course content materials of week 2 and use specific economic vocabulary within your term paper. The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate. Create at least one graph that shows the demand curve, the supply curve, shifts in demand and/or supply curve, changes in equilibrium quantity and equilibrium price, price ceilings and/or price floors. You don’t need to look for any statistical data regarding quantities or prices for the product. 4. Conclusion (0.5 of a page) The Short paper should be the title page and sub-titles that correspond to the structure described above. Please note the Short paper should be written in your own words. You can use short quotes from the article(s) to support your statements. However the size of these quotes should be reduced to minimum. No more than 20% of the text of the term paper should be made up of quotes. (less is better!!!). Please also avoid copying the materials from any textbooks, including our textbook. Please be aware that Wikipedia, Investopedia, and other on-line dictionaries and encyclopedias are not verifiable sources of reliable information, and should not be used in the Term paper. Acceptable sources of the information are: research papers, newspaper articles, and books.