ECON312 Principles of Economics
Week 2 Discussion
DEMAND, SUPPLY, AND ELASTICITY
Initial Post (up to 10 points)
Shift in Supply & Demand: Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.
Multimedia Post (up to 15 points)
Create a short 1- to 2-minute slide presentation with a voice narration or a video using any technology you are comfortable with to explain one of the economic concepts listed below. Suggestions include creating an Adobe Spark Page (Links to an external site.)Links to an external site. with a Spark Video, Kaltura video post, or a narrated PowerPoint.
Start the presentation by introducing yourself (name and your topic of choice), and then give a brief explanation of at least one of the concepts listed below, including an example to support your presentation.
Law of demand
Law of supply
Demand versus quantity demanded
Supply versus quantity supplied
Demand determinants
Supply determinants
Market equilibrium, equilibrium price, and equilibrium quantity
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
The relationship between total revenue and price elasticity of demand
Peer Response Post (up to 10 points)
Respond to at least one of your peers’ initial or multimedia posts.
Your response should add new facts, ideas, knowledge, and/or corrections to the initial post or the multimedia post. Also, provide examples to support your response post.
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