article review analyzes consumption patterns (consumer spending)

Paper instructions:
Write a 500 – 1,000-word paper that analyzes consumption patterns (consumer spending) using the tools of supply and demand.

Research the University Library and Internet, and select a recent news article concerning trends in consumption patterns of specific products, such as gasoline, oil, grain, coffee, or another product you would like to analyze. The following article which is located in the Electronic Reserve Readings on the student website is an example of trends in consumption patterns:

Note. Do not use this article for your assignment.

Hauser, C. (2011, August 24). Sales of new homes fell again in July. The New York Times. p. 6. Retrieved from EBSCOhost.

Review our Week 1 DQ 1 for the definitions of microeconomics and of market supply and market demand. Also review our Week 1 DQ 2 for a discussion of the factors that cause changes in supply and demand.

Use the phrases shown below in blue as first-level headings for your paper. Your paper should include the following:

~ An introduction and a conclusion. See the note, Introductions and Conclusions, which is posted in the Main forum for more information on introductions and conclusions. Your introduction should include a clear and concise statement of the problem to be addressed; it is unnecessary to review the simulation in your introduction; instead, your introduction should preview the elements of your paper.

~ The trends in consumption patterns, such as: (1) whether consumption is increasing or decreasing, (2) how changes in the demographics of consumers has affected, or will affect, consumption etc., discussed in the article.

~ Colander’s (the author of our course text) definition of utility and a discussion of the utility derived from the products mentioned in the article.

~ Shift Factors of Supply and Demand. Identify at least one shift factor of supply or demand that has changed the demand for, or the supply of, the product(s) or service(s) discussed in the article. See our Week 1 DQ 2 for a discussion of the factors that cause changes in supply and demand as well as our course text. Colander refers to those factors as “shift factors.” Other texts often refer to those factors as the determinants of supply and demand. Please sure you discuss at least one of the shift factors mentioned in the text.

~ Changes in the market prices of the products.

~ In your conclusion, assess the importance of supply and demand analysis to business managers.

Format your paper consistent with APA guidelines.