Read a current events article that focuses on changing market conditions and the impact of this on a particular firm. Some sources to consider are The Economist, Forbes Magazine, Bloomberg, Businessweek, Wired, Entrepreneur, Inc., and Fortune. It is also recommended that you research within the University Library. Write a 1,050- to 1,750-word paper summarizing the content of the article and address the following: Identify two microeconomics and two macroeconomics principles or concepts from the article. Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics. Identify at least one shift of the supply curve and one shift of the demand curve that resulted from the events detailed in the article. Explain what causes the shifts, and how each shift affects the price, quantity, and the decision making of the firm. Describe how changes in the price of the product produced by the firm impacts revenues and as a result may affect economic and accounting profits. Include brief responses to the following in your paper: How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar? How do the concepts of economics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity? How do economic and accounting profits differ? How does the price elasticity of demand affect a consumer’s purchasing and the firm’s pricing strategy? Assess the role of ethics in the decisions made by the firm regarding pricing their product.
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