microeconomicsPaper instructions:Attempt to analyze an economic concept or principle we discussed in class this semester. A good example is ?Price Elasticity of Demand.? Whatever topic you choose: define it, discuss it, explain it, give vivid examples and analysis (i.e. don?t just copy and paste from the textbook, Power Point slides, Wikipedia, or any other sources) but show that you really understand the concept and relate it to events in real life ? i.e. current or recent events, or hypothetical events. Quote the textbook, the New York Times, The Wall Street Journal, The Economist, other textbooks, other books, journals, articles etc. but overall, show me you really get it.Raise a question and attempt to answer it using any of the economic concepts and theories we discussed in class this semester. That is, present a case (real or hypothetical) and show what decision should be made using economic analysis. Remember, economics is the science of decision making: so, use the economic guideposts or the common fallacies of thought discussed in the textbook. Or use any other concepts or theories from the book. Quote the textbook, the New York Times, The Wall Street Journal, The Economist magazine, other textbooks, other books, journals, articles etc. That is, play ?professional economist? for a day and offer some suggestions to solve an economic problem or just to answer a question that is on your mind.Discuss some common mistakes people make that indicate that they don?t have a solid grasp of certain economic concepts. This could be you (before the semester :-), that is), your neighbor, a co-worker, or perhaps people in the news ? politicians, current/former political candidates, business leaders, athletes, news-makers, pundits, celebrities, etc. Sometimes, I read articles or watch news shows on TV and hear/read statements that indicate weak economic thinking. Pick 1 or 2 (no more than 2) of these common erroneous arguments and analyze it CORRECTLY based on concepts and theories we?ve discussed in class!
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