Research an article from an online source in the Baker Library, such as The Economist, Wall Street Journal, Journal of Economic Perspectives, American Journal of Agricultural Economics, or another academic journal. The article should discuss a specific market and indicate a change in price of the product (for instance, your article could discuss a recent increase in the price of something you purchase or sell). Include supply and demand graphical analysis to demonstrate your point.
Answer the following questions (you may number the answers but answer each question in essay format):
Provide a synopsis of case study in essay format, identifying the relevant market.
Describe the nature of the change in the market: shift in demand or shift in supply.
Describe and graph the direction of the shift.
Describe what induced the shift.
Indicate the effect of the shift on the equilibrium market price, and whether you can or cannot predict the change in the equilibrium quantity.