Article Link: https://www.google.com/amp/s/www.latimes.com/business/la-fi-tn-phone-trade-in-20181029-story.html%3foutputType=ampEssay Topic 1. Consumer behavior and the demand curve. The article you chose should focus on the market for a specific good where demand has shifted. It should then explain what is happening to the demand curve using the model of consumer choice.The structure of the essay should be as follows:
1. Introductory paragraph which clearly specifies what market will be discussed, why the demand is shifting and in which direction. This paragraph should not be more than half a page.) Brief summary the article. (Not more than half a page in length.)
2. Explanation of the model of consumer choice and how it is related to the demand curve. You must explain in your own words what the model of consumer choice is and how it is used to describe the demand curve. Your explanation must include a discussion of the budget constraint, indifference curves and an explanation of how the consumers decision to maximize satisfaction subject to the budget constraint leads to the demand curve. It may include a discussion of the substitution and income effect of a price change and shifts of the demand curve. Appropriate graphs should be included.
3. Apply the model to your article. You should discuss what in the article led you to your conclusions about the source of the shift in demand. You must include at least two graphs, a supply and demand graph which shows which way the demand curve is shifting and a graph of the model of consumer choice, i.e. indifference curves and budget line which shows why demand is shifting.
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