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Question 1: Instructions PLEASE READ AND FOLLOW ALL INSTRUCTIONS WELL Format of the Paper: Written projects: · Must be typed, double-spaced, in 12-point Times New Roman or Arial font, with one-inch margins Must have the title page in APA-7th style Must have in-text citations in APA-7th edition style Must have reference list in APA-7th edition style. Please note that you must reference the data you are using for the project Must be prepared using word processing software (Microsoft Word preferred) The Short Paper should be about 3 double-spaced typewritten pages (plus graphs). Please note that hand-written and scanned works, pdf. files, jpg. files, as well as files posted in google drive, will not be accepted or graded. The paper should be written in accordance with the 7th Edition APA style Research Paper format. No more than 20% of the text of the project should be made up of quotes. ECON 203 Project Description (Short Paper) DEMAND, SUPPLY, AND EQUILIBRIUM PRICE OF TWO SUBSTUTUTE PRODUCTS Select at least two news articles that discuss demand, supply, and equilibrium price of two substitute products, like beef and chicken; butter and margarine. It can be two articles that discuss both products, or one article about one product and another article about another product. At least one news article should be dated within the previous two months. Use specific economic vocabulary within your discussion, i.e. · Demand for one product: · Quantity demanded, · Determinants of demand, · Shifts in demand curve, etc. · Demand for another product: · Quantity demanded, · Determinants of demand, · Shifts in demand curve, etc. · Supply for one product · Quantity supplied, · Determinants of supply, · Shifts in supply curve, etc. · Supply for one product · Quantity supplied, · Determinants of supply, · Shifts in supply curve, etc. · Changes in equilibrium quantity and equilibrium price for one product · Changes in equilibrium quantity and equilibrium price for another product   The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate. Please note that the goal of this assignment is to read, understand, and discuss recent news using microeconomic terminology. The articles should be from an on-line newspaper or magazine. Materials posted on educational websites, like www.thebalance.com,  www.khanacademy.org , and so on, are not considered news articles even if they were recently updated and contain material related to the term paper topic. The Short paper should have the following structure: 1. Abstract (0.5 of a page) – the short description of the concepts, problems, questions discussed in the Short paper. 2. Introduction (0.5 of a page) (optional) 3. Discussion (about 2-3 pages) - Your task for this part of the Short paper is to analyze the issue described in the articles using the economic concepts and theory learned in this class. Use specific economic vocabulary within your term paper. The articles you choose may not use these exact terms; therefore, it is incumbent upon you to convert the article language into economic language as is appropriate. Create at least one graph that shows the demand curve, the supply curve, shifts in demand and/or supply curve, changes in equilibrium quantity and equilibrium price, price ceilings and/or price floors. You don’t need to look for any statistical data regarding quantities or prices for the product. 4. Conclusion (0.5 of a page) The Short paper should be the title page and sub-titles that correspond to the structure described above. Please note the Short paper should be written in your own words. You can use short quotes from the article(s) to support your statements. However the size of these quotes should be reduced to minimum. No more than 20% of the text of the term paper should be made up of quotes. (less is better!!!). Please also avoid copying the materials from any textbooks, including our textbook. Please be aware that Wikipedia, Investopedia, and other on-line dictionaries and encyclopedias are not verifiable sources of reliable information, and should not be used in the Term paper. Acceptable sources of the information are: research papers, newspaper articles, and books. Format of the Paper: Written projects: 1. Must be typed, double-spaced, in 12-point Times New Roman or Arial font, with one-inch margins 2. Must have the title page in APA-7th style 3. Must have in-text citations in APA-7th edition style 4. Must have reference list in APA-7th edition style. Please note that you must reference the data you are using for the project 5. Must be prepared using word processing software (Microsoft Word preferred) The Short Paper must be posted to the LEO Student Assignments as a Attachments are limited to a maximum two files in doc, docx., xls. xlsx., or rtf. formats. OTHER FORMATS ARE NOT ACCEPTABLE, will not be reviewed or graded. The Short Paper should be about 3 double-spaced typewritten pages (plus graphs). Please note that Use of 7th Edition APA Citation Methodology is required for the assignment
Answered 2 days AfterMay 31, 2022

Answer To: SEE attach

Komalavalli answered on Jun 02 2022
76 Votes
Abstract:
It is not necessary for the substitute item to be a physical commodity; it can be be a service. In reality, it is described as a product or service that replaces another
product or service. For example, if the price of McDonald's rises, many consumers may go for KFC or Burger King instead.
A substitute product, in other terms, is a comparable product that may be used in lieu of another product. In other words, it's identical enough to serve the same purpose. The Galaxy Note and iPhone, for example, are alternatives since they both work as mobile phones. So, if you want a phone, you have two alternatives. In this we are going analysis about the substitute good of beverages such as Coca-Cola and Pepsi-Cola.
Introduction:
Replacements or substitutes are two or more things that may be used for the same purpose by the same customer.
Assuming the price of one of the items rises or falls, the demand for the alternative or substitute good (if there is just one) will likely rise or fall as well. Other aspects include substitution and positive demand cross-elasticity.
Substitutes are same, comparable, or equivalent to another product in the eyes of the consumer. Substitute goods can meet the demands of the customer completely or partially. As a result, customers see themselves to be interchangeable. Coca Cola can be substituted for Pepsi and vice versa. When the price of Coca-Cola rises, the demand for Pepsi Cola rises as well (if Pepsi does not increase the price).
Discussion
It is a "near-identical substitute" or "perfect substitute”, if one product reacts more quickly to a price change than another and demand grows by the same proportion as the price increase of the others. A "weak substitute" is one that has a low cross-elasticity, meaning that a 50percentage - point rise...
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