Consumer Behavior in Upgrading Smartphone
Consumer Behavior in Upgrading Smartphone
Article Link: https://www.google.com/amp/s/www.latimes.com/business/la-fi-tn-phone-trade-in-20181029-story.html%3foutputType=amp
Essay 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 consumer’s 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.
4. Conclusion
Hint #1: You must choose a consumer good, not an input into the firm’s production process. While there is a demand for labor, office space etc, it is not explained by the model of consumer choice.
Hint #2: There are many causes of shifts in demand which are not explained by the model of consumer choice, for example population change, transaction costs etc. The article must describe a shift in demand which can be explained using the model of consumer choice. These changes are income, price of other goods, and taste and preferences.
****Add 2 Economic Models at the end of the Page
Warning: You must explain all economic principle using your own words. There should be no quotations from the textbook or any other source in your paper. As indicated in the grading rubric points will be taken off the grade of anyone who quotes the text or any other source in their explanations. Any one who takes so much as a sentence from another source without documenting it will fail the class and be reported to the University for Plagiarism.
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