Shortage and surplus in demand and supply

Description

This must include several (minimum 5) references to topics in this class. choose at least 5 from the following topics to use examples for in the story:

demand and supply – elastic/inelastic demand/supply – price elasticity – shortage and surplus in demand and supply – budget constraint – production possibility frontier (PPF) – income effect – substitution effect – heuristics – price floor/ceiling and deadweight loss – perfect competition – monopoly – oligopoly – monopolistic competition – economies of scale – explicit/implicit costs – accounting/economic profit – variable/fixed/total cost – negative/positive externalities – price discrimination.

The topics do not have to be explicitly mentioned, but as long as it is clear that you are thinking about economics in your writing. 2 pages. 12 pt Times New Roman font, double spaced and 1-inch margins.

work will be submitted through turnitin.

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