Econ 102 Lab 3: Supply and Demand
It sometimes seems like "supply and demand" are the economist's answer to every question.  Professor Henry Spearman, lead character in Murder at the Margin, thinks you could make a parrot into a passably good economist simply by teaching it to answer "supply and demand" to every question.  Perhaps Professor Spearman is right.  The concepts of supply, demand, and elasticity go a long way toward explaining important events and policies.  

We learned this week that a market is a group of buyers and sellers of a particular good or service.  Your task this semester is to select a market you would like to study.  What factors influence demand and supply in this market?  How is the market organized?  How does government policy affect this market?

For your contribution to the Chat this week, see how many links you can find to interesting markets. Select one of these markets, perhaps one that you think you would like to analyze for your semester paper, and briefly describe this market. Make your message interesting by including at least ONE link to this market or to a major firm in this market. For example, my search of the web for "fast food market" turned up an interesting site http://www.findsvp.com/tocs/ML0197.HTM.   To include a link to this site in my chat message, I would type the following:

<a href="http://www.findsvp.com/tocs/ML0197.HTM">Fast Food Markets</a>

See if you can create a link in your message. Post your message before 5 p.m. Friday for full credit.

Return to Lab Page

MEET AN ECONOMIST
Click on the picture above to learn more about this economist.

REVIEW THE LECTURES
Review the PowerPoint lecture slides for the week.

WORK THE TUTORIAL
The tutorial for the assigned chapter(s) in Mankiw are located in the OIM lab under Class Resources, Econ.

TRY THE PRACTICE QUESTIONS
Practice with the on-line questions developed by the publisher for the assigned chapter(s).

TAKE THE QUIZ
Take the weekly quiz before 5 p.m. Friday for full credit or before the final exam for half credit.  You may take the quiz as many times as you like; you can never lower your grade, only raise it.