University of South Florida Supply and Demand Essay
Question Description
I’m working on a Economics writing question and need support to help me study.
DESCRIPTION
Economics: Supply and Demand
USF issues parking permits to allow students to park on campus. Theprice of the permit is set by college administrators at theirdiscretion; they do not consider market conditions. At the currentprice, some students complain that there aren’t enough spaces for themto park.
Address the following three points in a short essay:
- Describe this situation in economic terms and describe what thisimplies about the market equilibrium and the price of a parking permit.
- Should the price of a parking permit be raised or lowered to fix this problem? Why? Explain.
- Use the supply and demand model to describe how a graph of themarket for parking permits would be affected by a change in price. Youmust include a graph and reference/describe the graph in your essay.
FORMATTING
The body of the text (DO NOT use header/footers/by lines on pageswith text) must be at least 2 full paragraphs (no more than 3paragraphs), double-spaced, 1″ margins, and size 12 Arial FONT. Filetype must be doc OR docx. If included, title/title page is not included in page count. Graphs,tables, figures, images, and bibliography page should be included atthe end of the text and are NOT to be included in the paragraph lengthrequirement.
This is a short essay and therefore should be entirely of your ownwords and thoughts; do not paraphrase or quote others. If you referenceother sources to gather ideas, the bibliography page should beincluded.
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