Follow the following instructions carefully and you will understand the assignment. I may extend the time if needed. Economics Supply and Demand
USF issues parking permits to allow students to park on campus. The price of the permit is set by college administrators at their discretion, they do not consider market conditions. At the current price, some students complain that there aren’t enough spaces for them to park.
Address the following three points in a short essay:
Describe this situation in economic terms learned in this course and describe what this implies 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 graphical model to describe how the market for parking permits would be affected by a change in price. You must include a graph and reference/describe the graph in your essay.
Make sure you use multiple different economic terms from key concepts in chapters 1, 3, and 4 throughout the essay. This is a short essay, which should include a graph and a bibliography page. Make sure to include the provided title page must be at least 2 full paragraphs , double-spaced, 1″ margins, and size 12 Arial FONT. Include a bibliography page with citations in Chicago Manual of Style – Author date format. Graphs, tables, figures, and images page MUST be included at the end of the text and are NOT to be included in the paragraph length requirement. File type must be .pdf . No other file types are supported, especially not .pages or Google docs.
This is a short essay and therefore should be entirely of your own words and thoughts, do not quote sources. Everyone should use the textbook but beyond that, outside references are not required for this assignment. At a minimum the bibliography page must include the textbook citation. If you reference other sources to gather ideas the bibliography page should include these references.
The order of the paper should be: Title page, Body of the paper , Appendix , Endnotes , Bibliography
Put your page numbers in the header of the first page of text , beginning with page number 1. Continue numbering your pages to the end of the bibliography.