Using Word provide essay responses to the questions below (paragraph answers – 2

Using Word provide essay responses to the questions below (paragraph answers – 2
50 word minimum- for each section) using economic reasoning and terminology whenever possible.
Use the graphing/drawing tools in Word to create your illustrations or take photos of hand-drawn graphs and insert into the document.
Use of information from the textbook and readings is required. Use of information from other outside sources is encouraged.
Formally cite information used from readings and the textbook (include page number) and any other outside sources used. Follow APA guidelines for your in-text citations and Reference List: http://owl.english.purdue.edu/owl/resource/560/02/
Your responses will be screened via SafeAssign for adherence to the university’s Academic Integrity Policy.
The essay is worth 25 points and your grade is based upon the following criteria:
Questions are addressed with accurate use of economic reasoning and terminology.
Clearly and completely illustrated graphs/diagrams are included when requested.
Opinion is supported with economic rationale properly citing (APA format) the textbook (INCLUDE PAGE NUMBER) and additional readings.
Word document is free of spelling and grammatical errors and meets minimum length requirement.
What is price gouging and why does price gouging occur?
Is price gouging an example of market failure?
Should price gouging be against the law? Use the model of supply and demand (include a graph) to defend your answer.

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