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Assignment:
In chapter the textbook, we study the market forces of supply and demand. We also learn the determinants of demand: Price and Non-Price Determinants. Please choose one of the articles from the list below illustrating a change in price or quantity in some markets and discuss the following questions.
You can choose ONE of the articles below to complete your discussion assignment:
A. What changed? (You may answer "no" some of the following questions)
B. Which curve shifts?
C. What happens to the equilibrium price and quantity?
Responses: Finally, respond to at least two of your peers whose article is different from yours. Do you think your peer correctly identifies all determinants of demand and/or supply? If yes, evaluate your peer's elaboration on changes in equilibrium quantity and price. If no, which determinant your peer misses to include in her/his initial post?
NOTE: The following video of me illustrates the "Hot Chocolate market" and it may be helpful to understand the differences between shifting and moving along the curves (Watching video is optional!)
Watch Video: Hot Chocolate Market
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