Define the industry and the market equilibrium

Reference no: EM131653088

Milestone Guidelines

For this assignment, due in Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This milestone should be a 2-3-page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Second, it explains how two nonprice factors impact the demand of your chosen product or service. Third, it explains how two nonprice factors impact the supply of your chosen product or service. Fourth, it defines the industry and the market equilibrium associated with the product or service. Fifth, it predicts the effect of changes in supply and demand on the market equilibrium. Finally, it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.

Specifically, the following critical elements must be addressed:

I. Supply, Demand, and Market Equilibrium

a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the
concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service?

b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections.

c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections.

d) Define the industry and the market equilibrium associated with the product or service.

e) Predict the effect of changes in supply and demand on the market equilibrium.

f) Based on the predicted changes, what decisions related to supply and demand would you make for your product or service?

Guidelines for Submission: Part I Milestone One should adhere to the following formatting requirements: 2-3 pages (not including cover page or appendix), double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting.

Reference no: EM131653088

Questions Cloud

Discuss the ethical implications of workplace safety : The Ethical Implications of Workplace safety. What would be a good thesis statement for this title and for this Philosophy of Ethics class.

Policies must be sold by prospectus : What should a producer do if the policy applied for is issued at a higher rate than was expected? Which of the following policies must be sold by prospectus?

Describe the formation of biofilms and their persistence : Describe formation of biofilms, their persistence, and interactions with the host immune system. how does quorum sensing plays a role in development of biofilm

Discuss physiology of ethics preemptive war : Most imporantly compare and contrast Bush's doctrine with traditional just war theory. Include references to work from Martin Luther King

Define the industry and the market equilibrium : Specifically, the following critical elements must be addressed: Define the industry and the market equilibrium associated with the product or service.

Compare koch postulates to the general scientific method : Compare Koch's postulates to the general scientific method. Research the nature of the amino acids glutamic acid, aspartic acid, hisitidine, lysine and arginine

Continuous quality improvement and quality assurance : The textbook makes clear distinctions between Continuous Quality Improvement (CQI) and Quality Assurance (QA).

Why the client should choose recommended business entity : Explain why the client should choose your recommended business entity. Consider referencing appropriate tax code and regulations.

Effective communication strategies for communicating change : Describe two effective communication strategies for communicating change that are relevant to internal and external stakeholders.

User Account

All Pages