Describe price elasticity of supply of demand for product

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Reference no: EM133205918 , Length: 2 Pages

Assignment:

The paper instructions: First, it describes the price elasticity of supply of demand for your product or service. Second, it explains how two non-price factors impact the demand of your chosen product or service. Third, it explains how two non-price 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.

More specific instructions:

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 non-price factors that impact the demand of your chosen product or service. Justify.

c) Select two non-price factors that impact the supply of your chosen product or service. Justify.

d) Define the industry related to your chosen product or service 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 for your product or service would you make.

Reference no: EM133205918

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