Reference no: EM133155611

Please answer all the questions in specific and give detailed examples if required.  

1. Draw a demand & supply diagram (you can insert a picture also)

2. Name at least two products that probably have elastic demand and at least two products that probably have inelastic demand.

3. An elastic supply is one where the supplier can quickly increase or decrease the supply based on the demand. Name at least three products where the supply is fairly elastic.

4. Explain in your own words what is meant by inelastic supply and name at least two products that are examples of this.

5. Fill in the blanks with "shortage" or "excess". You are taking the view of a business owner/entrepreneur.

As an entrepreneur I am looking for industries or businesses with _____________ of supply and ________________ of demand. 

If I see an industry with ___________________ of demand, then I know that may be a harder industry to do business in. 

If I see an industry with __________________ demand that I know there may be opportunities in that industry. 

If there is a huge __________________ of supply in my business, then business will probably be good for me.

6. How might changes in production costs affect the supply and/or demand for goods and/or services?

7. How might changes in technology affect supply and demand for particular goods/services?

8. How might the weather affect supply and/or demand? Give two or more specific industries/products that may be affected by the weather.