Impact price elasticity of the product

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Reference no: EM1395206

Supply and demand is one of the most fundamental concepts of economics and it is the backbone of a market economy.

Choose one or more of commodity products. Assume that this product operates within a market economy.

Write a 700- to 1,050-word paper addressing the following for the chosen commodity:

Identify causes for shifts in supply and demand for the chosen product.

Explain how these shifts in supply and demand influence price, quantity and market equilibrium.

Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the chosen product.

Explain how the necessity of a good and the availability of substitutes impact the price elasticity of the product.

Format your paper consistent with APA guidelines.

Reference no: EM1395206

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