Impact price elasticity of the product

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

Questions Cloud

Prepare interesting catch line using marketing methods : (Apply Marketing techniques to:) Prepare the interesting, unique or otherwise attractive catch line. Create the suggestions (can be here AND in subject line)

Probability that al five cards are hearts : A deck of cards contains 52 cards, 13 in each of four suits (hearts, diamonds, clubs and spades). Suppose you have been dealt five cards without replacement from a randomly shuffled deck of cards. Find the probability that al five cards are hearts..

Provide possible reason for males and females different trc : Using your knowledge of development, genetics, and biology, explain a possible reason why males and females have a different TRC.

Straight-line-macrs depreciation : Why then does it matter whether we assume straight-line or MACRS depreciation when we assess project NPV?

Impact price elasticity of the product : Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the chosen product and explain how the necessity of a good and the availability of substitutes impact the price elasticity of the prod..

Dental expenses of all employees of the company : Determine the point estimate and 95% confidence interval for the mean family dental expenses of all employees of the company.

Check grammar of essay on stress : Stress is the person's body response to a stressor such as an environmental condition or a stimulus. Stress is a caused due to challenges which the body faces

Determining the ability of family member to taste ptc : You repeat Snyder's experiment, but instead of determining the ability of each family member to taste PTC, you determine what alleles they carry: 2 PAV (PAV/PAV), 2 AVI (AVI/AVI),

Maximum likelihood estimation-hypothesis testing of mean : You work in the corporate office for a nationwide convenience store franchise that operates nearly 10,000 stores. The per-store daily customer count has been steady,

User Account

All Pages