Reference no: EM131270409

Please write an APA formatting and write 80% of your words and 10% citation at the end include the references use it to develop this paper.

Answer all the questions below

Think of a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc...). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? What would cause a change in demand versus a movement along the same demand curve for this product? How would you determine the new equilibrium price and quantity that result from these changes? Can you demonstrate some of these changes graphically? This is the Book for my class if you have it please use it; if not please submit the reference that you will use Bade, R. & Parkin, M. (2015). Essential Foundations of Economics (7th ed.). Hoboken, NJ: Pearson Education, Inc.