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I. Supply, Demand, and Market Equilibrium
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 nonprice factors that impact the demand of your chosen product or service. Justify your selections.
c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections.
d) Define the industry 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 would you make for your product or service?