Even complicated and confusing topics will be easily developed and covered if you request our help writing an essay. Place an order today!

This assignment will cover the following course outcomes:

Describe and analyze the principles of economics that apply to the functions of individual decision makers, both consumers and producers within the larger economic system ( CO1)

Identify the nature and functions of product markets (CO2)

Describe the role of government in promoting greater efficiency and equity in the economy (CO5)

Describe the importance of economic analysis in real world situations. (CO6)

You have learned about demand, supply, elasticity, and the factors that affect demand and supply. You will now apply this learning to analyze how supply and demand determinants impact market equilibrium prices and quantities. You will also evaluate the determinants of a product’s price elasticity of demand.

Select any one of your favorite products, for instance, food that you like, a car, or a gadget that you use. The product should be a private, and not a public, good.

Then, do the following:

  • Analyze five reasons why demand for this product could shift.
  • Analyze five reasons why supply for this product could shift.
  • Analyze the conditions that could lead to the following scenarios: a) Demand increases, supply decreases; b) Demand decreases, supply increases; c) Demand and supply both increase; d) Demand and supply both decrease.
  • Explain how market equilibrium price and quantity will change as a result of the four scenarios mentioned above. Please assume that the magnitude of the changes in supply and demand are the same.
  • Evaluate the elasticity of demand for your product by applying a minimum of two elasticity determinants. Does your product likely have an elastic or inelastic demand based upon your evaluation of factors influencing the price elasticity of demand? How will considering these elasticity determinants impact product revenue?
  • What role does government play in a capitalist system which helps to promote the best allocation of resources toward this product?

Submit your assignment in a Word document to the appropriate dropbox for grading

SOURCE: allaplusessays.com
All A+ Essays – PLACE YOUR ORDER HERE: https://allaplusessays.com/order

Havent found the Essay You Want?
We Can Assist
The Paper is Written from Scratch Specifically for You

    WHY allaplusessays.com

  • Confidentiality & Authenticity Guaranteed
  • Plagiarism Free Content Guarantee
  • All A+ Essays Guarantee Timely Delivery of All Papers
  • Quality & Reliability
  • Papers Written from Scratch and to Your Instructions
  • Qualified Writers Only
  • All A+ Essays Allow Direct Contact With Your Writer
  • Using allaplusessays.com Means Keeping Your Personal Information Secure
  • 24/7 Customer Support

GET QUALITY ESSAY HELP AT: https://allaplusessays.com/order


testimonials icon
Choose one of the following questions, and post at least 100 words of a response to the Discovery Board by no later than Thursday 4:59 PM EST/ED...
testimonials icon
Please loge in to this account and do the fourth quiz. https://ccp.instructure.com/login?needs_...
testimonials icon
Resources for this week question:Johnson, R. B., & Onwuegbuzie, A. J. (2004). Mixed methods research: A research paradigm whose time has c...
testimonials icon
Quote: People are not often changed for the life better by having life easy.Ask:Update essay to reflect the above quoteMax Word count: 500If my famil...
testimonials icon
Running head: SITUATIONAL LEADERSHIPSituational LeadershipInstitutional AffiliationDate1SITUATIONAL LEADERSHIP2Situational leadership is based on the...
testimonials icon
1)      The Boomerang effect. ...
testimonials icon
HRM 300 Week 3 Dqs...
testimonials icon
Ok. there is a lot of information to absorb. Let me know if you are going to be able to handle this assignmnet. Thank you....
testimonials icon
Need a thesis and introduction on address the hazards  why you feel they are the most important for parents to understand and remember....

Other samples, services and questions:

Calculate Price

When you use PaperHelp, you save one valuable — TIME

You can spend it for more important things than paper writing.

Approx. price
Order a paper. Study better. Sleep tight. Calculate Price!
Created with Sketch.
Calculate Price
Approx. price