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?
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