microeconomics

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.

See Course Calendar for due dates.

Compose your work in a .doc or .docx file type using a word processor (such as Microsoft Word, etc.) and save it frequently to your computer. For those assignments that are not written essays and require uploading images or PowerPoint slides, please follow uploading guidelines provided by your instructor.

Check your work and correct any spelling or grammatical errors. When you are ready to submit your work, click “Submit Assignment” in the upper right corner. Click on “Browse,” browse your computer, and select your file. Click “Open” and verify the correct file name has appeared next to the Browse button. Enter your comments, if any, in the Comments area. Click on “Submit Assignment.”

Evaluation

This assignment will be graded using the rubric displayed below. Please review this rubric prior to beginning your work. You can also access the rubric on the Course Rubrics page within the Start Here module. This assignment is worth 35% of your final course grade.

Keep the following points in mind:

Paper follows APA guidelines, including a cover and citation page. The text of the paper is a minimum of 2 page long, double spaced, and completed in MS Word.
Determinants of demand and supply were accurately indicated and applied.
The market equilibriums resulting from specific changes within the market were determined.
Determinants of price elasticity of demand were correctly applied.
An accurate assessment of government’s role within a capitalist system was provided.

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