How would you use what you have learned concerning supply

Question

This assignment has 3 parts:

Think of items that you have purchased in a market:

• Big ticket items like a house, or an apartment rental, or a car;
• Or ordinary items in your weekly budget, like coffee, tea, gasoline, bread, Milk, etc.

You can consider some of the following questions in your contribution.

1. How would you use what you have learned concerning Supply and Demand to explain these trends?
2. What price trends have you noticed over the last few years? Do the prices fluctuate? Have prices increased or decreased steadily?
3. Have there ever been any shortages or surpluses? How would you explain that?

Please lists all citations/references