Problem 1: Think of a product that you will buy more of if its price goes up. To which category does this product belong? Provide reasons for your answer. Develop a demand curve for it. Also show the condition of market equilibrium for these categories of goods.
Problem 2: Compare the demand curve of these goods with the goods that you will buy more of if the price comes down.
Problem 3: Create demand and supply curves in Microsoft Excel and create a Microsoft Word document to present the analysis based on the curves.