Assignment:
For this assignment, due in Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This milestone should be a 2 to 3 page paper structured as follows:
1. it describes the price elasticity of supply or demand for your product or service.
2. it explains how two nonprice factors impact the demand of your chosen product or service.
3. it explains how two nonprice factors impact the supply of your chosen product or service.
4. it defines the industry and the market equilibrium associated with the product or service.
5. it predicts the effect of changes in supply and demand on the market equilibrium.
6. it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.
This milestone, which covers Section II of Final Project Part I, should be a paper structured as follows:
a. Describe the price elasticity of supply or demand for your product or service.
b. Explain how two nonprice factors impact the demand of your chosen product or service.
c. Explain how two nonprice factors impact the supply of your chosen product or service.
d. Define the industry and the market equilibrium associated with the product or service.
e. Predict the effect of changes in supply and demand on the market equilibrium.
f. Describe the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.