Posted: May 12th, 2016

factors that affect supply and demand and price elasticity.

Write a 700 to 1,050 word paper explaining factors that affect supply and demand and price elasticity. Address the following for your chosen good: o Explain factors that could cause possible changes in supply and demand. How would these changes affect the price and quantity of the product? o Determine at least one complement that there may be for your product. How would changes in prices of these goods affect the price and quantity of your good? o Explain whether the good is a necessity or a luxury good. o Determine at least two substitutes there may be for your product. o Is the good relatively price elastic or relatively price inelastic? How do available substitutes and the type of good (i.e. necessity or luxury) factor into the price elasticity of the good