Apply the concepts of supply and demand analysis concepts to a specific good or service in your everyday life

August 8, 2023August 8, 2023 Discipline: Economics

-Cover page (title of paper, your name, course name, school name, instructors name, and date).

-Introduction.
-Describe the good. What are its main characteristics. 
-What are some of the substitutes and compliments for this good.
-Indicate whether this good is a normal good or inferior good. Explain the reason of your choice.
-Identify and describe the main nonprice factors that could cause an increase or decrease in the demand for this good or service.
-Identify and describe the main nonprice factors that could cause an increase or decrease in the supply for this good or service.
-Explain how a change in demand affects the equilibrium price and quantity of this good or service.
-Explain how a change in supply affects the equilibrium price and quantity of this good or service.
-What do you expect to happen to the demand for this good or service over the next five years. Explain why.
-What do you expect to happen to the supply of this good or service over the next five years. Explain why.
-Conclusion.
-Cannot write about: toilet paper, face masks, hand sanitizer, hand soap, toothbrush/toothpaste, internet, smartphones, computers/laptops, technology, coffee, gasoline.
-Do not use sources such as: Wikipedia, Investopedia, study.com, etc…
-Microsoft Word APA 7th Edition format.
-Minimum of 1500 words (excluding the cover page and references).

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