Article and answer questions

Instructions:

Answer:

Identify a specific good or service that you plan to analyze:

Demand

Find a newspaper article that you can relate to demand for your product.

Title:

Publication:

Date:

Link:

Summarize the article here.

Article Summary:

Will demand for your product increase or decrease based on the information in your article? Explain

Describe how changes in the following could affect the demand for your product. Give Examples where relevant.

Changes in Consumer Incomes:

Changes in Preferences:

Changes in the Price of Related Goods (list items that are substitutes and complements):

Changes in the number of buyers:

Changes in the expected future price of the product:

Elasticity

Describe how changes in the following could affect the demand for your product. Give Examples where relevant.

Number of substitutes:

Necessities vs. luxury:

Time:

Based on the determinants of elasticity do you believe the demand for your product is likley to be elastic or inelastic? Explain

Supply

Find a newspaper article that you can relate to supply for your product.

Title:

Publication:

Date:

Link:

Summarize the article here.

Article Summary:

Will supply for your product increase or decrease based on the information in your article? Explain

Describe how changes in the following could affect the supply for your product. Give Examples where relevant.

Prices of Relevant Resources:

Technology:

Number of Sellers

Expectations of Future Price:

Taxes, Subsidies or Government Restrictions:

Overall Analysis

Based on your analysis above do you expect the price of this product to increase or decrease in the future. Explain.