Use The Demand-Supply Model To Explain Market Outcomes

Use The Demand-Supply Model To Explain Market Outcomes

Choose a good or service.  It should be something that is currently available for purchase.

Choose the most likely demand shifter (the things that shift demand) for your product and explain why and how the demand curve is most likely to shift if there is a change in that demand shifter.  If the demand curve shifts in the way you are suggesting, what will happen to equilibrium price and quantity?

2) Choose the most likely supply shifter (the things that shift supply) for your product and explain why and how the supply curve is most likely to shift if there is a change in that supply shifter.  If the supply curve shifts in the way you are suggesting what will happen to equilibrium price and quantity?

3) If both the supply and demand curves shift in the way you suggested in #1 & #2 above, what will happen to equilibrium price and quantity?