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Business finance – economics apus econ 101 week 6 assignment

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For this assignment, you will apply the concepts of supply and demand analysis concepts to a specific good or service you use in your everyday life. In your paper, include a discussion of  the following as subheadings in your paper: 

  1. Describe the good. What are      its main characteristics?
  2. What are some of the      substitutes and complements for the good?
  3. Indicate whether the good      is a normal good or an inferior good. Explain the reasons for your choice.
  4. Identify and describe the      main nonprice factors that could cause an increase or decrease in the      demand for the good or service.
  5. Identity and describe the      main nonprice factors that could cause an increase or decrease in the      supply of the good or service.
  6. Explain how a change in      demand affects the equilibrium price and quantity of the good or service.
  7. Explain how a change in      supply affects the equilibrium price and quantity of the good or service.
  8. Based on your research of      the good or service, what do you expect to happen to the demand for it      over the next five years?
  9. Based on your research of      the good or service, what do you expect to happen to the supply of the      good or service over the next five years?

Complete your essay using Microsoft Word and use the proper APA format. The essay must be at least 1500 words. Note that your work will automatically be submitted to Turnitin for plagiarism review.

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