apply the concepts of supply and demand analysis concepts to a specific good or service you use in your everyday life.
Your paper should be structured as follows (note: you need to rephrase the sections’ titles. What you see below is given just for reference and to give you a structure):
Cover page (add the title of the paper, your name, the course name, the school’s name, instructor’s name, and the date)
IntroductionDescribe the good. What are its main economic characteristics?
What are some of the substitutes and complements for this good?
Indicate whether this good is a normal good or an inferior good. Explain the reasons for your choice.
Identify and describe the main nonprice factors that could cause an increase or decrease in the demand for this good or service.
Identity and describe the main nonprice factors that could cause an increase or decrease in the supply of 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 the good or service over the next five years?
Conclusion
can NOT write about the following goods: toilet paper, face masks, hand sanitizers, hand soaps, toothbrushes/paste, Internet, smartphones, computers/laptops, technology, coffee, and gasoline.
Make sure to break your paper down into sections and title each of the sections of your paper, in accordance with APA.
Complete your essay in a Microsoft Word document in APA, 7th Edition format.
Please note that a minimum of 1,500 words (excluding the cover page and references) for your essay is required.
Your work will automatically be submitted to Turnitin for plagiarism review and for the check of whether the paper was generated by the AI or not. In case of a high percentage in either of those reports, the paper will be returned for resubmission and 10% will be deducted.