Description of Supply and Demand Simulation
Can you help me with the following I seem to be struggling.
Referring to the supply and demand simulation,
Prepare a 700-1050-word paper summarizing the content. In your paper, be sure to address the following:
1) Select a good or service produced by a organization you are familiar with. Is the price elasticity of demand for this product price elastic or price inelastic? Based on this determination what would the impact of raising the price of the product? What would be the impact of lowering the price of the product?
2) Using the same good or service selected in item 1, determine substitutes and complements, and answer the following questions:
a) What has happened to the price of the substitutes and complementary goods/services for your selected product over the last year?
b) How have price adjustments impacted the demand for the selected product?
I need citation information in the document as well as the reference listing for the end of the paper.