Write a 2- to 3-page essay on the following issues:
Consider what your firm produces. What are some things that would change the demand for your product? Discuss at least two factors.
What are some things that would affect changes in supply? Discuss at least two factors.
How can quantity demanded be changed?
What kind of demand (elastic or inelastic) does the product that your firm produces have? Explain.
The following items will be assessed in particular:
Your ability to explain the difference between changes in demand and quantity demand using an example of your choice.
Some in-text references to the modular background readings (APA formatting not required).
The essay should address each element of the assignment. Remember to support your answers with solid references.
The following is a different question and i just need a paragraph.
Demand by households is often affected by fluctuations in the economy and income. Think of the relationship between income and demand and discuss the following questions:
What are "normal" goods? Define and give an example in our current economy.
What are "inferior" goods? Define and give an example in our current economy.
Do you think luxury goods are have more elastic or inelastic demand? Explain.