• Write a 700- to 1,050-word paper addressing the following for the team's chosen commodity:
o Identify causes for shifts in supply and demand for the chosen product.
o Explain how these shifts in supply and demand influence price, quantity and market equilibrium.
o Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the product chosen by the team. Explain how the necessity of a good and the availability of substitutes impact the price elasticity of the product.