Create a demand schedule and a supply schedule for your product. Using these sch

Question

Create a demand schedule and a supply schedule for your product.

Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to determine the equilibrium price and equilibrium quantity for the product.

Analyze five reasons why demand for this product could shift.

Analyze five reasons why supply could shift. Analyze the conditions that could lead to the following scenarios: a) Demand increases, supply decreases; b) Demand decreases, supply increases; c) Demand and supply both increase; d) Demand and supply both decrease. Then, create separate graphs for this product to illustrate how equilibrium price and quantity change in the four scenarios mentioned above.

Explanation / Answer

The Law of Demand

Demand, in economic terms, shows how much of a product consumers are willing to purchase, at different price points, during a certain time period.

After all, we all have limited resources, and we all have to decide what we're willing and able to purchase

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