Choose a product you are familiar with that would be affected by a

Upload your graph and write a paragraph explaining why you believe there were changes in supply or demand and also be sure to mention what the equilibrium price is. Submit your work below.

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Remember to keep these things in mind as you create your graph:

  • high demand = higher prices
  • low demand = lower prices
  • high supply = lower prices
  • low supply = higher prices

need this asap – if before deadline even better!!!!!!!!

 

 

Directions

  1. Choose a product you are familiar with that would be affected by a market economy.
  2. Make up a title describing an event that would result in either a change in supply or a change in demand.
    • Examples of factors that could affect supply:
      • costs of production
      • technology
      • taxes
    • Examples of factors that could affect demand:
      • personal preferences
      • income
      • price
  3. Once you have a title, then create a graph that includes the information listed below.
  • The name of the product.
  • A title influencing change in supply or demand.
  • A labeled graph showing supply or demand change.
  • An explanation for the change.
  • Equilibrium price

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