This assignment will cover the following course outcomes:
Describe and analyze the principles of economics that apply to the functions of individual decision makers, both consumers and producers within the larger economic system (CO1)
Identify the nature and functions of product markets (CO2)
Describe the role of government in promoting greater efficiency and equity in the economy (CO5)
Describe the importance of economic analysis in real world situations. (CO6)
You have learned about demand, supply, elasticity, and the factors that affect demand and supply. You will now apply this learning to analyze how supply and demand determinants impact market equilibrium prices and quantities. You will also evaluate the determinants of a product’s price elasticity of demand.
Select any one of your favorite products, for instance, food that you like, a car, or a gadget that you use. The product should be a private, and not a public, good.
Then, do the following:
Submit your assignment in a Word document to the appropriate dropbox for grading
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