Mastered Report
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Southern New Hampshire University *
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20043
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Economics
Date
Feb 20, 2024
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docx
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5
Uploaded by CountArtLemur41 on coursehero.com
Abigail Rivas
Product Report Template
1. Choose a Product and a Trend
Before you begin, choose a product to study. Specifically, make sure to choose a product that is a consumer good. Keep in mind that goods are tangible products. For example, soft drinks, clothing, cars, and electronics are all types of consumer goods.
Coffee
For the product you’ve chosen, consider economic trends (real or hypothetical) that might impact this product. You should come up with at least two: one for supply and
one for demand. Some examples that you may use:
A change in preferences due to a fashion or health trend
A shift in demographics due to aging populations
An increase or decrease in the input costs (such as cost of raw materials or labor) needed to offer a product
Note: Although research is not required for this step, it is encouraged. See the Supporting Materials section of this project for some recommended databases.
Supply Trend: Protests and boycotts
Demand Trend: Coffee Increases Please note that, while this section is not checked for mastery, it is needed as the basis for the rest of your project.
2. Determinants of Supply and Demand
For each economic trend you consider, describe it according to the determinants of supply and demand. Use the determinants from the following list:
Demand:
Income, prices of related products, preferences, demographic characteristics, buyer expectations
Supply:
Prices of factors of production, technology, returns from alternative activities, the number of sellers, seller expectations, natural events
Demand Determinants: Inflation has increased. Protests increasing. Discontent increasing. Prices increases. Shortage in labor. 3. Model a Shift
Using one of the trends that you’ve described above, model the shift in supply or demand for this product. Make sure to use appropriate labels and terminology in your model.
Note: To model the shift in supply or demand graphically, you may use the drawing tools in Microsoft Word, or use the graphing tool linked in the Deliverables section and take a screenshot. Alternatively, you may describe the shifts that will occur.
4. Rationale
Explain your rationale for this shift (based on the model above) using appropriate economics terminology. As you work, consider the following:
The difference between a shift in supply or demand versus a shift in the quantity supplied or demanded
How the equilibrium will shift
Demand is increases. The difference between a shift in supply or demand vs a shift in the quantity supplied or demanded is that shift in supply. The D2 line is when demand shifts then the demand curve does too. If it cannot
continue to supply goods at the same price it did due to protests and supply chain issues, it changes the quantity supplied. When the price changes, it shifts the quantity demanded. The higher equilibrium if demand
was low. The equilibrium will shift when the demand curve changes and/or Equilibrium
Supply Demand
Increase
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Related Questions
The vast array of products that consumers buy can be classified on the basis of shopping habits and are broken down into four main areas. List these four main classifications of consumer goods and explain what elements are included within.
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Need help with these graphs. Please show me how to do it and if you can please draw them to show where to move them.
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What factors commonly influence a person’s daily buying choices? Select one of these and explain how one might counteract this influence to improve purchasing behavior.
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Choose an article on a topic
(product/good/service) that affects your daily life.
Briefly tell us what your article is about.
Which aspect of the article's discussion affects your daily life?
What factors do you think are influencing the supply and demand of the
product/good/service that is the subject of your article?
Include the URL of the Web site where you found the article?
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I need help with b, the graph, and e - g.
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Look at the image. Help me with this.
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why is visual content important?
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Explain the events in one sentence
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Please explain each step
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Address the question in the image.
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Please find the attached question. Use Calculas and Economics
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A student decision about how to allocate his time between studying two subjects ?
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Do more sales bring more profits?
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How has the supply and demand of a specific product affected your/your family’s purchasing decisions?
What variables most affect your decision to either buy or not buy a good or service?
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Please accompany each graph with a brief explanation. Thank you
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The amount of a good that buyers are willing and able to purchase at a given price.
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Please explain and show steps
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Please answer the following questions in the picture
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A term for when businesses produce goods and services that consumers don't want
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Explain in simple words
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Draw a supply and demand
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You get a massive raise at work,
what happens to the supply and
demand for that product? Why?
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Please label which one goes in each box. Everything is in the image below
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SEE MORE QUESTIONS
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Economics Today and Tomorrow, Student Edition
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Related Questions
- The vast array of products that consumers buy can be classified on the basis of shopping habits and are broken down into four main areas. List these four main classifications of consumer goods and explain what elements are included within.arrow_forwardAnswer in a paragraph- What are the various factors that affect your purchase process when you buy a) Shampoo, b) Television, c) Car. d) A massage service. Highlight your answer with the 4Ps in the marketing mix.arrow_forwardNeed help with these graphs. Please show me how to do it and if you can please draw them to show where to move them.arrow_forward
- What factors commonly influence a person’s daily buying choices? Select one of these and explain how one might counteract this influence to improve purchasing behavior.arrow_forwardChoose an article on a topic (product/good/service) that affects your daily life. Briefly tell us what your article is about. Which aspect of the article's discussion affects your daily life? What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article? Include the URL of the Web site where you found the article?arrow_forwardI need help with b, the graph, and e - g.arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co