Select a specific product. Select something you’re interested in and something you know about (choosing something you know about will make any research you’ll need to do more enjoyable). THEN, answer these questions in essay form. Answer ALL questions: at least 750 words
1) What is your product? What firm creates your product, and from what industry is your product created? Describe a significant change in demand for this product in the recent or distant past and describe what caused that change. What do you predict will be the next significant change in demand in the future? Explain why you think this change will take place. (Note: the change can be specific to only the product or it can be something that affects the whole industry.) Describe a significant change in supply for this product in the recent or distant past. What caused the change? What do you predict will be the next significant change in demand in the future? Explain why you think this change will take place.
2) Looking at your product only (not the industry), describe how elastic or inelastic you think demand might be and justify your position. Looking at demand for the whole industry, describe how the elasticity compares to the demand for your product and explain any difference. Finally, describe how elastic or inelastic you think supply might be and justify your position.
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3) On a scale of 0 (nothing like) to 10 (exactly like), how close does your industry fit the perfectly competitive model? Make sure to explain your answer, referring to all assumptions of the perfectly competitive model.