• Introduction and Background: Ex”s : Why is your good service interesting to you, what is its historical background, preview some of the major points from below. Appx one page.
• Demand: Discuss and analyze each of the specific 5 Demand IV’s (Income, Substitution etc.) for your good or service, which ones are the strongest/weakest in changing buyers decisions to buy and why. Include a few graphs. Two pages minimum. Include graphs
• Supply: Discuss and analyze each of the specific 5 Supply IV’s ( Technology, Taxes etc.) for your good or service, (which ones are the strongest/weakest in changing sellers decisions to sell and why. Include a few graphs. Two pages minimum. Include graphs.
• Elasticity: Discuss the price elasticity you would expect for both supply and demand and explain why each is either elastic or inelastic and what this means to how the A of R changes as the IV’s for Demand and Supply change. Include a graph. 2 page minimum.
• Demand & Supply:
(1) Discuss and analyze how and why both Demand and Supply have changed because of changes in their IV’s and then how together buyers and sellers have allocated this resource during a past time period showing the changes in P* and Q* explaining how winners and losers have been determined and how it has changed over time. Include why the price elasticity of demand and supply are important in creating chnages in P* and Q* and the Allocation of Resources. Two Pags minimum. Include graphs.
(2) Also discuss how changes in the A of R for your chosen good or service has affected the A of R for at least two other goods and services and vice versa. Include one graph. Two Pages Minimum. Include graphs
(3) Discuss how the government has (or could) regulate both directly and indirectly your good or service to change the A of R. Also include in your discussion how this regulation would also affect the A of R for another good or service. Include graphs. Two Pages Minimum.
Discuss your economic predictions for the A of R for your good or service in the future. Explain which IV’s will be most influential and what role government regulation will play in these predictions. Include graphs. One page minimum.