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Is the commodity growing or is it declining, and why?

by | Nov 11, 2022 | Economics

 

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Week 3 Case Study: Microeconomic Analysis: Supply and Demand
Overview
Market demand represents the sum of the individual demand for a commodity (a good or a
service) from buyers in the market. If there are more buyers who are willing and able to pay for a
commodity, then market demand at each price level will rise. On the other hand, market supply
represents the total quantity of a commodity that producers are willing and able to provide to the
buyers at a given price level.
Market equilibrium occurs where the quantity supplied equals the
quantity demanded, and the market price (equilibrium price) is set at that quantity (equilibrium
quantity).
The equilibrium price and equilibrium quantity are not static, however, meaning that they change
due to changes in market demand or market supply. A commodity that once was popular and its
production was profitable, for example, might lose popularity.
As a result, its price declines and
its profitability declines, too. Whenever the demand for a commodity rises or declines and
whenever the production of a commodity expands or shrinks, it is certain that a market force or a
set of forces have taken place to cause this change. At the same time, whenever market demand
and/or market supply change, the market price and quantity of that commodity changes, too.
Dynamic and free markets are constantly changing due to changes in factors (determinants) that
affect either demand, supply, or both. Analyzing and understanding the forces behind the shift in
market demand and market supply determines the growth pattern of the commodity.
Assignment Description
In this assignment, we are going to analyze the changes in market demand and market supply for
a commodity (a good or a service). In addition, we are going to analyze how the changes in
demand and supply affected the market price and production of this commodity. To do so, we are
going to address the key factors (determinants) that have caused the shift in demand and/or the
shift in supply. The goal here is to provide an objective analysis of the forces that have caused
this change to better understand the behavior of the market and to determine the potential growth
or decline for this commodity.
Some of the commodities that have experienced a drastic change
(an increase or a decrease) in supply and/or demand in recent years are organic foods, cage-free
eggs, social media, higher education, online education, healthcare services, online banking,
online shopping, DVD players, digital cameras, fidget spinners, health clubs, bottled water,
landlines, Cash for Gold, and fried food. You could use one of these commodities for your study
or choose one you are familiar with or prefer.
To start, select a commodity that you wish to analyze to determine changes in its market demand,
market supply, equilibrium quantity (output), and equilibrium price.
Revised 2/11/2022
Your research needs to be structured with consistent and clear thoughts. It also needs to be
supported by actual data. Your results need to be based on solid facts. Your conclusion and
opinion need to be thorough and based on your findings and understanding of supply and
demand determinants.
Writing Style (APA) and Page Number Requirements
Font Type: Times New Roman or Arial
Font Size: 12
Spacing: Double
Number of Pages: Three to five pages, not counting the separate Title page and the separate
References page
Structure and Requirements
 Title Page
o
Title of the paper
o Name of the author
o E-mail address of the author
o Class name
o Professor’s name
o Date
 There are 4 sections to this case study (Introduction, Data, Analysis, Conclusion). You
must have these 4 section/headers in your paper since each section has its own
marks/points (see rubric).
 Introduction
o Describe your commodity and the market that commodity targets (geographic or
demographic).
o State when, how, and why the commodity has became popular or less popular.
o State the factors (demand determinants and supply determinants) that have caused its
supply and demand to change and how those changes affected it price. Basically, why
has demand and supply for that commodity changed?
 Data
Revised 2/11/2022
o Obtain data from at least three credible sources (not Wikipedia) to provide facts
about the changes in demand and supply.
 Market Equilibrium Graph of the commodity showing 2 non-price
determinant shifts in Demand or Supply or Both (Graph)
 Industry Report on the sales of the commodity (Chart/table/graph)
 Company Report on the sales of the commodity (Chart/table/graph)
o Use tables, graphs, and figures to support your argument. You could use figures
that show the changes in demand and supply, as well as changes in the market
price for the commodity.
 Analysis
Use the findings from your data section to fully explain the growth or decline pattern of
the supply and demand. Is the commodity growing or is it declining, and why? If it is
growing, state the factors that led to its growth. If it is declining, state the factors that led
to its decline.
 Conclusion
Provide your own final thoughts, opinion, and understanding of the outcome.
Do you
believe this commodity is profitable for its producers? Or should they provide something
different instead? Or should they modify the commodity? Moreover, if you were to
produce this commodity, what would you do to increase your revenue?
 Reference List
Use at least three professional sources to support your argument. The references need to
be in APA format.
To learn more about APA format, click (and hold your CTRL key) on the link below or
copy/paste the link into your browser address bar.
APA Resources: http://libguides.devry.edu/c.php?g=181472&p=1194156
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