apply the concepts of supply and demand analysis
concepts to a specific good or service you use in your everyday life. In your paper,
include a discussion of the following as subheadings in your paper:
- Describe the good. What are its main characteristics?
- What are some of the substitutes and complements for the good?
- Indicate whether the good is a normal good or an inferior good. Explain the
reasons for your choice. - Identify and describe the main nonprice factors that could cause an increase
or decrease in the demand for the good or service. - Identity and describe the main nonprice factors that could cause an increase
or decrease in the supply of the good or service. - Explain how a change in demand affects the equilibrium price and quantity
of the good or service
