Question

For the Week 2 Critical Thinking Exercise, you will discuss and provide application of concepts of supply and demand by identifying two goods and two services you consume at the household or professional level. For each example, you will identify a demand-shifting factor (preferences, expectations, income) and a supply-shifting factor (entry/exist of a producer, cost of input, etc.) Based on each factor/scenario, please discuss the impacts to the equilibrium price and quantity further include actual reporting of the scenario relating impacts on the industry from the scenario-based adjustment from research. For example, for the gasoline industry, a scenario could be civil unrest emerging in Saudi Arabia, since they are the largest exporter of gasoline, this would impede gasoline supply. The reduction in gasoline supply would shift the curve to the left and holding demand constant create a new equilibrium price and quantity. In your response, please research and report actual quantitative information (charts, tables, and graphs) for industry data tied to your example.

Answer 1

ANSWER Appli cafion of coneepts of sopply and demand by idenkffing tuo goods and two geuice you consume at the household oT Professional level Heone by idenkKng demand shiPhn focha ie Psofedroncey expectations , income and Supply shifhing factoon. on Coch factoor the sevicey and goods గScd ane Elech ici ty Ca) Elechicit is the e of fachr uhich change in goveament quulation neducing the ho af units available to a hou se hold i shift the supply cusnve to left

b) Television cable Television is the type of fachor wehich com petitor leading enby of a shift to ght to a Supply cuve hew ) Vege tables Vege table is the failuoe leadin to a shist af supply curve to left hpe of facb cuhich crop Naid maud is the ype of factoy which New un skilled woykes coming and all of them ane afy tu wave of take jobs at buser wagey Supply cune ehif to ight.