For this assignment, you will 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.
- Explain how a change in supply affects the equilibrium price and quantity of the good or service.
- Based on your research of the good or service, what do you expect to happen to the demand for it over the next five years?
- Based on your research of the good or service, what do you expect to happen to the supply of the good or service over the next five years?