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Learning Team Assignment Due Day 7: Supply, Demand and Price Elasticity Paper
List 10 commodities that you use daily. Examples of these products may include: salt, coffee beans, and wheat. Choose one of these products from the list of commodity products. Assume that this product operates within a market economy. Write a 700- to 1,050-word paper addressing the following for the team’s chosen commodity:
Identify causes for shifts in supply and demand for the chosen product. Explain how these shifts in supply and demand influence price, quantity and market equilibrium. Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the product chosen by the team. Explain how the necessity of a good and the availability of substitutes impact the price elasticity of the product.
Format your paper consistent with APA guidelines.