supply demand and market equilibrium 1

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  1. Describe the price elasticity of supply or demand for your product or service.
  2. Explain how two nonprice factors impact the demand of your chosen product or service.
  3. Explain how two nonprice factors impact the supply of your chosen product or service.
  4. Define the industry and the market equilibrium associated with the product or service.
  5. Predict the effect of changes in supply and demand on the market equilibrium.
  6. Describe the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium.

Product: Iphone 8

 
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