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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.
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