In this assignment, we are going to analyze the changes in market demand and market supply for a commodity (a good or a service). In addition, we will also analyze how the changes in demand and supply affected the market price and production of this commodity. To do so, we will are going to address the key factors (determinants) that have caused the shift in demand and/or the shift in supply. The goal here is to provide an objective analysis of the forces that have caused this change in order to better understand the behavior of the market and to determine the potential growth or decline for this commodity. Some of the commodities that have experienced a drastic change (an increase or a decrease) in supply and/or demand in recent years are organic foods, cage-free eggs, social media, higher education, online education, healthcare services, online banking, online shopping, DVD players, digital cameras, fidget spinners, health clubs, bottled water, landlines, Cash for Gold, and fried food. You could use one of these commodities for your study or choose one you are familiar with or prefer.
To start, select a commodity that you wish to analyze to determine changes in its market demand, market supply, equilibrium quantity (output), and equilibrium price.
Your research should be structured with consistent and clear thoughts. It should be supported by facts and data, and you must base your results on these facts. Your conclusions should be thorough and based on your findings and understanding of supply and demand determinants.
Describe your commodity and the market that commodity targets. Also, state when, how, and why it became popular or less popular. In addition, state the factors (demand determinants and supply determinants) that have caused its supply and demand to change and how those changes affected its price. Basically, why has demand and supply for that commodity changed?
Obtain data from at least three credible sources (not Wikipedia) to provide facts about the changes in demand and supply.
Use tables, graphs, and figures to support your argument. You could use figures that show the changes in demand and supply, as well as changes in the market price for the commodity.
Use the findings from your data section to fully explain the growth or decline pattern of the supply and demand. Is the commodity growing or is it declining, and why? If it is growing, state the factors that led to its growth. If it is declining, state the factors that led to its decline.
Provide your own final thoughts, opinions, and understanding of the outcome. Do you believe this commodity is profitable for its producers? Or should they provide something different instead? Should they modify the commodity? Moreover, if you were to produce this commodity, what would you do to increase your revenue?
• Reference List
Use at least three professional sources to support your argument. The references need to be in APA format. To learn more about APA format, click on the link below.
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