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Abigail Rivas
Product Report Template
1. Choose a Product and a Trend
Before you begin, choose a product to study. Specifically, make sure to choose a product that is a consumer good. Keep in mind that goods are tangible products. For example, soft drinks, clothing, cars, and electronics are all types of consumer goods.
Coffee
For the product you’ve chosen, consider economic trends (real or hypothetical) that might impact this product. You should come up with at least two: one for supply and
one for demand. Some examples that you may use:
A change in preferences due to a fashion or health trend
A shift in demographics due to aging populations
An increase or decrease in the input costs (such as cost of raw materials or labor) needed to offer a product
Note: Although research is not required for this step, it is encouraged. See the Supporting Materials section of this project for some recommended databases.
Supply Trend: Protests and boycotts
Demand Trend: Coffee Increases Please note that, while this section is not checked for mastery, it is needed as the basis for the rest of your project.
2. Determinants of Supply and Demand
For each economic trend you consider, describe it according to the determinants of supply and demand. Use the determinants from the following list:
Demand:
Income, prices of related products, preferences, demographic characteristics, buyer expectations
Supply:
Prices of factors of production, technology, returns from alternative activities, the number of sellers, seller expectations, natural events
Demand Determinants: Inflation has increased. Protests increasing. Discontent increasing. Prices increases. Shortage in labor. 3. Model a Shift
Using one of the trends that you’ve described above, model the shift in supply or demand for this product. Make sure to use appropriate labels and terminology in your model.
Note: To model the shift in supply or demand graphically, you may use the drawing tools in Microsoft Word, or use the graphing tool linked in the Deliverables section and take a screenshot. Alternatively, you may describe the shifts that will occur.
4. Rationale
Explain your rationale for this shift (based on the model above) using appropriate economics terminology. As you work, consider the following:
The difference between a shift in supply or demand versus a shift in the quantity supplied or demanded
How the equilibrium will shift
Demand is increases. The difference between a shift in supply or demand vs a shift in the quantity supplied or demanded is that shift in supply. The D2 line is when demand shifts then the demand curve does too. If it cannot
continue to supply goods at the same price it did due to protests and supply chain issues, it changes the quantity supplied. When the price changes, it shifts the quantity demanded. The higher equilibrium if demand
was low. The equilibrium will shift when the demand curve changes and/or Equilibrium
Supply Demand
Increase
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