Supply and Demand in the Real World

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The market price of a product is determined by the supply and the demand for the product.  A large supply of an item that no one wants generally results in a lower price for that item.  You’ve learned that we can draw a picture of the supply and demand for a product using a graph of the product’s supply and demand curves, and that the market price will be the “equilibrium” price at which these curves intersect.  There are also determinants that will affect both the supply and/or the demand for a product, making one or both curves move and creating a new “equilibrium” price.

Now you get to use all this knowledge to analyze changes in the price of a product.  Through research, you will explain, using supply and demand, why the price of a product has changed in the last few years, and what future changes are likely to do to the product’s price.  You will also draw graphs showing how these changes affect the product’s supply and/or demand, and also show the resulting change in price.

Specifically, you will perform the following tasks to create two things:

  • A PAPER,AND
  • A POSTER OR A POWER POINT PRESENTATION FOR THE CLASS

 

  1. Choose an appropriate product to analyze. A list of possible products is attached to get you started, but you are not confined to the list.  Just make sure that you can easily find price, supply and demand information on the product you choose.

 

  1. Research what the price of the product was two years ago, and what the price of the product is now.
  2. Research the reasons why the price changed in the way that it did: did something happen to change the demand for the product?  The supply of it?  Why?Fill out an article analysis sheet for the source used.
  3. Draw a supply and demand graph showing the supply, demand and price two years ago AND the changes to any of those items between then and now. In other words, your graph will illustrate the changes you researched in step 3.This can be done on paper or on a computer. It should be labeled, detailed, and accurate.
  4. Research some reasons why the price might change over the next few years (or sooner). Will demand for the product change?  Supply?  Why?Fill out an article analysis sheet for the source used.
  5. Draw a supply and demand graph showing the supply, demand and price now AND the expected changes to any of those items in the future. In other words, your graph will illustrate the changes you researched in step This can be done on paper or on a computer. It should be labeled, detailed, and accurate.
  6. Write a brief paper (1 to 2 pages, double spaced 12-point type) of at least three paragraphs.
    1. One paragraph will define the product and indicate the price of that product two years ago and the price now.
    2. At least one paragraph will identify the determinants that affected supply and/or demand for the product and changed the price.
    3. At least one paragraph will discuss future changes in the determinants of supply and/or demand for the product and the resulting expected effect on price.
    4. Attach the two graphs called for in steps 4 and 6 above, and all of the article analysis sheets. Remember to put your name on the article analysis you completed for the paper.
  1. Create a Posteror a PowerPoint for presentation to the class.
    1. Have a clear title that says, ”The Price of” and then the item you researched
    2. Include pictures of the item you chose and the factors that effected its price
    3. Pictures should illustrate ALL determinants listed
    4. All pictures MUST HAVE CAPTIONS
    5. Show the two graphs included with the paper illustrating changes in price

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