Case study Microeconomic Analysis: Supply and Demand
Describe your commodity and the market that commodity targets (geographic or demographic).
State when, how, and why the commodity has became popular or less popular.
State the factors (demand determinants and supply determinants) that have caused its supply and demand to change and how those changes affected it 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, opinion, and understanding of the outcome. Do you believe this commodity is profitable for its producers? Or should they provide something different instead? Or should they modify the commodity? Moreover, if you were to produce this commodity, what would you do to increase your revenue?
Use at least three professional sources to support your argument. The references need to be in APA format.
