Assignment 1: Analyzing Supply and DemandDue Week 4 and worth 150 pointsSelect a good or service with which you are familiar. Write a three to four (3-4) page paper in which you:Explain how changes in two (2) factors that affect the supply of your good (e.g., input costs, number of suppliers) affect the equilibrium quantity and price of your good or service in the market.Discuss the characteristics of your good (e.g., is your good a necessity or luxury?) and determine if the good or service you have chosen exhibits elastic, inelastic, or unitary elastic demand. Justify your answer.Suppose that the government decides to introduce a price floor in the market. Discuss what will happen to the quantity of the good in your market, who would benefit, and who would lose from the decision to implement a price floor.Include three (3) external peer-reviewed sources to support your position.Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the studentâs name, the professorâs name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:Discuss the concepts of supply and demand, and consumer choice theory as they relate to current economic issues.Discuss methods of price determination, elasticity, and utility analysis.Use technology and information resources to research issues in microeconomics.Write clearly and concisely about microeconomics using proper writing mechanics.Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills. Clickhereto view the grading rubric for this assignment.
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