Can you tell me if I have done this correctly? I was asked to discuss and provide application of concepts of supply and demand by identifying two goods and two services you consume at the household or professional level.For each example, you will identify a demand-shifting factor (preferences, expectations, income) and a supply-shifting factor (entry/exist of a producer, cost of input, etc.) Based on each factor/scenario, please discuss the impacts to the equilibrium price and quantity further include actual reporting of the scenario relating impacts on the industry from the scenario-based adjustment from research.

below is my response

Goods

Automobiles and toilet paper

U. S. Automobiles - Due to coronavirus pandemic automobile dealers are experiencing a shortage in their supply chain. The supply of automobiles dropped dramatically after car manufacturers were forced to close their factories due to pandemic. "RBC Capital Markets said that the fallout from the coronavirus could send global auto production down 16% in 2020". (News, 2020) The demand-shifting factor is the income level of an individual. Quantity demand is high when the prices are low when there is plenty of cars in the market and quantity demanded is low when the prices are high. Supply-shifting factor is the cost of production which determines the prices. Quantity supplies is high when the prices are low and quantity supplies is low when the prices are high.

The paper industry was affected by the pandemic also with the production of toilet paper. The manufacturers were working at full capacity when the demand exceeded production levels. When consumers discovered there was a pandemic and shelter in place was put into effect, there was a panic within the people. Consumers rushed to stores and bought toilet paper in bulk which created a shortage of product."Georgia Pacific estimated that people would use 40% more toilet paper than usual if people spent all their time at home during pandemic" (Moore, 2020). The demand-shifting factor is basic need for hygiene hence the demand is always high. Quantity demand is high when the prices are low, and quantity demanded is low when prices are high.Supply shifting factor is agriculture produce. Quantity supplies is high when the prices are low when there is plenty of toilet paper in the market and quantity demanded is low when the prices are high.

Services

Haircut and Medical checkup

Haircuts became topic of discussion during the pandemic. People were not able to get their haircut during pandemic in salons due them being closed during shelter in place.Demand-shifting factor is preference of physical appearance Quantity demand is high when the prices are low, and quantity demanded is low when there are many hair salons available when the prices are high due to lack of hair salons. Supply-shifting factor is open locations and quality of service. Quantity of supplied is high when the prices are low when there are many hair salons and quantity supplied low when the prices are high due to lack of hair salons.

Medical checkups were also a challenge during pandemic.Well checkups were put on hold at some doctor offices due to pandemic.Demand-shifting factor is needed to stay healthy.Quantity demand is high when the prices are low when the medical facilities are present, and quantity demanded is low when the prices are high due to lack of the medical facilities. Supply-shifting factor is the availability of medical facilities. Quantity supplied is high when the prices are low due to the availability of the medical facilities and quantity supplied low when the prices are high due to the lack of medical facilities.

Moore, A. (2020, May 19). How the Coronavirus Created a Toilet Paper Shortage. Retrieved August 15, 2020

News, L. C. (2020, March 18). General Motors, Ford and Fiat Chrysler to temporarily close all US factories due to the coronavirus. Retrieved August 15, 2020