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Consider a market for a good or service of your choosing (be creative!). Suppose you are planning to conduct a study of this market. a.
Consider a market for a good or service of your choosing (be creative!). Suppose you are planning to conduct a study of this market. a. List at least two specific factors (other than price) that you believe would cause changes in market demand. Based on this, write out a hypothetical demand function (i.e., in specific (not general) functional form write out how quantity demanded depends on price and the two factors you chose). The coefficients on your two factors should make economic sense. b. List at least two specific factors (other than price) that you believe would cause changes in market supply. Based on this, write out a hypothetical supply function (i.e., in specific (not general) functional form write out how quantity demanded depends on price and the two factors you chose). The coefficients on your two factors should make economic sense
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