Question
D escribe the demand for an actual product or service.The choice is up to you, though you should be mindful of how easy it will
Describe the demand for an actual product or service.The choice is up to you, though you should be mindful of how easy it will be to get information on the product or service.The intent is to see how well you can apply the idea of economic demand to a real product.Thedescription should include recent patterns in demand, important non-price determinants of demand appropriate to your chosen product, and price elasticity of demand.Failure to address any of these elements will result in a lower score.The general outline for your report is as follows:
- Description of the good or service.You need to carefully define the nature of the good or service.
- Description of recent (last 5 years) changes in demand for the good or service (NOT supply!) as indicated by volume and possibly price.
- Identification of non-price determinants of demand and analysis of how they have contributed to the changes in demand previously described.
- Analysis of elasticity of demand for the good or service; how sensitive volumes are to changes in price.(Do NOT try to compute elasticity on your own; DO report any such elasticity values estimated by other researchers).
I would like to use Toilet paper for this, but am struggling to find the demand for it.
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