Demand Determinants Now that we've learned about the law of demand (as price increases, quantity demanded decreases}, and our ve demand determinants, let's see how this effects real life. l have provided you with a list of companies that have responded to consumer demand in the recent past, as well as a list of items that experienced great changes in demand (some of them, so much so that they do not exist anymore}. You may choose to research one of the following com panies {look at the demand for that company as a whole; how many people are visiting that store or using their products): GM, Netflix, IBM, GE, Apple, Nintendo, Xerox, Walmart, McDonalds, Target, Jewel, Verizon, T Mobile, Napster, Dominic's, Nokia, 3M g you may choose to research the demand for one of the following products {some of these are making a resurgence- why?I How does this effect dema nd?): Slinky's, pogo sticks, Silly Bands, Tickle-Me-Elmo, m Crocs, Beanie Babies, Cabbage Patch Kids, Virtual Pets, Pet Rocks, Purple Ketchup, Frisbee, Palm Pilot, leggings, Fidget Spinners, Male Romper, Kale {fyou ho ve another company or product you wont to research, please see me for approval. You are going to explain how the demand ofthese goods have changed, identifying the demand determinants that changed them. In order to convey this information you will create a timeline of the demand for the product. Here's what yourtimeline must include: I Intro identifying what your product isfwhen it was created I Hand drawn graphs, properly labeled showing the correct shifts in demand. I You must identify at least 4 events that shifted demand; using a minimum of 3 different determinants {which should be named specically: an advertising campaign would lead to a change in taste), along with an event that changes quantity demanded- this should be a price change! I Current demand for your product- this will be the end of your timeline. This means there should be a minimum of 7 different graphs drawn for this assignment Sources (minimum of 3) where you received your information- your stories should be based in facts. While it is okay to extrapolate to make a point please do not completely make up events. (Just provide links) A few other considerations: Events must be based in reality, but you can make some jumps in order to make sense. . Specifically identify shifters mentioned below for each event This should be neatly done; an assignment will only receive full credit if it is visually pleasing and all necessary parts are labeled. Determinants of demand: Taste/Preference: New information, new advertising tactics, celebrity endorsement, etc Number of buyers: Have more people entered or exited the market Income: Is your product a normal or inferior good? Did we go through a recession (where people's incomes decrease)? How did this effect demand for your product? Expectations: Was a shortage anticipated in the future? Is a new, better similar product expected to be released in the future? How does this effect demand right now for your product? Price of Related Good: Complements- something that goes well with your product suddenly becomes cheaper or more expensive, how does this effect demand for your product? Substitute- Does the price of a substitute product increase or decrease