Hello, Everyone,

Please include the followingTWOtablesin your Week 2Determinants of Supply and Demand Report: Part I.Here's what you need to do . . .

Include a copy of the following table in your report.Complete the table as follows:

• In the second columninclude a definition of the determinant.Include properly formatted in-text citations with your definitions and use an appropriate source, such as the course textbook (Mankiw).
• In the third columnexplain how a change in the determinant affects supplyordemand.

Hints:In our course text,Mankiwdiscussesfourdeterminants of supply andfivedeterminants of demand.

Image:https://pasteboard.co/2hECw3O7SiHF.png

Determinants of Supply and Demand

Name ofDeterminant of Supply or Demand

Definition of Determinant

Explanation of how determinant laffectssupply or demand.

Complete the un-shaded boxes shown below for the determinants of supply shown in the left column.

Technology

InputPrices.

Number ofSellers

Complete the un-shaded boxes shown below for the determinants of demand shown in the left column.

Income

Expectations

Number ofBuyers

Also, your group should use the following table to report on your group's consensus ranking (by order of importance) of your chosen determinants.

Each individual member of your study group should rank the threedeterminants of supplylisted in yourDeterminants of Supply and Demand Tableby order of importance.Assign a:

• "1" to the determinant you think is most important (has the largest influence on the supply of the products or services a firm will produce).
• "2" to the next most important determinant of supply.
• "3" to the determinant you think has the least influence on a firm's supply.

Each individual member of your study group should rank the threedeterminants of demandlisted in yourDeterminants of Supply and Demand Tableby order of importance.Assign a:

• "1" to the determinant you think is most important (has the largest influence on the demand for a firm's products or services).
• "2" to the next most important determinant of demand.
• "3" to the determinant you think has the least influence on the demand for a firm's products/services.

The group will then discuss their choices and agree on a consensus ranking of both your determinants of supply and determinants of demand.RULES FOR ARRIVING AT A CONSENSUS:(1) voting is not permitted,(2) any one person can veto the ranking order,(3) individuals should compromise and collaborate with teammatestointegrate everyone's opinion, and(4) quantitative processes should not be used.

Use this table to present your team's consensus ranking and the individual team members' rankings of the determinants of supply and demand.

Name of Determinant of Supply or Demand

Team's Consensus Ranking

Teammate's Name and Ranking

Teammate's Name and Ranking

Teammate's Name and Ranking

Teammate's Name and Ranking

Teammate's Name and Ranking

Teammate's Name and Ranking

In the un-shaded boxes shown below,

rank the three determinants of supply shown in the left column.

Technology

InputPrices

Number ofSellers

In the un-shaded boxes shown below,

rank the three determinants of demand shown in the left column.

Income

Expectations

Number of Buyers

image:https://pasteboard.co/7UGgpnY2ffvp.png

Hint:A good way to begin this paper is to simply start with this document.Good luck!!!