Once you've read Chapter 3: Demand, Supply, and Market Equilibrium then read following problem(s) and find the solution(s). You can read more about supply demand concept here: http://www.econlib.org/library/Topics/College/supplyanddemand.html# 1. Pick a product or service that interests you. 2. Find information about the price, the amount of this product demanded (consumed) and the amount produced in this year and last year. 3. Describe the possible shift(s) in the supply and demand curves that could cause the change in equilibrium price and quantity. 4. Identify the major factors that influence the demand for this product. 5. Identify geographic area, product groups, and customer groups for this product. How does inflation affect supply and demand for your product? Check this website: FRED Graph | FRED | St. Louis Fed (stlouisfed.org) 6. Analyze a price strategy and different price tactics for your product. What effect will the price change have on the demand? . What will the effect be on supply