Principles of Microeconomics

Please help with the discussion questions:

Lab 3: The Power of Cooking Oil

Do you like fried foods? Here is a look at a different kind of oil shock. Sunflower and palm oil, politics and cartel, fish and chips, cosmetics, chocolate, coups and war? How Palm Oil Prices Are Affecting the Global Economy (link: https://www.npr.org/sections/money/2022/05/03/1096044152/how-palm-oil-prices-are-affecting-the-global-economy) If you look around, you will actually notice that supply has been shifting around wildly in a number of markets due to what has been going on from sugar (bye, bye, sweets) and other "gourmet commoditiesLinks to an external site." like cocoa, coffee, oranges, and olive oil., to cattle (yep, that means your steak and burgers) and even supply chain bottle necks.. All of a sudden, you see supply and demand everywhere, don't you? Can you think of any other real world examples happening currently that could be explained by the concepts and model of supply and demand? Please share with us how your example can be explained specifically using supply and demand!