Q1- Defining the Cars market and its Change in Price

how has its price changedfor instance, by how much and over what time period?

Your response here should clearly explain the product, by how much its price has changed, and over what time period (for instance, 'the price has increased by $2.50 since 2009', or 'the price fell by 20% between August and October'). You may include an image charting the price change through time, but this is not required.

Question 2 - The Impact of the Price Change

What has been the impact of this price change on individuals and on society as a whole? That is, who has benefited and who has been hurt, and how do your own values or the values of others affect the interpretation of this impact?

Your response here should address the diversity of human experience in relation to the product and the impact of the price change. Before writing your response, you may want to ask yourself:

• How does this product and its changing price help us to understand the way people are interconnectedeconomically, historically, and socially?
• How are different groups of people affected differently by this price changewho gains and who loses?

Question 3 - Explaining the Price Change

What is/are the most important direct cause or causes of this price change?

Your response here should include at least one (and potentially all three) of the following categories:

• Demand-side explanations: for example, changes in income and preferences among buyers of the product, or changes in the availability or price of substitutes for the product.
• Supply-side explanations: for example, price competition or lack thereof, investments and changes in the markup (corporate levy), or technological improvements.
• Governance explanations: for example, taxes and subsidies, government regulations and law, changes in market and corporate governance norms.

Question 4 - Underlying Social and Historical Causes

With regard to the cause or causes of the price change described in Question 3, what are the underlying social and historical causes of those changes?

Your response here should contextualize your response in Question 3, explaining the broader circumstances that led to the change or changes that directly caused the price of your product to increase or decrease. For instance, if in Question 3 you explained the price change as a result of increased demand, in this question you might explain the cultural, historical, or legal changes that ultimately caused the increase in demand.