Supply and Demand Select a market that is of interest. Use what you know abOut this industry and knowledge from this course to answer the questions below. Markets that might be of interest (or select your own market of interest): Market for mobile phone service Market for tablets (ii-x iPad, Samsung Galaxy Tab, etc.) Market for Tim Horton's coffee Market for community college business programs 1. a. Explain what you believe is the elasticity of demand. Is it elastic or inelastic? Explain why? The elasticity of demand for the tablet market is elastic. The reason why I believe its elastic is because tablets are luxury items which also have a variety of substitutes. (EXPLAIN) b. Provide an estimate of price and quantity sold in a recent period for this industry based on available data or estimates. Use whatever parameters are available (g for a recent year for a specic market like Canada, us. or global) c. Using the price and quantity you've identied, consider what would happen if this price were to increase by 10%. Estimate the new industry quantity based on your statement in answer a. about based on your price and quantity estimates and the industry revenue before and after the price increase. 2. Identify and explain one factor that has caused a shift in the demand curve (not what might happen . . . discuss something that his happened in this industry in recent years). Illustrate the impact on the market using supply and demand curves. 3. Identify and explain one factor that h caused a shift in the simply curve. Illustrate the impact on the market using supply and demand curves. 4. Identify and explain one way, government intervenes in this market. Any form of government intervention can be discussed. Explain the government's economic objective and illustrate the impact on the market using supply and demand curves