[The suppy demand model] - thoughtful quesiton

This question setting will be

. Use a conceptual demand curve graph to show how some change in market conditions would affect the price elasticity of demand in a market that includes or is closely related to your product of interest. (4 points) 0 Your output for this model should be a graph with two demand curves. (Hint: Although we have usually assumed that a given change in market conditions either shifts the demand curve or makes demand more or less elastic, a change in market conditions could actually do both. Showing a change in elasticity is the only requirement butyou may want to consider whether a shi also occurs.) 0 Label this graph Figure 2 and include a descriptive Title (which explains what market conditions are changing) in the label. The graph and label together should clearly indicate which curve is more elastic and how the change in market conditions affects the curve. 0 See Figure 2 Example in \"Problem Set 2 supply-demand model gures" 0 Ungraded suggestion: by to make the \"change in market conditions \" a change that you have actually found in your research. Figure 2 Example Scenario depicted: Market for doc cams (could be relevant for a doc cam manufacturer, or a college/buyer of this product) Decrease in demand (some people buy the app instead of a doc cam) Demand more elastic (doc cam buyers are more price- sensitive since there is a closer substitute) Price ($ldoc cam) Figure 2 New apps that turn phones into doc cams will make doc cam demand more elastic, and decreased 4/ Demand 1 Demand 2 p Quantity (doc cams)