Topic:

Foundations of Economics - Supply and Demand

Question:

One of the most exciting empirical analysis that you can do is examining the relationship between supply and demand for products or services, and show the price at which these variables intersect or meet (so called market clearing or equilibrium price). Select a good or service for which you believe there has been a shift in demand or supply. Based on your readings of the textbook, Internet-based and other resources, please explain the reasons behind the shift and how that has influenced the equilibrium price.