Please write a 700-1,000 word paper in which you address the questions above using the guide below. Also, please do your best to format your work accordingly and to cite any references you might use.
Discuss the determinants of demand and supply for this product. What factors can lead to a change in equilibrium price and quantity?
Consider the availability of substitutes for this good or service. Discuss the price elasticity of demand for this product and the determinants for it.
Finally, suppose you work for a firm which produces this good and you are interested in increasing revenue through a change in price. Would you increase the price so you would receive more in payment for each unit, or would you decrease price so that you would attract more consumers to switch to buying your good? How does elasticity affect your choice?