Description

You are required to submit a short paper analyzing the economic impact of government policies. You are required to pick a consumer product and discuss the following: 1. What is the product? (You can talk about products in a broad sense such as cellphones, laptops, etc.or you can pick specific branded products such as Apple iPhones, Asus laptops, etc. Think about how you will answer the questions below before you pick your product.) 2. What are the substitutes and complements for this product? 3. Is the price elasticity of demand greater or below 1? In other words, how sensitive are the consumers to this price change in this product? (It is best to support your answer using news article, news report, financial report, journal articles. If you do have support, please add proper citations and a bibliography section). 4. Is this product a normal good, inferior good? Why? 5. Describe the market competition for this product (perfect competition, oligopoly, monopoly, etc). Who are the main producers? 6. What factors would affect the demand for this product? 7. What factors would affect the supply for this product? What inputs does it require?

Get Homework Help Now