analyze the market for any particular existing or potential product or service, based on the following...

analyze the market for any particular existing or potential product or service, based on the following Points:

I. (2P) Identify 2 factors that could potentially shift the Demand for this product, and corresponding effect on price and quantity in equilibrium.

II. (2P) Identify 2 factors that could potentially shift the Supply for this product, and corresponding effect on price and quantity in equilibrium.

III. (2P) Determine the Elasticity of Demand and Supply for your product, and explains the reasons for such elasticity.

IV. (2P) Evaluate the impact of any particular government regulation (Price Control, Quota Control, Taxes, Subsidies) on consumers, producers, and on market efficiency for this product.

V. (2P) Identify the market structure for your product, and describe 2 strategies that producers in this market could adopt to compete more effectively or to increase their market power.

Make sure to use standard APA format, and include a title page, and proper references at the end of the paper. Graphical analysis is recommended, but verbal description could be sufficient if detailed enough.

Expert Solution

Let us consider the market for burger.

The two factors that can shift the demand are income i.e. an increase in the income will shift the demand of the burger that is demand will increase. Second factor is the change in the price of hot dog which is a substitute to burger. An increase in the price of hot dog will shift the demand for burger rightward i.e. the demand will increase.
The two factors that can shift the supply are fall in the price pf tomatoes which are used as an input in the production of burger. The supply curve will shift downward to right i.e. the supply will increase. Second factor is increase in the burger outlets this will also shift the supply curve downward.
The demand and supply for burger are elastic i.e the percentage change in quantity is more than the percentage change in the price.
The government regulation will lead to fall in the total surplus as they may lead to deadweight loss.

* We are supposed to do only four subparts to a question. For solution to other parts please post as a separate question.

Rahul Sunny answered 1 year ago

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