STATEMENT:
Changes in external factors, such as consumer income and the prices of
substitutes and complements, will significantly influence the demand and
supply relationship for the selected product.
Use the following as guide to do research:
Introduction
Body
Choose a pair of related products that you are interested in
analysing (Ensure that the product has a well-defined market
with readily available data.)
Collect historical data on the price, quantity demanded, and
quantity supplied of the chosen pair of products over a specific
period
Plot demand and supply curves: Use the collected data to plot
the demand and supply curves for the selected pair of products
Analyse price elasticity of demand: Calculations, consumer
behaviour
Examine factors affecting supply and demand of the chosen pair
of products
Conclusion: A summary of your key arguments and/or findings.
Bibliography/referencing (use Harvard method)
Marks
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