Elucidate causes for shifts in supply and demand

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Reference no: EM1357849

• Write a 700- to 1,050-word paper addressing the following for the team's chosen commodity:

o Identify causes for shifts in supply and demand for the chosen product.

o Explain how these shifts in supply and demand influence price, quantity and market equilibrium.

o Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the product chosen by the team. Explain how the necessity of a good and the availability of substitutes impact the price elasticity of the product.

Reference no: EM1357849

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