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Article Analysis for Trends in Consumption Patterns
Using the Internet, and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050-1,400-word paper in which you:
a. Define economicsb. Define microeconomicsc. Define the Law of supplyd. Define the Law of demande. Identify the factors that lead to a change in supply and a change in demand
Analyze the basis for the trends in consumption patterns as discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.
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As the number receiving the bonus vary from year to year due to the state of the economy.
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If the price of a good decreases, the substitution effect shows the increase in the quantity of the good demanded, holding income constant.
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