Prepare a Word document that addresses each of the following problems and submit to your instructor.
Some economists believe that supply determines what happens to demand while others believe demand determines what happens to supply. describe both sides with exs.
The supply and demand for one product can affect the supply and demand for complementary items. describe and give exs.
The supply and demand for one product can affect the supply and demand for substitute items. describe and give exs.
What is "Elasticity?" Identify products which have an elastic demand. Identify products which have an inelastic demand. Identify products with a unitarily elastic demand. describe what this means for all three.
A lot of rules in Economics are based off of having perfect competition. What is this? What does it mean to have an imperfectly competitive market? describe with exs.