Introduction

Pick a good one to do your assignment on. The good can be a product or a service. Give details of your chosen good; include details such as price, size, possible substitutes and/or complements, and marketing/advertising campaigns. In all of the questions, you need to apply microeconomic theory to your chosen good.

Tasks:
Learning Outcome 2
Examine the key factors determining supply and demand and their impact on market price and production

Learning Outcome 12

Construct demand and supply curvesDemand

• a) State and explain the Law of Demand
  b) List and explain FOUR factors that may affect demand for your good
• a) Explain the difference between a movement along the demand curve and a shift in a demand curve
  b) Use a diagram to clearly show a movement along the demand curve
  c) What will cause a shift to the right of the demand curve for your goods? – give two examples
  d) Use a diagram to clearly show and explain a shift to the right in the demand curve.
  e) What will cause a shift to the left of the demand curve for your goods? – give two examples
  Use a diagram to clearly show and explain a shift to the left in the demand curve.