Select a market for a product or service and then identify at least one critical determinant of demand or supply in that selected market and forecast a reasonable future change in the determinant. Explain the changes in equilibrium price and quantity you expect for that market. A graph is not required; however, it is helpful and illustrative to help you fully comprehend this weeks material.
Hint: To economists, the word determinant has special significance. Please pay particular attention to the listed determinants in Chapter 3 prior to posting.
