UOP ECO 365 Week 1 Individual Arti .pdf
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ECO 365 Week 1 Individual Article
Check this A+ tutorial guideline at
Research the University Library and Internet, and select a recent news
article concerning trends in consumption patterns of a specific product,
such as gasoline, oil, grain, or coffee. The following article which is
located in the Electronic Reserve Readings on the student website is an
example of trends in consumption patterns:
Hauser, C. (2011, August 24). Sales of new homes fell again in July. The
New York Times. p. 6. Retrieved from EBSCOhost.
Write a 700 – 1,050-word paper in which you do the following:
Analyze the basis for the trends in consumption patterns, as discussed
in the article you selected.
Consider the utility derived from a product or service mentioned in
Describe what has occurred to change the demand for the product
or service and its market and equilibrium prices. Assume that supply
remains the same.
Describe what has occurred to change the supply of the product or
service and its market and equilibrium prices. Assume that demand
remains the same.
In your opinion, is demand for this product or service price elastic
or inelastic? What does this imply about how consumers respond to
changes in the price of this product or service? Support your
determination of the price elasticity of demand with a reference.
Format your paper consistent with APA guidelines.
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