1. Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each factor. Finally, explain how the shifts in demand and supply are different from movements along the demand curve or movements along the supply curve and why the distinction is important.
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2. Three factors that would result in a shift in the demand curve include income, tastes, and the prices of related goods. Three factors that would result in a shift in the supply curve for that good include the number of sellers in a market, the level of technology used in a good’s production, and the prices of inputs used to produce a good. Upward shifts in the supply and demand curves affect the equilibrium price and quantity.
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********This is not Summary so please number your answers. if its not numbered i wont accept this work
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