[Solution]Explore the supply and demand conditions for your firm’s product

The purpose of this milestone is for students to begin their firm analysisfrom a microeconomic perspective, applying concepts learnedin Modules One, Two,and Three.Specifically, students will…

The purpose of this milestone
is for students to begin their firm analysisfrom a microeconomic perspective,
applying concepts learnedin Modules One, Two,and Three.Specifically, students
will examine the supply and demand conditions for the goods or services the
firm produces, paying special attention to how sales and product development
have evolved overtime.Students will then apply the elasticity concept to
determine how the price elasticity of demand for the firm’s goods or services
would be categorized,and they will examine what that suggestsfor the firm’s
ability to increase or decrease prices.

Prompt: Submit a draft of the supply and demand conditions (Section
II)and price elasticity of demand(Section III) of your research paper,
including all critical elements listed below. You will analyze data on firm
sales and in the market overall to identify trends and inform your
recommendation for the firm’s future actions. You will also use available data
to determine the price elasticity for the goods or services your firm produces
and explain the factors that influence consumers’ reactions and the firm’s
pricing decisions.

Specifically the following
critical elements must be addressed:

II. Explore the supply and
demand conditionsfor your firm’s product.

a)
Evaluatetrends in demand over time and explain their impacton the
industry and the firm. You should consider including annual sales figures for
the product your firm sells.

b) Analyze information and data
related to the demand and supply for your firm’s product(s) to support your
recommendation for the firm’s actions. Remember to include a graphical
representation of the data and information used in your analysis.

III. Examine the price
elasticity of demandfor the product(s) your firm sells.

a) Analyze
the available data and information, such as pricing and the availability of
substitutes, and justify how you determine the price elasticity of demand for
your firm’s product.

b)
Explain the factors that affect consumer responsivenessto price changes
for this product, using the concept of price elasticity of demand as your
guide.

c) Assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth.
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