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basis for the trends in consumption patterns

Please help me so I can prepare a paper with the following:
1. Define economics
2. Define Law of Supply
3. Define Law of Demand
4. Identify the factors that lead to a change in supply and a change in demand.

Analyze the basis for the trends in consumption patterns discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article and describe what has occurred to change the demand for or the supply of the good or service, market prices of those products or service, and their price elasticity of demand. Be prepared to discuss this assignment in class.

I'll be preparing a 5 slide powerpoint presentation.

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Economics
Economics studies the production, distribution, and consumption of goods and services. Economics studies behavior in relationship between the ends and means which may have alternative uses.
Law of Supply
The law of supply is the relation between the price of a good and the quantity available for sale at that price.
Law of Demand
In general, price and quantity demanded in a market are inversely related. The higher the price of a product, the less of the product people would be willing and able to buy of it.
Factors Leading to Change in Supply and Demand
Competitive markets will lead to changes in supply and demand as well as the equilibrium price. This means that as a product is in more demand, this raises the price. This is a change in the quantity demanded versus the change in demand. Other factors leading to changes are tastes, incomes, product information and fashions.
Article: Estimation of implied price elasticity of demand through current pricing practices.
Analyze the basis for the trends in consumption patterns discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article and describe what has occurred to change the demand for or the supply of the good or service, market prices of those products or service, and their price elasticity of demand.
Over the past decade the wireless telecommunications industry has undergone a multitude of changes and experienced rapid growth. Developments in technology and consumer demand have ...

Solution Summary

This solution defines economics, defines the law of suppy and demand and identifies the factors that lead to a change in supply and demand. The solution is approximatey 900 words with three references.

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