1. Find a product (possibly a commodity) traded in the global market and examine how the price of the product has changed over the past 10 years. How have these price changes reflected the law of supply and demand? Be sure to discuss both movement along the supply/demand curve as well as shifts in the curves. (A graph in excel, as an attachment, would show understanding).
2. Suppose there are two services offered in the economy: dance clubs and college education. Both require the use of limited resources, but not all of the resources used in each one can be readily transferred to the other. What is the effect on the economyâ??s production possibility curve (reflecting these two services) in both the short and long run if it shifts resources from dance clubs to education?© BrainMass Inc. brainmass.com October 25, 2018, 3:54 am ad1c9bdddf
This solution exemplifies supply/demand curve.
Movement and shifts of demand curve, changes in supply/demand
Please explain in detail the difference between a movement along and shift of the demand curve.
Show the impact on the equilibrium price and quantity that results from
(1) an increase in demand
(2) an increase in supply
(3) an increase in both supply and demand
Please provide an example of the role of supply and demand in decision making.
I'm looking for no less than 1000 words to help me better understand.
Kindly provide APA citations as necessary. Thank you!