Locate an article pertaining to a change in the supply, demand, and pricing of a particular product or service. Utilizing the economic theories, prepare a paper in which you summarize the article and explain why changes occurred in supply, demand, and price.
Please see the attached file for complete solution.
I have located this great article about a change in the supply, demand, and pricing of cotton.
I'm presenting this information as a guide only since we're not allowed to help you complete an essay.
The law of supply (S) and demand (D) states that the market price of a good is the intersection of consumer demand and producer supply. If the price for a good is at a low level where consumers demand more of the good than producers are prepared to supply, there will be a shortage of the good, and consumers will be willing to pay more for it. The producers will increase the price until it reaches the level where consumers would not buy any more if the price was increased. Conversely, if the price for a good is at a high level where the suppliers would like to produce more than the consumers will buy, the producers will be willing to lower the price. The price will fall until it reaches the level where consumers would be willing to pay more for the good.
This point to which prices will move towards is the point of economic equilibrium, where the quantity supplied is equal to the quantity demanded - ...
The solution provides detailed fundamental theory on the laws of supply and demand. It then provides an example of the pricing of cotton. The document is about 890 words long with references.