Write 1250-1500 word paper that addresses the items below. Your paper should include five peer-reviewed supporting
references and be in APA format.
1. Explain the concept of supply and demand in your own words and provide two examples of how you see it at work: one from
the news and one from personal experience.
2. State the difference between demand and quantity demanded, as well as the difference between supply and quantity
supplied.
3. Provide real-world examples and include supply and demand graphs to illustrate the following four concepts: change in
demand, change in quantity demanded, change in supply, and change in quantity supplied.
4. Describe equilibrium price and quantity, and explain and illustrate with two supply and demand graphs how a change in
supply and a change in demand affect the equilibrium point.
5. Define price elasticity of demand in your own words, and provide examples of elastic and inelastic demand, with a
demand curve illustrating each example.
NOTE: All sources need to be from a respectable site. Not Wiki. Can use the book Principles of Economics by N. Gregory
Mankiw c 2015
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