Week 3 Case Study: Microeconomic Analysis: Supply and DemandOverviewMarket demand represents the sum of the individual demand for a commodity (a good or aservice) from buyers in the market. If there are more buyers who are willing and able to pay for acommodity, then market demand at each price level will rise. On the other hand, market supplyrepresents the total quantity of a commodity that producers are willing and able to provide to thebuyers at a given price level.Market equilibrium occurs where the quantity supplied equals thequantity demanded, and the market price (equilibrium price) is set at that quantity (equilibriumquantity).The equilibrium price and equilibrium quantity are not static, however, meaning that they changedue to changes in market demand or market supply. A commodity that once was popular and itsproduction was profitable, for example, might lose popularity.As a result, its price declines andits profitability declines, too. Whenever the demand for a commodity rises or declines andwhenever the production of a commodity expands or shrinks, it is certain that a market force or aset of forces have taken place to cause this change. At the same time, whenever market demandand/or market supply change, the market price and quantity of that commodity changes, too.Dynamic and free markets are constantly changing due to changes in factors (determinants) thataffect either demand, supply, or both. Analyzing and understanding the forces behind the shift inmarket demand and market supply determines the growth pattern of the commodity.Assignment DescriptionIn this assignment, we are going to analyze the changes in market demand and market supply fora commodity (a good or a service). In addition, we are going to analyze how the changes indemand and supply affected the market price and production of this commodity. To do so, we aregoing to address the key factors (determinants) that have caused the shift in demand and/or theshift in supply. The goal here is to provide an objective analysis of the forces that have causedthis change to better understand the behavior of the market and to determine the potential growthor decline for this commodity.Some of the commodities that have experienced a drastic change(an increase or a decrease) in supply and/or demand in recent years are organic foods, cage-freeeggs, social media, higher education, online education, healthcare services, online banking,online shopping, DVD players, digital cameras, fidget spinners, health clubs, bottled water,landlines, Cash for Gold, and fried food. You could use one of these commodities for your studyor choose one you are familiar with or prefer.To start, select a commodity that you wish to analyze to determine changes in its market demand,market supply, equilibrium quantity (output), and equilibrium price.Revised 2/11/2022Your research needs to be structured with consistent and clear thoughts. It also needs to besupported by actual data. Your results need to be based on solid facts. Your conclusion andopinion need to be thorough and based on your findings and understanding of supply anddemand determinants.Writing Style (APA) and Page Number RequirementsFont Type: Times New Roman or ArialFont Size: 12Spacing: DoubleNumber of Pages: Three to five pages, not counting the separate Title page and the separateReferences pageStructure and Requirements Title PageoTitle of the papero Name of the authoro E-mail address of the authoro Class nameo Professor’s nameo Date There are 4 sections to this case study (Introduction, Data, Analysis, Conclusion). Youmust have these 4 section/headers in your paper since each section has its ownmarks/points (see rubric). Introductiono Describe your commodity and the market that commodity targets (geographic ordemographic).o State when, how, and why the commodity has became popular or less popular.o State the factors (demand determinants and supply determinants) that have caused itssupply and demand to change and how those changes affected it price. Basically, whyhas demand and supply for that commodity changed? DataRevised 2/11/2022o Obtain data from at least three credible sources (not Wikipedia) to provide factsabout the changes in demand and supply. Market Equilibrium Graph of the commodity showing 2 non-pricedeterminant shifts in Demand or Supply or Both (Graph) Industry Report on the sales of the commodity (Chart/table/graph) Company Report on the sales of the commodity (Chart/table/graph)o Use tables, graphs, and figures to support your argument. You could use figuresthat show the changes in demand and supply, as well as changes in the marketprice for the commodity. AnalysisUse the findings from your data section to fully explain the growth or decline pattern ofthe supply and demand. Is the commodity growing or is it declining, and why? If it isgrowing, state the factors that led to its growth. If it is declining, state the factors that ledto its decline. ConclusionProvide your own final thoughts, opinion, and understanding of the outcome.Do youbelieve this commodity is profitable for its producers? Or should they provide somethingdifferent instead? Or should they modify the commodity? Moreover, if you were toproduce this commodity, what would you do to increase your revenue? Reference ListUse at least three professional sources to support your argument. The references need tobe in APA format.To learn more about APA format, click (and hold your CTRL key) on the link below orcopy/paste the link into your browser address bar.APA Resources: http://libguides.devry.edu/c.php?g=181472&p=1194156Use Turn it in to check my work pleaseI will also add you a $15.00 TipThank you

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