Aim of the Assignment • The aim of Assignment 1 is provide you with an opportunity to conduct a demand/supply analysis. For this assignment you will need to identify a

good or service that you encounter in your daily life. You are free to choose any good or service. It can be apples, wages of high school teachers, apartment rents, house prices, or gasoline in any country. Below are a recommended set of steps to keep in mind when completing your assignment: • Identify a good or service and a country that you want to study. 1. Find price statistics for the good/service that you want to study. (Hint: National Statistical agencies have a lot of data for price of a particular good or service, especially the U.S., Europe, Canada, Australia, New Zealand...etc). 2. Conduct background research. This may involve using the internet, scientific resources, popular articles, etc. to better understand the factors that may have affected the price of that good/service in your chosen country. This will also ensure that your analysis is evidence based, and increase the confidence that others will have in your analysis. 3. Apply #Price Determination LO and use Demand/Supply graphs to decompose different factors (one-by-one) that may have affected the price recently. Try to find out if #Government used price floors, price ceilings, taxes or subsidies to affect the price. 4. Discuss if your analysis of #Price Determination and #Government analysis explain the movements in price. Assignment Structure: • Introduction (100 words): Start with a brief overview of your chosen good/service and your country. Briefly describe why you have chosen that particular good/service and the particular country. • Data (100 words): Present your price data, preferably in a table or a graph, and briefly describe the the source of your data and the movements you observe. • Background Research (400 words): Discuss the factors you identified through research. Do not forget to provide APA style citations. • #PriceDetermination Analysis (400 words): By using Demand/Supply graphs, analyze which of the factors you identified in Section 3 are demand shifters, and which ones are supply shifters. • #Government Analysis (400 words): Briefly discuss whether #Government policies were influential in shaping price movements. • Conclusion (100 words): Do your analyses explain the price movements? Briefly discuss.