STATEMENT:

Changes in external factors, such as consumer income and the prices of substitutes and complements, will significantly influence the demand and supply relationship for the selected product.

Use the following as guide to do research:

Marks

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Introduction

Body

Choose a pair of related products that you are interested in analysing (Ensure that the product has a well-defined market with readily available data.)

Collect historical data on the price, quantity demanded, and quantity supplied of the chosen pair of products over a specific period

Plot demand and supply curves Use the collected data to plot the demand and supply curves for the selected pair of products

Analyse price elasticity of demand: Calculations, consumer behaviour

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Examine factors affecting supply and demand of the chosen pair of products

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Conclusion: A summary of your key arguments and/or findings.

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Bibliography/referencing (use Harvard method)

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