Economic Essay on Determinants of Supply and Demand

Select any one of your favorite products, for instance, food that you like, a car, or a gadget that you use. The product should be a private, and not a public, good.
Then, do the following:
1. Analyze five reasons why the demand for this product could shift.
2. Analyze five reasons why the supply for this product could shift.
3. Analyze the conditions that could lead to the following scenarios: a) Demand increases, supply decreases; b) Demand decreases, supply increases; c) Demand and supply both increases; d) Demand and supply both decreases.
4. Explain how market equilibrium price and quantity will change as a result of the four scenarios mentioned above. Please assume that the magnitude of the changes in supply and demand is the same.
5. Evaluate the elasticity of demand for your product by applying a minimum of two elasticity determinants. Does your product likely have an elastic or inelastic demand based upon your evaluation of factors influencing the price elasticity of demand? How will consider these elasticity determinants impact product revenue?
6. What role does government play in a capitalist system which helps to promote the best allocation of resources toward this product?