Understanding Supply and Demand: An Economic Analysis of Commodity Price Fluctuations over 6 Months
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Module 1 – Case
EQUILIBRIUM, SUPPLY AND DEMAND
Supply and Demand in the Real WorldA commodity is the focus of this case which uses real data for price fluctuations over 6 months. You will research reasons for the changes and develop a multifaceted economic analysis.
Case 1 Resources
Economics: The Science of Supply and Demand (2021)Who Sets the Price of Commodities? (2021)What are substitute goods? Definition and meaning (2020)Complementary Goods (2020)Present your data in a scatter chart or a line chartPresent your data in a column chart
Commodity Research and Economic Analysis
Provide a brief description of each visual. How to Label Figures in APA Format
Research the commodity from an economic standpoint (include supply and demand). Describe what is happening with the commodity during the 6 months. You may include information from the prior year. Find a balance between explanations, data, and statistics provided. You must decide what information should be included in this section. This section must be ¾ of a page in length.
Next, select a similar commodity in the same category; use the page’s comparison function and select “rate of change” comparison. Select a commodity that contains data (some on the page list do not contain the required data).
Case 1 Assignment Guidance Files (Part 1)
BUS530 Case 1 Part 1 Assignment Video Guidance
BUS530 Case 1 Assignment Guide Part 1
Research the second commodity from an economic standpoint. Describe what is happening with the commodity during the 6 months. You may include information from the prior year. This section must be ¾ of a page in length.
Using the corresponding Commodity Index, copy and paste the table to Excel. Create a bar chart:
· Compare the rate of change between the two commodities and the index.
· Provide a brief description of the chart.
Research the overall commodity index from an economic standpoint. Describe what has occurred with the commodity category during the 6-month time period. This section must be 1/2 of a page in length.
As a conclusion, analyze how the changes in prices shifted demand for finished products of the commodity. Would consumers buy more of the good? Buy more of a different good? Include how substitute and complementary goods were part of the consumer’s decisions. Include a discussion of how sellers are affected by changes. (Research Required). This section will be 1 page in length.
Case 1 Assignment Guidance Files (Part 2)
BUS530 Case 1 Part 2 Assignment Video Guidance
BUS530 Case 1 Assignment Guide Part 2
No quotations are permitted in this paper. Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” across the grading rubric. This is a professional paper; not a personal one based on feelings. It must be written in the third person; this means words like “I”, “we”, and “you” are not appropriate.
This is the Data and Scenarios that will be used for class. Select the corresponding worksheet to access information and data for the specific assignment.
**********NEW DATA AND SCENARIOS ARE USED EACH SESSION**********If you procure old assignments from students or websites and use the data for your assignment, you will receive a zero because it is considered a violation of the University’s academic integrity policy. The case will be referred and become part of your collegiate record. In certain circumstances, you may be awarded an F for the course.
If you are taking this class for a second time, submission of past work involving the data sets will result in a zero for the assignment. Your answers will be wrong since you are working with a different set of numbers and a different industry.**********NEW DATA AND SCENARIOS ARE USED EACH SESSION**********
Use the attached APA-formatted template (BUS530 Case1) to create your submission.
· The template is set up in APA 7: double-spacing, font, margins, headings, page breaks, APA help links.
Your submission will include:
· Trident University International’s cover page
· A paper with APA citations (2- to 3-sentence introduction, body (includes Excel output), 2- to 3-sentence conclusion)
· The reference list page in APA format
· Excel Spreadsheet. Grade will not be posted without Excel upload.
The instructions provided describe an assignment for researching a commodity from an economic standpoint, analyzing its supply and demand, and comparing it to a similar commodity and overall commodity index. The assignment requires a multifaceted economic analysis and use of data, statistics, and research to explain price fluctuations of the commodity over a 6-month period. The assignment also requires the use of charts, tables, and graphs to present data. Additionally, it requires a discussion of how the changes in prices affected the demand for finished products of the commodity, how substitute and complementary goods were part of consumers’ decisions, and how sellers were affected by changes. The assignment should be written in third person and cite sources in APA format.