Elasticity of the selected good or service
Q1. Find a media report (from Oman daily, times of Oman or other a newspaper or an article) about a good or service that recently experiences a change in the price (other than oil prices). Your response should address the following aspects (An article must be attached to the assignment).
- Which market model the selected good or service falls? Explain why.
- What is elasticity of the selected good or service? Explain why.
- How can that price change explained in supply and demand? Be specific by determining which direction would supply/demand need to shift and in this particular market, what factors cause such kind of shift?
- Is the article point out to main cause to the price change? If yes what it is?
- What evidence would you need in order to verify whether demand or supply has changed?
Q2. Give two examples of events that could shift the demand and supply for labor in Oman, and explain why they do so.
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