The group is to create a fictitious product from a real or fictitious company. Or the group may choose a real product. You will create Supply and Demand models (functions) for the product. The group must analyze the Supply and Demand models/functions in Business and Economics principles and characteristics. Based on the analysis, represent the Supply and Demand models graphically

Stretch goal for Part 1 (optional for Part 1 but required for Part 2). If possible, determine a mathematical formula for the Supply and Demand models. Groups may seek assistance from Math LRC, Math Clinic and Instructors for this part only, but not other students/groups. What is your product and the company that produces it? Explain in full sentences the product that your group will analyze and the company that produces it. If you are going to use a real/product company cite any resources that you are going to use concerning information on the product. What should the domain of the Supply and Demand models (functions) be? The independent variable (the inputs, graphically the horizontal axis) will represent the number of units of the product. For the product that you are considering, what are reasonable numbers of units of the product to be supplied or demanded? Explain. This will determine the horizontal scale on all graphs.

What should the range of the Supply and Demand models (functions) be? The dependent variable (the outputs, graphically the vertical axis) will represent the price p in dollars for the Supply and Demand. For the product that you are considering, what are reasonable numbers for the price in dollars for the Supply and Demand? This will determine the vertical scale on all graphs. Should the graphs of the Supply and Demand models (functions) have vertical or horizontal intercepts? For the Supply model and the Demand model, determine if the graph should have vertical or horizontal intercepts. Consider the Supply and Demand models separately, and explain in business/economics terms: what is the meaning of any intercepts OR the lack of intercepts? Should the graphs of the Supply and Demand models (functions) have vertical or horizontal asymptotes? For the Supply model and the Demand model, determine if the graph should have vertical or horizontal asymptotes. Consider the Supply and Demand models separately and explain in business/economics terms: what is the meaning of any asymptotes.

Draw graphs of your Supply and Demand models (functions). You can do it by hand, use a graphing calculator and insert a photo, or use an on-line tool such as Desmos (https://www.desmos.com/calculator) and insert a screen shot. Give mathematical formulas for your Supply and Demand models (functions). The Supply S(x) and Demand D(x) should be functions of units sold x. This is a stretch goal for Part 1 - it is optional in Part 1 but will be required in Part 2. Since we have calculus as a tool, these functions can be linear, quadratic or other polynomial, rational, exponential, or logarithmic. Make sure to explain how you arrived at the models.