*BUSINESS PRODUCT: Essential oil package with diffuser.

.. .w-LAV. ECON 100 Fall 2021 Level 6 Challenge Answer the following questions in the spaces below. You may hand write this assignment but please write legibly. This assignment is to be completed individually. 1. (21 points) Use your business or product idea from previous levels 1. What does the business produce? [If your business produces multiple things, please pick one to focus on] (1) . Give an example of a competitor. (1) . Briey describe the production process. How is your good made or your service provided? (2) Who buys this product? (1) . Find at least 2 articles related to your product or industry from sometime in the last 5 years. If you know someone who works in a similar industry, one of your articles can be replaced by interviewing someone. (2) Use the information from your research to answer the remaining questions. Denote the information from your research by referencing your articles or interviews using Chicago style footnotes in the answers you provide to the remaining questions. (2) . What has been happening to the supply of your product? Relate to the determinants of supply (2) 7. What has been happening to the demand for your product? Relate to the determinants of demand. (2) 8. Use a graph to show the changes in supply and demand. (2) What do these changes do to the price and quantity sold? (2) Price Quantity 9. Based on your research, what do you think will happen to prices and quantities in the next year? (2) Why? (2)