Step 1 Research

Find a real world example from 2022 of a change in market conditions, for example an observed change in prices or the quantity of a good or service. Using theories of economics, such as the demand and supply model, explain the impact of changing market conditions on the price and quantity of goods or services traded. The real world example:

• will be sourced from newspapers or other media.
• be for a specific city, country or global and over some time period.
• illustrate a change in market conditions.

Provide a reference and hyperlink to the example you have chosen.

Step 2 Describe the market

explain the market your have chosen e.g. location, time period and how competitive is the market.

Step 3 Comparative Statics

explain the shock to the market using comparative statics analysis. That is, decide whether the shock impacts demand or supply (or both), how does supply or demand change, and what is the overall outcome in the market on price and quantity compared to before the shock.

Step 4 Structure

Provide a title for the report and 2 subheadings to assist in structuring your report.