Has the price of this product seen a general increase, or decrease, or has it remained constant over the past few years?Compare your selected farm product to that of another classmate’s selection.

Has the price of this product seen a general increase, or decrease, or has it remained constant over the past few years?

Compare your selected farm product to that of another classmate’s selection.  Do you think Supply increased more rapidly than demand over these years for your product? Or do you think demand increased more rapidly than supply? Explain.

If the government placed a price ceiling or a price floor on this product, what would happen in the market? Explain. (Specify the price and state whether it is a price ceiling or a price floor in your case).

Assume that you recently made a purchase on Amazon.com. The next time you go to purchase this item, let’s say you find out that the price has increased by X dollars. How would you respond to this price increase? Would you say this item is Relatively Elastic, Relatively Inelastic, or Unitary Elastic? Explain using the Determinants of the Price Elasticity of Demand. Think about how the increasing popularity of shopping online impacts your response