Demand and Supply

Using the link provided below and the information in the video answer the following questions regarding a menu item.  https://youtu.be/ZUdqlbQfWyg ·       What would cause a change in the quantity demanded? What would cause a change in the demand for the product? ·       Discuss the product in the context of “inferior” good and “normal” good. ·       Discuss the product in the context of “complementary” good and “substitute” good. ·       Discuss the product in the context of the price elasticity of demand. ·       Discuss the product in the context of market equilibrium. ·       Discuss the product of all competitors in the context of a change in supply. ·       Reflection – As a businessperson in the not too distant future, which concepts are particularly important to you? Explain.

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