Determine the extent to which price and nonpricefactors affect the supply and demand of Walmart’s products or services by applying elasticity concepts
Your microeconomic analysis paper should respond to the following prompt:Assess how microeconomic variables impact (1) your chosen product’s or service’s supply, demand, market equilibrium, production, and cost; (2) the market structure of the industry in which Walmart operates; and (3) Walmart’s business strategy and financial performance.
Specifically, the following critical elements must be addressed:
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I. Overview: Provide an overview consisting of a brief description of Walmart and your chosen product or service, including the industry the product or service falls under. You should include key details about Walmart, including its main products and/or services, number of employees, and annual sales.
II. Supply, Demand, and Market Equilibrium
a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service?
b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections.
c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections.
d) Define the industry related to your chosen product or service and the market equilibrium associated with the product or service.
e) Predict the effect of changes in supply and demand on the market equilibrium.
f) Based on the predicted changes, what decisions related to supply and demand for your product or service would you make?
2–3 pages (not including cover page or appendix), double-spaced, using 12-point Times New Roman font and the most current guidelines for APA formatting.