Final Project for Basic Microeconomics

PROJECT TITLE: MARKET ANALYSIS and CONSUMER BEHAVIOR STUDY

Objective: The objective of this project is to apply the principles of microeconomics to analyze a
specific market and understand consumer behavior within that market.

Project Steps:

1. Select a Market: Choose a particular market or industry that interests you. It could be a
product or service market, such as the smartphone industry, fast food, streaming
services, or any other you find intriguing.
2. Market Research:
 Conduct market research to gather data on the selected market. This can include
market size, major players, historical data, and current trends.
 Identify the key factors that influence the supply and demand for the chosen
product or service.
3. Consumer Behavior Analysis:
 Study consumer behavior within the chosen market.
 Analyze how consumers make decisions, what factors influence their
choices, and how price elasticity affects their demand.
4. Supply and Demand Analysis:
 Create supply and demand curves for the selected market based on your
research and data.
 Analyze how changes in market conditions, such as price, income, or
consumer preferences, impact the equilibrium price and quantity.
5. Price Elasticity Study:
 Calculate price elasticity for the chosen product or service.
 Interpret the elasticity value and determine whether the product is elastic
or inelastic.

November 28, 2023