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This week, we started looking into the ideas of Supply and Demand. Come up with and...

This week, we started looking into the ideas of Supply and Demand.

Come up with and explain a good or service in the real world that we see, that is not gas prices, where you have seen a noticeable change in prices, then use the determinants discussed in the chapter to explain why these prices have changed.
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Answer #1

with the concept of supply and demand we can evaluate the price of the good or services, we know that demand and price of a good has inverse related to each other and supply and price of good are positively related to each other. but other than price there are factors also which determine the price of the goods.  

for a good x , when the demand for good X has decreased but supply remains the same , as a result there is surplus of good x in the market which decrease the price of good. for example gas prices, during the lockdown period caused by Covid-19 , the demand for gas has been reduced to almost zero , but the supply has remain the same , as a result the oil company has surplus of oil with them and thus which reduces the price of gas substantially.

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