Please select a market for a product or service then identif

Please select a market for a product or service, then identify at least one critical determinant of demand or supply in that selected market and forecast a reasonable future change in the determinant. Explain the changes in equilibrium price and quantity you expect for that market. A graph is not required, however, it is helpful and illustrative that you fully comprehends this weeks material. (Please dont use the example of a car)

Solution

I shall discus about the Burger market.

A burger is a relatively low cost food product. In my opinion, income is a less important determinant of burger demand, than health consciousness is, which is of crucial importance.

High quantity of burgers contribute to obesity, which is a health hazard being faced by over 50% of US citizens. The more health conscious people are about obesity, the less they will consumer burger to control obesity or the tendency to accummulate fat.

Given the increasing awareness about health, in the future it is expected that consumers will tend to avoid fast food like burgers.

This will reduce the demand for burgers. Ceteris paribus, a lower demand will shift the demand curve towards left, which will decrease price and decrease output.