ECO 365 Week 1 Individual - Article Analysis Paper

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Research the University Library and Internet, and select a recent news article concerning trends in consumption patterns of a specific product, such as gasoline, oil, grain, or coffee.
[As an example: The following article which is located in the Electronic Reserve Readings on the student website is an example of trends in consumption patterns:
Hauser, C. (2011, August 24). Sales of new homes fell again in July. The New York Times. p. 6. Retrieved from EBSCO host.
Note. Do not use this article for your assignment.]
Write a 700 – 1,050-word paper in which you do the following:
Analyze the basis for the trends in consumption patterns, as discussed in the article you selected.
• Discuss the utility derived from a product or service mentioned in the article.
• Describe what has occurred to change the demand for the product or service and its market and equilibrium prices. Assume that supply remains the same.
• Describe what has occurred to change the supply of the product or service and its market and equilibrium prices. Assume that demand remains the same.
• In your opinion, is demand for this product or service price elastic or inelastic? What does this imply about how consumers respond to changes in the price of this product or service? Support your determination of the price elasticity of demand with a reference.
Format your paper consistent with APA guidelines.

Article Analysis Paper
Consumption patterns are the combination of qualities, quantities, acts and tendencies that characterizes a community or human group’s use of resources for survival, comfort and enjoyment. They are one of the most important drivers of development patterns in the industrialized world. According to (2012) “In the last ten years we have seen major developments that have changed how and what we consume.
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