I don’t know how to handle this Economics question and need guidance.
You will need to select a product ( Electric cars) and conduct research about the operation of that particular market. With the use of secondary data, you will specifically need to:
1) describe the recent trend in the price of the selected product.
2) analyse the factors (other than price of the product) that determine the supply and demand in this market and explain how they have affected this product market in the last few years.
3) Which type of market structure is applicable to this product? Explain your answer. Statistics on price: Compare how the price of the product had changed over the last few years. Provide annual data or compare several specific point in time Demand and Supply: It is necessary to look at all of the determinants of demand and supply. Focus on factors which have caused demand and supply o change in your chosen market. Provide secondary data to support the demand and supply factors discussed
Start with a short introduction and include a conclusion at the end.
No need to give detailed theoretical explanation. Focus on the application of theory.
Describe the trend in prices with data and provide a market overview. Analyse relevant demand factors and provide secondary economic data to support your discussion.
Analyse relevant supply factors and provide secondary economic data to support your discussion.
Identify the market structure and provide evidence to justify your conclusion regarding which market structure best describes your product. Use graphs/tables and secondary numerical data to support your discussion.
Reference the source of data.
Use some text book information Sloman J., Wride A. and Garatt D. (2018), Economics, 10th Edition, Pearson Education Limited. Sloman J., Garratt D., Guest J., and Jones E. (2016), Economics for Business, 7th Edition, Trans-Atlantic Publications.