For Term Paper #1 you are required to pick a product or service you use in your everyday life and...

Question

For Term Paper #1 you are required to pick a product or service you use in your everyday life and describe the market for this product. Please make sure to address the following questions:

1. What factors influence the demand for this product? What factors influence the supply of this product?

2.How have these changes in supply and demand affected the equilibrium price of this product?

3.Do you anticipate any changes to the demand and/or supply of this product in the near future? If so, what is driving these changes?

Complete this essay in a Microsoft Word document in APA format. Your work will automatically be submitted to Turnitin for plagiarism review. Please note that a minimum of 700 words for your essay is required.

Azra S · Accepted Answer

Electric Toothbrush- Demand, Supply and Equilibrium Price
Introduction 
Everyday products are products that we use daily and need daily. As a result of this need, these products are in constant demand and supply. These products are usually in the affordable range and not too costly as well. The price of such products remain stable over a long period of time. The product chosen for analysis in this essay is electronic toothbrush. 
Toothbrush market
The market for toothbrush targets every individual in society since everyone, young or old is in need of toothbrushes in their everyday lives. Everyone uses a toothbrush once or twice daily. Hence there is constant wear and tear of this product as well. So electric toothbrushes enjoy stable demand. 
The market for toothbrushes can be classified in different ways. Based on income, electric toothbrushes target the middle to high income individuals since electric toothbrushes are costlier than regular toothbrushes. According to the product, technology, frequency of movement, age, features, distribution and region all play an important role (Dickhaut, Lin, Porter & Smith, 2010). The Electric toothbrush may be one of the following type- Power, Sonic and Ultra Sonic. They may also be categorized as vibrational electric toothbrush or rotation-oscillation electric toothbrush. Based on age it is classified for kids and adults electric toothbrush. Based on the mode of distribution, electric toothbrushes are also segmented as online distributed and offline distributed.
Demand
Various factors influence the demand for electric toothbrushes.

For Term Paper #1 you are required to pick a product or service you use in your everyday life and describe the market for this product. Please make sure to address the following questions: 1. What...

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