In Chapter 3, we learn how supply and demand for a good or service can change in response to changes in certain variables, as well as how supply and demand interact to determine the market equilibrium price.

Please describe a price change you’ve noticed in the last few years. Please do not select gasoline or smart/cell phones; instead, select something else.
Explain the price change you identified in A) above using the supply and demand model. You should be discussing what happened with supply and demand curves, so please make sure you discuss both of these. You don’t need to look up information about this on the internet because I don’t care if you’re correct. I’m only interested in seeing if you can use the model to explain price changes, so if your explanation results in the change you observed, that’s all I’m looking for.
Summarize your explanation in one sentence, mentioning what you believe happened to supply and demand, as well as how this interaction resulted in the price change you observed. If both curves are moving, you must explain the magnitude of each shift in order to justify the price change you observed.
Please refrain from attempting to explain price changes in gasoline or cell phones. Please choose something else.

Helpful hint: make sure to discuss both supply and demand, as they both play a role in price determination.