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. The following article which is located in the Electronic Reserve Readings on the student website is an example of trends in consumption patterns:

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.

• Consider 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.