Explain what happens to the price and quantity transacted

Assignment Detail:- Problem 1 Choose a specific commodity, good or service to analyse its demand and supply determinants- Identify at least three specific non-price demand determinants for this commodity, good or service- Identify at least three specific non-price supply determinants for this commodity, good or service- The identified demand and supply determinants must be based on research evidence, citing and referencing appropriate sources- Explain what happens to the price and quantity transacted for the market for this commodity, good or service if these demand and supply determinants change- Use diagrams to illustrate your answer- Problem 2 The Australian Energy Regulator sets price ‘caps' for default market offer -DMO- electricity prices for some energy consumers- Describe at what level this DMO price is set- Examine the potential consequences of the imposition of this price ceiling for energy markets using the demand and supply framework- Use diagrams to illustrate your answer- Your answer must be based on research evidence, citing and referencing appropriate sources- Learning outcome: be able to apply demand and supply analysis to make a range of market related decisions-Learning outcome: be able to identify and critically evaluate opportunities for specialisation and exchange-Learning outcome: be able to make decisions that incorporate the relevant benefits and cost analysis-Learning outcome: be able to explain and defend why it is important to understand the structure of the market in which a firm operates-Learning outcome: be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income- Sources used in your answer should be fully referenced in APA 6th style- Attachment:- Demand and supply analysis-rar
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