Discuss in general terms the factors on the demand and supply side that will have influenced the price you paid for a product.

Consider a market transaction that you have undertaken (or considering) as a consumer which was notable because it is particularly recent, large or unusual. Analyse this transaction from a micro-economic standpoint:a. Explain how & why (from the perspective of the supplier), the good or service in question was created, and the reason you entered the market to secure this product or service (demand side).b. Discuss in general terms the factors on the demand and supply side that will have influenced the price you paid for this product. Show what might happen to the price of the product if one of these factors changes.c. Assess whether the product in question is likely to be price elastic or inelastic at the current market price. Following this assessment describe the likely impact on the supplying company’s revenue following an increase in the price they charge (ceteris paribus)Additional Material:BooksEconomics – N. Gregory Mankiw, Mark P. Taylor 2017Essential economics for business – John Sloman, Elizabeth Jones 2020Additional info may be needed within the essay:Equilibrium Analysis: Demand and SupplyGraphical representationsElasticity AnalysisElasticity and revenueKnowledge and Understanding: Ability to explain the core concepts of the demand and supply theoryProfessional