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Describe your price elasticities for given products

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Discussion 1: Understanding and Using Demand and Supply

Participate in a discussion with your classmates by describing the effects the demand and supply model has on your life. You will use this model again and again during our course, so having a clear understanding of it will bring you an immediate payoff! More importantly, by understanding and using the demand and supply model, you'll have a much better appreciation of how our economic world works.

Therefore, share with your classmates how demand and supply influence the prices of your favorite clothing, music, and food items. Give specific examples.

Discussion 2: Your Price Elasticities of Demand

Estimating your price elasticities of demand for products you routinely purchase. Describe your price elasticities for such products and discuss the movement of your demand for such a good when the price of that good rises. Is your demand for the selected good is elastic, unit elastic, or inelastic?

Discussion 3: Should Price Gouging Be Illegal?

"Price gouging" is when a seller responds to high demand by charging as much as they possibly can, even if that price exceeds what most people think is reasonable.

The average consumer thinks that price gouging is unfair. Some even think it should be illegal. But most economists think it is an efficient response to the market. What do you think? Should price gouging be illegal? Is it fair?

Reference no: EM131658369

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