Explain how the law of demand affected your purchase

Assignment Help Business Economics

Reference no: EM13840197

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?

Reference no: EM13840197

Questions Cloud

Supply affect the equilibrium prices and quantity in market : Think about how each scenario would affect the price of khaki pants. draw a demand supply graph and label the axes with the price and quantity of khaki pants. Next, for each scenario, draw the appropriate demand supply curve. Compare the new demand ..

List and explain the reasons that many cases : List and explain the reasons that many cases never make it to court as well as the reasons others may. at least 550 words please. cite sources.

Clinical practice improvement project report : Clinical Practice Improvement Project Report - Relevance of Clinical Governance to your project

Concepts of cross elasticity-income elasticity to product : Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically). If the price of this item increases, how would t..

Explain how the law of demand affected your purchase : Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of dema..

Accounting and tax services for medical establishment : Medfin Accounting Company (MAC) specializes in providing accounting and tax services for medical establishment and professionals. Presently, the company's production method is highly labor-intensive because many of the book keeping tasks are done man..

How could the 4d approach have helped your reaction? : How could the 4D approach have helped your reaction?

What is chipotles short run total cost function : Suppose production function for burritos at Chipotle is Q =4k^1/2 L^1/2.They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Chipotle's short r..

Do the conclusions logically grow from the results : Do the conclusions logically "grow" from the results of this study? What about the recommendations for future research; do you believe these are viable? Can you suggest any more

User Account

All Pages