Explain the t-i-p-e-n and p-r-e-s-t

Reference no: EM13182621

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: EM13182621

Questions Cloud

Differences between a defined benefit and contribution plan : Prepare a Statement of Changes in Net Assets for the Employees Retirement Fund for the Year Ended June 30, 2012 and prepare a Statement of Net Assets for the Employees' Retirement Fund as of June 30, 2012.

How many hours does cindy now spend playing golf : List the combinations of hours spent playing golf and tennis that Cindy can now afford. along with the combinations in part (a), list Cindy's marginal utility per dollar from golf and from tennis. How many hours does Cindy now spend playing golf and ..

Define the health and sfety concerns : Describe the health and sfety concerns of using H2S and thioacetamide as the S2- donor. which is used most frequently and why is its use preferential?

Explain what is the initial concentration of the acid : NaOH to titrate 25.00 mL of an unknown acid solution to the equivalene point. What is the initial concentration of the acid?

Explain the t-i-p-e-n and p-r-e-s-t : 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 d..

State a balanced reaction for the cell : A standard Ni(s) |Ni^2+ (aq) || Ag^+ (aq) | Ag(s) is constructed and the standard potential is 1.03 V a) write a balanced reaction for the cell

What price should you charge for a meal : As a budding entrepreneur, you have purchased a small bagel shop. You have engaged in a market study to categorize your customers' willingness to pay for a meal (coffee+bagel) into 8 equal sized groups: ($5.00, $4.50, $4.00, $3.50, $3.00, $2.50, ..

Describe how tim''s consumption possiblities change : Tim buys 2 pizzas and sees 1 movie a week when he has $16 to spend. The price of a movie ticket $8, and the price of a pizza is $4. Draw Tim's budget line. If the price of a movie ticket falls to $4, describe how Tim's consumption possiblities cha..

What is the relative price of a cup of coffee : Amy has $12 a week to go spend on coffee and pop. The Price of coffee is $2 a cup, and pop is $1 a can. Draw a graph of Amy's budget line. Can Amy buy 7 cans of pop and 2 cups of coffee a week? Can she buy 7 cups of coffee and 2 cans of pop a week..

User Account

All Pages