What are the key influences on buyers decision-making

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Reference no: EM133268262

Question 1. When you buy songs online, many factors influence your decision. Make a list of the characteristics that might affect how many songs you, as a consumer, purchase in a typical month. If you do not purchase music, list the characteristics that determine how many books or magazines you buy or movies you attend.

Question 2. If the price of individual songs online were to increase, how would your decision about how many songs to buy change? Do you buy more music? Do you buy less? Why?

Question 3. Can you think of a recent example of how changing tastes affected demand?

Question 4. Can you think of a good that someone might buy less of if his or her income increases?

Question 5. Sometimes changes in income will not increase or decrease the quantity of a good or service purchased. Can you think of an example?

Question 6. What are the key influences on buyers' decision-making? Summarize the demand discussion in your own words.

Question 7. Predict what would happen if you offered to purchase used smartphones from your fellow students for $20, $50, $100, or even $200.

Question 8. In your own words, explain how and why changes in prices cause the amounts supplied by producers to change.

Question 9. Suppose a farmer has a choice between planting soybeans and planting corn. If the price of corn increases, what will happen to the eventual production of soybeans and corn? Why?

Question 10. Assume that homeowners can sell their house whenever they want and they don't have to worry about finding a new home. How will a homeowner's decision to sell their home change if they expect housing prices to increase? What will happen to the number of houses in the market?

Reference no: EM133268262

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