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Why would you give up products or services

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Reference no: EM133224212

Using microeconomic theories and topics (e.g., law of supply, law of demand, and market price equilibrium), answer the following questions:

1. List three products or services you would give up if the price increased by 10 percent. Why would you give up these products or services?

2. Would you give up social media applications such as Twitter, Facebook, or Instagram if the companies responsible for them started charging for their services? Why or why not?

3. Pretend you own an ice cream shop and the price of milk increases by 20 percent. How will you adjust to the increased costs to manufacture your ice cream?

Reference no: EM133224212

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