Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 4, Problem 4QP
To determine
Ticket scalpers.
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Identify a product or service for which you use on a regular basis. Discuss the product/service in terms of the Law of Demand from your perspective as the customer and consumer of the item. How does price impact your quantity demanded? In other words, what is your change in quantity demanded as a result in an increase or decrease in the product’s price? What are some shift factors of demand (anything other than price) that can adjust your overall demand for the product?
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If a company is running short of funds and they want to increase revenue. Should you increase or decrease the price of their product? Explain your answer.
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- Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Summarize the article and its findings, then include the URL in your discussion post. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardWhat is one consumer food or service for which in the last 10 to 15 years consumers preference has actually increased, and still, the price has decreased. Based on all the supply and demand determinants, what is a possible reason that could cause the decrease in the price of the suggested good.arrow_forwardYou are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. Should you increase or decrease the price of admission? Explainarrow_forward
- what does this mean in terms of the interrelationship of supply, price, and demand on two items of your choice. Maybe it’s a Christmas that a child really wants but that most stores no longer have in stock. Or it might be a piece of clothing that you bought last year and now want to replace it but which is hard to find or twice as expensive as what it was last year.arrow_forwardWhy might quantity supplied be relatively unresponsive to a price change?arrow_forwardwhat is a scenario in which the consumer faces a shortage of a good due to high demand. Explain how this may have happened.arrow_forward
- What is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period: Instead of “demand”, it should be “quantity demanded”. Instead of “willingness”, it should be “ability”. Demand refers to the willingness and ability of buyers, not just willingness. There is nothing wrong with the statement.arrow_forwardHow does the equilibrium price and quantity change when here are bad rumors about a product? Are there any changes or none? Provide a graph of your answerarrow_forwardChoose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity.arrow_forward
- *3 ASAP Please! Gertrude loves both Wolverine Root Beer and Spartan Root Beer equally. What if she goes shopping and finds that the price of Wolverine Root Beer has increased by $2.00 relative to Spartan Root Beer. What effect will this have on her demand for Spartan Root Beer? Why? Use words and graphs to show what will happen in both the Wolverine and Spartan root beer markets (use separate graphs for each product).arrow_forwardIdentify and distinguish between the functions of price .arrow_forwardA decrease in the current price of a good would increase the demand for the good. increase the quantity demanded for the good. decrease the demand for the good. decrease the quantity demanded for the good.arrow_forward
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