Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Question
Chapter 6, Problem 1TY
To determine
Factors affecting the quantity demanded of a product in the market.
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Why may a company intentionally limit supply when consumers want more of a product?
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?
demand is more than just the desire to buy something. What else does it require?
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- Choose a product which you are familiar with. Using the internet for research (please cite your source), what is the price elasticity of demand for this product or group of products? What does that mean with respect to a 10% increase in the price of this good? What happens to quantity demanded? Which of the 4 determinants of price elasticity of demand do you believe drives this outcome about the good's price elasticity? If there is more than one determining factor, please explain your reasoning. [for many goods, all of the 4 determinants come into play - I just want you to choose the one or two that you believe are most relevant).arrow_forwardIs there something unique or distinctive about the product or service that separates it from substitutes and competitors?arrow_forwardWhat is the term for the total number of units that are purchased at that price? quantity quantity demanded supply market quantityarrow_forward
- The difference between the price a consumer is willing to pay for a product and the price the consumer eventually pays is called?arrow_forwardIf 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.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_forward
- Under what circumstances would demand for a product rise when its price increases?arrow_forwardExplain why you think that the demand of one product may diminish as prices are increasedarrow_forwardCan a company like Priceline.com sell low-priced items such as groceries and telephone calls?arrow_forward
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