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15. Something you believe technology/ other advancements is changing the elasticity of supply:  wall clock

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15. Something you believe technology/ other advancements is changing the elasticity of supply:  wall clock

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If the price went up for wall clocks, event just a little, people would stop buying them all together. Less people probably buy clocks now than before because they can just look at their phone and use their phone screen as a clock. The advancing technology has caused less wall clocks to be demanded, which is changing the elasticity of supply.

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14. Something you believe has inelastic supply that you would really like to have, but can't get because of this issue: a condo 

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14. Something you believe has inelastic supply that you would really like to have, but can't get because of this issue: a condo 

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Something that has inelastic supply is condos in Boulder. As the prices of condos change, the quantity supplied changes very little. Because of the issue that there are not very many condos being made with the price changes, it is very difficult to get a condo because not very many are available.

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12. Something that you believe has an increased inelastic demand quality to you because of how you view it: water

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12. Something that you believe has an increased inelastic demand quality to you because of how you view it: water

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When the price of water- water bills, bottles of water, etc.- changes, the quantity demanded changes very little. This is because water is considered a necessity. You need water to survive, so you are willing to pay whatever is necessary to get water.

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11. A service that has elastic demand to most people: food service/ waitress 

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11. A service that has elastic demand to most people: food service/ waitress 

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A service that has elastic demand to most people is eating out and waitress service because this is something that can be viewed as a luxury and people will go without it if the prices increase, even by just a little. If restaurants started charging people a little more to pay their food servers better, most customers would stop eating out and the demand for this service would decrease a lot.

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10. A good that has elastic demand to most people: plane tickets 

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10. A good that has elastic demand to most people: plane tickets 

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When the price increases a little, the quantity demanded changes a lot. To most people, tickets for a vacation have elastic demand. If the price of tickets changes even just a little, people will not buy them. The tickets are something that they can go without and their demand changes a lot when the prices changes by a little.

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9. A service that has inelastic demand for most people: an electrician 

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9. A service that has inelastic demand for most people: an electrician 

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An electrician service has inelastic demand for most people because people need electricity in their houses, and so they will hire an electrician if something goes wrong no matter what the price is or if the price increases a lot.

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8. A good that has inelastic demand for most people: medicine

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8. A good that has inelastic demand for most people: medicine

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When the price changes, the quantity demanded changes very little. Medicine has inelastic demand for most people. When the price changes for medicine, the quantity demanded will change very little. This is because medicine is a necessity and people need to buy it no matter what the price.

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7. Something for which you have experienced diminishing marginal utility: Netflix show

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7. Something for which you have experienced diminishing marginal utility: Netflix show

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I experienced diminishing marginal utility when I was watching New Girl on Netflix. At first, I was super in to the series. But eventually, I started to realize all the other things I could be doing and all the other shows or movies I could be watching, and New Girl became less useful to me.

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6. Something (some type of resource)  you believe the profit motive helps to reduce the wasting of: gasoline 

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6. Something (some type of resource)  you believe the profit motive helps to reduce the wasting of: gasoline 

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People do not waste gasoline because it is expensive for people to buy, but they must buy it. So, producers can make huge profits off of gas, and this makes the resource very precious. Therefore, they do not waste it.

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5. Something that represents a cost of production for a product you purchased: Cheerios costs of production 

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5. Something that represents a cost of production for a product you purchased: Cheerios costs of production 

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Something that represents a cost of production for the Cheerios I recently purchased is the packaging and box, as well as the price. The packaging and the box represent the raw materials needed to produce and sell this cereal. The ingredients represent these raw materials as well. Also, the price of the cereal represents the labor aspects of the cost of production because the price ensures that the laborers can be paid.

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4. Something you think suppliers might be supplying more of in the near future because you believe the price will likely increase: summer and spring clothes

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4. Something you think suppliers might be supplying more of in the near future because you believe the price will likely increase: summer and spring clothes

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Suppliers will likely be supplying more summer/ spring clothes because the warmer seasons are just around the corner. So, they will likely increase the prices of summer and spring clothing because people will be more willing to pay for those pieces of clothing during that season that is on the way than they are right now while it is snowing. Therefore, the suppliers will be able to raise the prices in the near future to match the changing season.

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3. A good or service you purchased as a substitute for another due to the substitution effect

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3. A good or service you purchased as a substitute for another due to the substitution effect

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Recently, I have been prom dress shopping. The prices of dresses have been increasing as prom season is just around the corner. I really wanted to buy this prom dress, but it was too expensive. So, I found a substitute for another similar prom dress. It was a similar color and style as the original, but it was much less expensive.

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13. Something you believe is a recent example of elastic supply (a bunch of people suddenly wanted it and supplies were able to accommodate them): fidget spinners

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13. Something you believe is a recent example of elastic supply (a bunch of people suddenly wanted it and supplies were able to accommodate them): fidget spinners

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As weird as fidget spinners are, a bunch of people suddenly wanted them. They became very popular very fast. And before you knew it, every store you walked into had fidget spinners supplied and for sale to the huge jump in people who wanted them. So, the supply became very elastic, meaning many people were able to get the fidget spinners when they wanted them.

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2. Something you have purchased because of the influence of the income effect: Girl Scout Cookies

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2. Something you have purchased because of the influence of the income effect: Girl Scout Cookies

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When the prices of girl scout cookies went up from $3.50 in 2010, to $4.00 today, I could not stretch my dollar as far. So, because of the income effect, my purchasing power went down and I bought less girl scout cookies.

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1. Something you personally have purchased where the law of demand applied: burritos

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1. Something you personally have purchased where the law of demand applied: burritos

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As the price increases, the quantity demanded decreases. I purchased breakfast burritos from Mi Cocina for $3 and my quantity demanded was very high. But their price recently increased to $4. This has caused my quantity demanded to decrease because of the increase in price.