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Understanding supply and demand helps me understand what I'm purchasing and why. It also helps me understand the price of my purchase and why other people are purchasing it. It makes me more conscious of my purchases.

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I recently went to Iowa for the weekend for a wedding. We obviously weren't gonna drive there if we were just gonna be there for the weekend so we bought plane tickets. There is only so many seats and so many flights so we had to get tickets early because apparently Iowa is a popular destination.

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2. Influence of Income- Fancy Sunglasses

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2. Influence of Income- Fancy Sunglasses

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I recently got a bigger paycheck than normal. I decided to make a large purchase because I am terrible at handling money. I bought a pair of 180$ sunglasses from Coach because I've had my eye on them for a while (pun intended). I didn't buy these ones, mine are defiantly cuter

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I really enjoy Coke, Coke Zero to be specific. A lot of places are weird and only carry Pepsi products so I often have to consume Pepsi instead of Coke.

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4. Suppliers supplying more- Running out of chocolate

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4. Suppliers supplying more- Running out of chocolate

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The world is running out of chocolate. With climate change and loss of chocolate growing habitat, chocolate will be harder to purchase in the future so everybody has to buy it now because it'll be really expensive in the future.

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5. Cost of production- Soy beans and soy milk

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5. Cost of production- Soy beans and soy milk

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I drink a lot of soy milk because I don't like milk. Soy beans represent the cost of production because if the soy bean price goes up, soy milk will go up.

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An elastic good is cereal. There are many different types of cereals, so we will always have a different cereal to pick if they don't have the one you want. Or if the store is out of cereal completely, there are many different breakfast food options such as bacon, eggs, or toast to name a few.

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7. Diminishing Marginal Utility- Dessert

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7. Diminishing Marginal Utility- Dessert

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When ever I go out to eat, and I'm feeling up for dessert, I get like a chocolate torte or a lava cake because they're super good. The first couple bites are always a 10/10 but then I get sick of it because they're super rich and I feel like I'm gonna die a death by chocolate by the last couple bites and its like a 1.4/10. I always drink a ton of water when I eat them to stay alive.

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A service that people will always need is health care. Hospitals, nurses, doctors, all those people, will always be needed. There will always be sick people and there will always be stupid people that do stupid things and get injured, so we will always need health care services.

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Gasoline is an inelastic good. Gas could go up to 4$ a gallon and people would still have to buy it because there are few substitutes. A few people wouldn't buy it, but overall a lot of us have cars and have/ prefer to use them everyday so the gas industry would not take a hit.

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Phones and other electronics are expensive to make because of all the rare earth metals and time it takes to make the phone. After we buy it, we keep it as long as we can normally. And normally the phone companies try and reuse old phone parts so that they spend less money on expensive parts.

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15. Technology changing elasticity supply- Skin grafts, new bones, new organs

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15. Technology changing elasticity supply- Skin grafts, new bones, new organs

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There's been a lot of new medical technology lately. With all that technology we can grow new skin and even organs from parts of out bodies that we already have. We can even 3D print new bones and some organs. So instead of waiting on a long list to recieve a transplant we can just make a new organ bone or skin. Skin grafts are really important for burn victims to be able to heal properly, and with new technology, there's more to go around making body parts more elastic.

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14. Something that I want with inelastic supply but can't have- Famous paintings

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14. Something that I want with inelastic supply but can't have- Famous paintings

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It would be really cool to have a Van Gough painting. The only problem is that they're really expensive and there's not that many because he's dead.

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12. Increased Inelastic Demand- Wendy's 4 for 4

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12. Increased Inelastic Demand- Wendy's 4 for 4

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For me there is no replacement for a Wendy's four for four. I don't really like burgers at any other places. No other places can feed me all this food with non frozen beef for such a low price. There is no substitute because other fast food places suck.

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13. Recent elastic supply - Popular clothes brands

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13. Recent elastic supply - Popular clothes brands

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A lot of famous people (Kardashians, music artists, influencers) have been wearing and advertising for Adidas, so naturally everybody, including myself, has been buying and wearing Adidas. A lot of people wanted to buy it, and more stores were carrying it.

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Transportation is an elastic service because there are many different forms of it. You could take a car, bus, bike, walk, or many different ways to travel.