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Ashley Russell Supply and Demand in Photos

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Ashley Russell Supply and Demand in Photos

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Understanding supply and demand helps me understand economics to help me broaden my horizons with the world. I have a better understanding of how the world works and corporate America.

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

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

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Ziggi's had decreased their price in energy drinks bringing me a higher demand in buying energy drinks and made them more available

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2. Something you’ve purchased because of the influence of the income effect.

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2. Something you’ve purchased because of the influence of the income effect.

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I experience consumer tastes and preferences when I had originally used regular brand chapstick and then switched to aquaphor for chapstick because I had thought it was better and I only use aquaphor now.

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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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I started to buy whole milk again because the price of oat milk was becoming too expensive for me to continue buying oat milk

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4. Something for which you have experienced diminishing marginal utility

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4. Something for which you have experienced diminishing marginal utility

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The more hair ties I have the less I care for the hair ties and I start handing them all out.

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5. A good that has inelastic demand to most people

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5. A good that has inelastic demand to most people

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Water I will always need water to survive.

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7.  A good that has elastic demand to most people

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7.  A good that has elastic demand to most people

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Swim suits, swimsuits necessity and price will change depending on the season/ time of year. In Colorado I won't need a swimsuit in the winter, prices will go down and prices will go up for swimsuits in the summer when there is a higher necessity.

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8. A service that has elastic demand to most people

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8. A service that has elastic demand to most people

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Car Insurance, the price changes often and some people when the price rises too much might drop their insurance.

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6. A service that has inelastic demand to most people

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6. A service that has inelastic demand to most people

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Dentist appointments, I need dentist appointments to be able to keep up and be notified of my health.

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9. Something you think suppliers might be supplying more of in the near future because you believe the price will likely increase.

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9. Something you think suppliers might be supplying more of in the near future because you believe the price will likely increase.

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Sunscreen, as summer and warm weather is rolling around it will a necessity for people.

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10. Something (some type of resource) you believe the profit motive helps to reduce the wasting of (explain why/how)

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10. Something (some type of resource) you believe the profit motive helps to reduce the wasting of (explain why/how)

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Metal used for desks then used then for parts on a whiteboard.

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12. Something you believe has inelastic supply that you would really like to have, but can’t get because of this issue.

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12. Something you believe has inelastic supply that you would really like to have, but can’t get because of this issue.

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Gas, people want prices to drop but they cant have them drop.

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11. Something you believe is a recent example of elastic supply (a bunch of people suddenly wanted it and suppliers were able to accommodate them)

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11. Something you believe is a recent example of elastic supply (a bunch of people suddenly wanted it and suppliers were able to accommodate them)

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Plastic claw clips went back in style, they were easy to make and supply.

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13. Something you believe technology/other advancements is changing the elasticity of supply of (explain how/why)

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13. Something you believe technology/other advancements is changing the elasticity of supply of (explain how/why)

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With more t shirt design printers, the printed t shirts are able to be made quicker, then increasing the supply. to meet the buyers needs.