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When a new iPhone comes out it changes the elasticity of supply. People still want the new iPhone even if it's really expensive. It's very inelastic. But it can also be very elastic because when the price increases some people won't buy it.

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Something I would really like to have is Shawn Mendes VIP access passes. They are very expensive. Quantity supplied changes very little when price changes. Since, I really want to meet Shawn Mendes, I'll still get the tickets even though they're very expensive.

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A recent example of elastic supply...When there's a huge sale on jeans at rue21 and everyone is there getting jeans and producers are still able to accommodate them. Quantity supply changes greatly when price does.

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Something that has increased inelastic demand quality to me is a trip to France. Though the price of a trip to France changes based on the time of year, I'd still go during a time when the price increases.

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A service that has elastic demand is insurance. Quantity demanded changes greatly when price changes. When insurance is overly expensive people will switch to a cheaper agency.

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A good that has elastic demand is shoes. Quantity demanded changes greatly when price changes. When shoes are more expensive, I don't want to pay for them. But, when they are cheap I'll buy like 5 pairs.

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A service that is inelastic is medicine/doctors. Quantity demanded changes very little when price changes. When medicine or doctor appointments increase in price, people are still going to need that medicine or a doctor.

(I wish this was my doctor) ->

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A good that is inelastic is gas. Quantity demanded changes very little when price changes. When gas prices go up or down, people still are going to need gas.

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Something that I've experienced that has to do with diminishing marginal utility... Once upon a time I was watching Netflix and I wanted some peanut m&m's. Luckily I had one of those huge bags at my house. I started eating them. Slowly and slowly they started to become less satisfying. After about 20 minutes of eating m&m's I didn't want anymore. This represents diminishing marginal utility because I reached a point of less satisfaction of the product I consumed.

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Profit motive is an example of someone using all of the spaghetti sauce when making spaghetti. They don't want to waste anything. They paid money for that sauce and they want to use all of it to get all they paid for.

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I bought a medium Peanut Butter Oreo shake from Sonic the other day. This shows something that represents cost of production because I payed for the cost of production of the shake that I bought in which Sonic makes profit off of it.

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I think suppliers will be supplying more hamburger meat in the near future because the price will increase. Hamburger is something that is essential and no matter how expensive it is, people will always buy it.

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I substituted a small fry from A & W that costed $1.89 for a small fry at McDonalds that costed $1.39. This shows the substitution effect because I substituted a low price similar item for a more expensive similar item.

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At the beginning of the week I have more money due to it being a new week. Due to the fact that I have more money, I want to get more food or more expensive food so I go to noodles and company and get a small mac n cheese with parmesan chicken and a drink. Later in the week I would just get some parmesan chicken due to it being cheaper. Income effect is shown here because it shows a change in consumers spending money affects how much demand of a good or service.

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I bought a Bacon Burrito from Mi Cosina on Monday that was $2.50. On Tuesday I didn't want to buy a burrito there because it was $3.00. Law of demand applies because as the price increased there was a decrease in quantity demand.