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15. Technology is changing the elasticity of supply of phones. Everyone wants the new tech, therefore it changes how it is being sold. 

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15. Technology is changing the elasticity of supply of phones. Everyone wants the new tech, therefore it changes how it is being sold. 

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14. Something that has inelastic supply that I want would be a Ferrari. There is no way the price will decrease so I can't afford one. 

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14. Something that has inelastic supply that I want would be a Ferrari. There is no way the price will decrease so I can't afford one. 

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13. A recent example of elastic supply is at the Drake rap concert, many people wanted different sizes of concert shirts and the company was able to give everyone what they wanted. 

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13. A recent example of elastic supply is at the Drake rap concert, many people wanted different sizes of concert shirts and the company was able to give everyone what they wanted. 

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12. Something with increased inelastic demand is iPhones because teens nowadays will always buy the iPhone no matter the price. 

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12. Something with increased inelastic demand is iPhones because teens nowadays will always buy the iPhone no matter the price. 

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11. A service with elastic demand would be construction. When construction work is expensive, people don't build, but if it's cheap. everyone wants to build something. 

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11. A service with elastic demand would be construction. When construction work is expensive, people don't build, but if it's cheap. everyone wants to build something. 

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10. A good with elastic demand would be online music. People buy more online music if the album is cheaper and none if its expensive. 

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10. A good with elastic demand would be online music. People buy more online music if the album is cheaper and none if its expensive. 

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9. A service with inelastic value to most would be medical service. Doctors will always be needed no matter the price. 

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9. A service with inelastic value to most would be medical service. Doctors will always be needed no matter the price. 

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8. A good with inelastic value to most would be    internet service. Everyone always needs it so they will always buy it no matter the price. 

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8. A good with inelastic value to most would be    internet service. Everyone always needs it so they will always buy it no matter the price. 

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7. I have experienced diminishing marginal utility with my childhood blanket. I loved it and used it every day when I was young but grew out of it and used it less as I got older. 

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7. I have experienced diminishing marginal utility with my childhood blanket. I loved it and used it every day when I was young but grew out of it and used it less as I got older. 

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6. The profit motive helps reduce the waste of scarce resources. Companies have resources which make them more money every time. If they waste that, it kills profit

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6. The profit motive helps reduce the waste of scarce resources. Companies have resources which make them more money every time. If they waste that, it kills profit

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5. Something that represents the cost of production for me is Air Jordan shoes. It takes the producers more time to recreate a retro shoe so the price is higher. 

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5. Something that represents the cost of production for me is Air Jordan shoes. It takes the producers more time to recreate a retro shoe so the price is higher. 

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4. In the future I believe suppliers will supply more construction workers due to the increase in buildings and population needs. 

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4. In the future I believe suppliers will supply more construction workers due to the increase in buildings and population needs. 

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3. I bought Taco Bell Tacos instead of McDonald's burgers because I got more tacos than burgers for a cheaper price. 

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3. I bought Taco Bell Tacos instead of McDonald's burgers because I got more tacos than burgers for a cheaper price. 

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2. When I didn't have a job, and was without income, I budgeted really well. 

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2. When I didn't have a job, and was without income, I budgeted really well. 

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1. There was a soda that was $1 but was 5 sodas for 3$ as a deal. I took the deal even though I didn't want that many sodas. 

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1. There was a soda that was $1 but was 5 sodas for 3$ as a deal. I took the deal even though I didn't want that many sodas. 

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Understanding supply and demand helps me better understand my surroundings. This is because with supply and demand, I am able to see what to buy at what times based on data.