https://padlet.com/jpschumacher17/2neutcf67a1y Good Stuff en-us 2016-10-05 15:50:28 UTC 2023-02-14 14:52:09 UTC hello@padlet.com jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128535932 Through our roles in being a consumer in everyday society we can better learn about the law of supply and demand by our purchases that we have made.]]> 2016-10-05 15:52:46 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128535932 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128536957 I recently bought expensive golf clubs that very few people want due to the large price tag that comes along with them. This demonstrates the law of demand because when something gets more expensive fewer and fewer people want to buy the product. ]]> 2016-10-05 15:55:15 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128536957 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128538432 When I first started working, I was finally making my own money to allow me to buy a medium pepperoni pizza at Garlic Jim's due to the increase in revenue that I was producing.  This shows the income effect because when an income increases the demand increases for a product.]]> 2016-10-05 15:58:31 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128538432 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128539698 I bought a bluetooth music player for my car on Amazon rather than buying a similar product at Best Buy.  On Amazon it was $20 compared to the $60 price tag that came with the Best Buy product.  Due to the cheaper price, I used the substitution effect to get something similar for a cheaper price.]]> 2016-10-05 16:01:15 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128539698 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128544053 Gum will soon become more expensive due to the inexpensive price that it has. Gum is very popular and many people would still be willing to pay more to get gum. Companies like 5 gum will soon start popping up and have a higher price for their product to get a higher revenue.]]> 2016-10-05 16:11:14 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128544053 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128546099 When I went and bought a Snickers bar the cost of production can be represented by the peanuts that had to be included.  These peanuts had to be processed in a certain way. This causes the factory expenses to increase in order to produce it. The electricity and labor that had to go into making the Snickers bar also represented the cost of production in this process.]]> 2016-10-05 16:16:04 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128546099 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128550972 I had a large plate of spaghetti at my house and it was very good at the beginning of the meal. Unfortunately the meal got increasingly worse representing the law of diminishing utility. This is due to the value of the product decreasing as more and more was eaten.]]> 2016-10-05 16:26:15 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128550972 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128912403 There is much less wasting of water due to the profit motive. This is because everybody wants more money. A way to do that is to sell the water to other companies to use it in their products such as cooling metal or cleaning products.]]> 2016-10-06 17:29:36 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128912403 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128918920 An inelastic product example is prescription glasses. The fact is that anybody is willing to pay for this product because it is a necessity for the customer to see anything.]]> 2016-10-06 17:43:29 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128918920 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128921050 A service that is inelastic is when someone fixes something electronic such as a phone, tablet, computer, fridge, etc.  This service is inelastic because everybody is going to pay whatever cost is needed to fix the product that is broken at that time. ]]> 2016-10-06 17:48:24 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/128921050 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129297766 A good that has an elastic demand is a Lamborghini. Most people will find this car to not have the value to them that would be worth the price tag that comes with it.  Due to the very small amount of people that would be willing to pay full price this product is elastic.]]> 2016-10-08 19:35:06 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129297766 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129297823 A service that has elastic demand is to have a maid.  Many people will just not hire a maid because they do not find their service to be worth it to them.  The cost of a maid is not worth the work that they would do in the house making this an elastic service.]]> 2016-10-08 19:36:28 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129297823 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129297965 A pair of headphones is something that is more inelastic to me compared to most people.  Their value to me is much more than the majority of the people that I know. I am willing to pay a higher price for high-quality headphone than most people are willing to pay. This is because I value them a lot and any price increase wouldn't change my demand.]]> 2016-10-08 19:41:37 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129297965 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298038 The supply of notebooks in the fall is elastic because there is a sudden increase in demand as school is starting. There will still be the supply that is required to fill the needs of the consumers making this product elastic.]]> 2016-10-08 19:44:25 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298038 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298218 The supply of the new iPhone is inelastic and is very hard to get due to this supply issue. This product has an extreme inelastic supply because of the large demand and the supply not being large enough to supply them to all of the consumers who desire the product.]]> 2016-10-08 19:49:47 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298218 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298317 The increase in technology is increasing the elasticity of the Toyota Camry. Because of how readily available they are and with the constant increase in technology and efficiency of the company they are able to increase the amount produced.]]> 2016-10-08 19:52:21 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298317 jpschumacher17 https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298929 2016-10-08 20:08:37 UTC https://padlet.com/jpschumacher17/2neutcf67a1y/wish/129298929