Karsten's Supply & Demand by Karsten https://padlet.com/kabump17/8ce90ovfce85 en-us 2016-10-05 15:54:54 UTC 2017-05-17 09:14:52 UTC hello@padlet.com Karsten's Supply & Demand kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/128537766 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. ]]> 2016-10-05 15:57:01 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/128537766 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/128540755 2016-10-05 16:03:48 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/128540755 2. When I didn't have a job, and was without income, I budgeted really well.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296813 2016-10-08 19:07:21 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296813 3. I bought Taco Bell Tacos instead of McDonald's burgers because I got more tacos than burgers for a cheaper price.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296816 2016-10-08 19:07:26 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296816 4. In the future I believe suppliers will supply more construction workers due to the increase in buildings and population needs.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296817 2016-10-08 19:07:29 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296817 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296818 2016-10-08 19:07:33 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296818 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 kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296820 2016-10-08 19:07:36 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296820 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296823 2016-10-08 19:07:40 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296823 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296826 2016-10-08 19:07:43 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296826 9. A service with inelastic value to most would be medical service. Doctors will always be needed no matter the price.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296827 2016-10-08 19:07:46 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296827 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296832 2016-10-08 19:07:50 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296832 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296836 2016-10-08 19:07:52 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296836 12. Something with increased inelastic demand is iPhones because teens nowadays will always buy the iPhone no matter the price.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296837 2016-10-08 19:07:56 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296837 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296840 2016-10-08 19:07:58 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296840 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.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296842 2016-10-08 19:08:02 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296842 15. Technology is changing the elasticity of supply of phones. Everyone wants the new tech, therefore it changes how it is being sold.  kabump17 https://padlet.com/kabump17/8ce90ovfce85/wish/129296847 2016-10-08 19:08:05 UTC https://padlet.com/kabump17/8ce90ovfce85/wish/129296847