Econ project by Kevin Juhasz https://padlet.com/kljuhasz18/dcrdkya67idv en-us 2017-10-03 16:17:18 UTC 2024-08-07 19:39:47 UTC hello@padlet.com 1. I have purchased t-shirts before and the law of demand does apply. The higher the price of a certain type of t-shirt, the lower the demand for them is. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/193525570 2017-10-03 16:29:59 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/193525570 3. I bought Taco Bell Tacos instead of McDonald's burgers because I got more tacos than burgers for a cheaper price.  kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369008 2017-10-05 16:01:37 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369008 5. Something that represents the cost of production for me are shoes. It takes the producers more time to recreate an expensive shoe so the price is higher.  kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369405 2017-10-05 16:02:21 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369405 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 kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369517 2017-10-05 16:02:31 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369517 7. I have experienced diminishing marginal utility with my childhood toys. I loved them and used them every day when I was young but grew out of it and used it less as I got older. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369641 2017-10-05 16:02:44 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369641 8. A good with inelastic value would be internet service. Most everyone always needs it so they will always buy it no matter what the price may be.  kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369756 2017-10-05 16:02:58 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194369756 2. When I didn't have a job, and was without income, I had to budgeted really well.  kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194370591 2017-10-05 16:04:25 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/194370591 4. I think suppliers will be supplying more medicine in the near future because the price will increase. Medicine is something that is essential and no matter how expensive it is, people will always buy it. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195680971 2017-10-10 16:00:37 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195680971 9. A service that is inelastic are hospitals. Quantity demanded changes very little when price changes. When essential medications or hospital visits increase in price, people are still going to need that medicine or a doctor. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195689847 2017-10-10 16:16:42 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195689847 10. A good that has elastic demand are groceries. Quantity demanded changes greatly when price changes. When groceries are more expensive, my mom doesn't want to pay for them. But, when they are on sale, she fills up like 3 shopping carts full of that stuff. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195694779 2017-10-10 16:25:26 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195694779 11. A service that has elastic demand is insurance. Quantity demanded changes colossally when price changes. When insurance is overly expensive smart people will switch to a cheaper agency. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195694817 2017-10-10 16:25:31 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195694817 12. Something that has increased inelastic demand quality to me is a trip to Florida. Though the price of a trip to Florida changes based on the time of year, I'd still go during a time when the price increases. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195694875 2017-10-10 16:25:36 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195694875 13. A recent example of elastic supply...When Walmart had a sale on Black Friday, people were rushing in to get good deals and Walmart could keep up the supply with the demand. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195695026 2017-10-10 16:25:52 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195695026 14. Something I would really like to have is a Ferrari They are very expensive. Quantity supplied changes very little when price changes. Since people want fast cars, they'll still buy the car even though they're very expensive. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195695058 2017-10-10 16:25:55 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195695058 15. When a new iPhone comes out it influences 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. kljuhasz18 https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195695116 2017-10-10 16:26:02 UTC https://padlet.com/kljuhasz18/dcrdkya67idv/wish/195695116