https://padlet.com/mjhanford17/gi7jtnarl10k Made With An Economist Brain en-us 2016-10-01 19:31:06 UTC 2025-12-12 13:18:18 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Lightdecrease.png mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127693783 I buy shirts at Kohl's because during a sale they cost 30 percent or more less than the Old Navy's brands sales. 

]]> 2016-10-01 19:37:15 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127693783 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127694281 The income effect in my life is like when I want to buy an IPhone 6 s plus but the more advanced the iPhones get the more the price increases. ]]> 2016-10-01 19:47:18 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127694281 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127694626 The substitution effect in my life was when I was buying movies and I had to choose between one and the other but for the same price. one case offers four movies in one but they are not my favorite movies and the other only has one movie but that is one of my favorite movies, so I substituted the one that I really wanted was the four good movie from the one really great movie.]]> 2016-10-01 19:54:30 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127694626 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127695376 Suppliers might supply more cool designed Iphones cases because everyone in the world has one and therefore people will be wanting cases to protect those phones. ]]> 2016-10-01 20:12:21 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127695376 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127695620 It takes about 649 dollars to make an IPhone 6s plus therefore the cost of production because of the human labor, the machinery needed, and the tools needed to make it, the IPhone is $27.05 dollars. it relates to me because I want an IPhone 6s and I don"t have the kind of money to but one because the price altogether is about $ 676.05 dollars.]]> 2016-10-01 20:20:01 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127695620 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127696683 The profit motive helps the wasting of shirts because if the profit motive will be high or maybe sometimes even low but because of the profit motive, no matter the price of the shirts people need shirts so they will be buying those shirts.]]> 2016-10-01 20:47:14 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127696683 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127696808 When I have almond joys, the first one is amazing and therefore I want another, and another and another and another and another and another until I"m at seven almond joys and im starting to feel full of chocolatey coconuty goodness and maybe a bit sick that the more I have, the less I want another almond joy.]]> 2016-10-01 20:51:22 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/127696808 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128350470 Gasoline is a inelastic demand because if the price does happen to increase gas is a necessary supply that no matter the cost people are most likely buying it.]]> 2016-10-04 23:12:07 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128350470 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128350914 An example of an elastic demand is like coffee because it is an unnecessary supply because if the price does increase very few people are going to find that it's worth it to have overpriced coffee.]]> 2016-10-04 23:18:51 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128350914 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128351407 An example of an elastic demand service is a painter if the painter raises the price form something that is quite high to begin with the person doing the hiring might just decide to do it themselves or get someone else to do it.]]> 2016-10-04 23:24:23 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128351407 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128351959 I see candles at a low inelastic demand becuase I do not like candles and do not care for them and if the price were to increase just a little bit it would not matter to me and even if the price for candles decreased I still wouldn't really care.]]> 2016-10-04 23:30:19 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128351959 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128352477 The new Iphone seven could be seen as an elastic supply becuase indeed a lot of people want it and so the company that makes them will make more to accommodate those people. ]]> 2016-10-04 23:35:17 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128352477 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128352905 the new apple watch the one that could be used as a phone and all the cool gadgets as a phone and it is also like a health thing so you can watch all of these things with the watch.  I would really like to have this but becuase the more technological the watch got the more the price increased and I just don't have that kind of money right now.]]> 2016-10-04 23:40:25 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128352905 mjhanford17 https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128353261 An example of a supply that has elasticity is medicine because people are requiring more medicine these days the price has increased and the suppliers know that when you need medicine people will pay whatever they have to get that medicine. ]]> 2016-10-04 23:45:31 UTC https://padlet.com/mjhanford17/gi7jtnarl10k/wish/128353261