https://padlet.com/hrferraro17/vo8dak0ijp9g en-us 2016-10-04 16:26:04 UTC 2016-10-08 04:39:13 UTC hello@padlet.com hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128243322 My understanding of Supply and Demand helps me understand my economic surrounding. Supply and demand have a lot of impact on why individuals think the way they do and why they choose to make the decisions that they make. Not only this, but my understanding of supply and demand helps me to understand how each individual plays a role in a society or community (producers/consumers).]]> 2016-10-04 16:28:45 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128243322 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128245019 I buy more boxes of Celestial Seasoning's tea when it is on sale at the grocery store versus when it is at a more expensive price.]]> 2016-10-04 16:32:11 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128245019 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128246596 After I get my paycheck, I am more likely to spend more money on snowboarding, camping, or hiking equipment at Sierra Trading Post.]]> 2016-10-04 16:36:00 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128246596 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128248933 When I get coffee, I typically look at prices. Because a Grande Vanilla Bean Frapuccino is a dollar extra than the Grande Hazelnut Americano, I will substitute the Americano for the Frappucino instead.]]> 2016-10-04 16:41:33 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128248933 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128251408 As evident in the past, suppliers may supply more gas in the near future because prices may go up. Many individuals have adapted to using their car as an only source of transportation therefore, are willing to pay the higher price for gasoline.]]> 2016-10-04 16:47:59 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128251408 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128873438 Prismacolor colored pencils demonstrate the cost of production because in order to produce a colored pencil, Prismacolor must pay the costs of their machinery, the dyes of the colored pencils, wages of Prismacolor employees, etc.]]> 2016-10-06 16:00:41 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/128873438 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129000908 The profit motive helps reduce wasting of toilet paper because Cottonelle may use their resources to make products that earn higher profits such as paper towel or tissues. This way the toilet paper doesn't go to waste. ]]> 2016-10-07 00:59:44 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129000908 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129004566 I have experienced diminishing marginal utility  from eating  multiple bread sticks at Olive Garden. While waiting for my dinner to arrive, I ate two bread sticks. These bread sticks put my satisfaction level at a 10/10. After eating a third bread stick, my satisfaction level was a 6/10. After eating a fourth bread stick, my satisfaction was a 2/10 and the fifth bread stick put me at a 0/10. Therefore, I did not eat a sixth bread stick even though the waiter offered.]]> 2016-10-07 01:40:04 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129004566 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129006192 Denchers are an inelastic demand to most people because the quantity demanded of the denchers will change very little when prices change. For an individual that cannot speak or chew their food without denchers, their demand for denchers will be equivalent whether they are 50 dollars or 150 dollars.]]> 2016-10-07 01:57:28 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129006192 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129006955 A service that has inelastic demand to most people are emergency ambulance rides. Because it is a necessity for one's well being and an individual has very little time to respond to any price change or any price at all, this service becomes extremely inelastic. A Basic Life Support (BLS) ambulance ride will start at around 600 dollars with distance traveled and equipment used added to the cost. An Advanced Life Support (ALS) ambulance ride will start at 1000 dollars, again with distance and supplies added on top.]]> 2016-10-07 02:06:55 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129006955 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129008420 Chapstick has an elastic demand to most people not only because it has many other substitutes (Vaseline, Carmex, etc) but if the price of Chapstick goes up, individuals are more likely to buy only one Chapstick tube versus two or three and vice versa if the price were to go down.]]> 2016-10-07 02:26:46 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129008420 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129009138 If the price of Redbox services goes up, the quantity demanded of their movies will change greatly. Because Redbox movies are not a necessity, the service prices being raised will only deter individuals from renting/buying the movies. Instead, individuals can go to a movie theater, watch Netflix, etc. Where as if Redbox services are at a lower price, an individual is more likely to buy more Redbox movies.  ]]> 2016-10-07 02:37:35 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129009138 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129009696 A ski lift pass has an increased inelastic demand quality to me because I will pay for an Eldora ski pass no matter the cost. This is because I like Eldora's runs the most and is a necessity to me when winter comes around.. Not only this, but this product is already a small part of my budget making the pass itself more elastic for me. Ski passes may cost anywhere from 60 dollars to 400 dollars. ]]> 2016-10-07 02:44:41 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129009696 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129174640 Uber suppliers have suggested using Uber for situations where it may be safer for an individual to use their product such as whenan individual is under the influence of drugs or alcohol. Uber is a recent example of elastic supply because a bunch of people suddenly wanted an Uber driver and the suppliers made accommodations for individuals to make it  possible. Uber has replaced other transportation such as cars, public buses, bikes, etc. ]]> 2016-10-07 16:12:06 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129174640 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129182121 The elasticity on food service is becoming more elastic with more advancements such as food through delivery or by drive through window. More and more suppliers are doing these methods with adverse products. For example, Insomnia Cookies delivers cookies from 11am-3am meaning that cookies are more readily available at this time, produced faster due to delivery and drive through,  and as price changes, quantity supplied of the cookies would change immensely. ]]> 2016-10-07 16:31:42 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129182121 hrferraro17 https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129254068 I would love to have a Martin LX1E. However, this is near impossible for me. This guitar has an inelastic supply and the quantity supplied will change very little when price changes. This guitar is produced slowly, has limited access, and is made from valuable materials such as mahogany. This guitar has been a product that many famous consumers have bought including Ed Sheeran. ]]> 2016-10-07 21:52:51 UTC https://padlet.com/hrferraro17/vo8dak0ijp9g/wish/129254068