Remake of P.4 Supply and Demand - Read all questions - Link in Google Classroom by Michael Pitts

Write all questions in your own words. Show your work as best you can.

mpitts25 — 2023-02-06 17:44:41 UTC

1. Define service in terms of Economics
2. How does supply change with price? How does demand change with price?
3. What is the difference between physical and human capital?
4. What is a Demand unique to one demographic? Why?
5. Math - Use Absolute Value: Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. SHOW YOUR WORK
a) What is the % change in demand?
b) What is the % change in price?
c) What is the elasticity? % change in Demand / %change in Price
d) Is this elastic or inelastic? Elastic > 1. Inelastic < 1

Anthony, Derek, Yaneddy, Adrianny

avelecela375 — 2023-02-07 16:44:29 UTC

1. Define service in terms of Economics

Services in terms of economics is when someone is seeking for actions or activities that one person performs for another.

2. How does supply change with price? How does demand change with price?

As the price of a product increases, the supply also increases. As the price of the product increases, the demand of the product decreases.

3. What is the difference between physical and human capital?

The difference between physical and human capital is if objects are human-made and used to create other goods and services that are considered physical capital. The knowledge and skills a worker gains through education and experience are human capital.

4. What is a Demand unique to one demographic? Why?

Dominicans usually get honda civics with the big speakers because its part of their culture and musical background. Its about the show and winning honors and bringing a little piece of home with them to the US.

5. Math - Use Absolute Value: Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. SHOW YOUR WORK

a) What is the % change in demand?

8-10/10 x 100= -20%= |-20|=20. This means a 20% difference in demand.

b) What is the % change in price?

3.75-3/3 x 100= 25% change. This means a 25% difference in price.

c) What is the elasticity? % change in Demand / %change in Price

20/25= 0.8%

d) Is this elastic or inelastic? Elastic > 1. Inelastic < 1

It’s inelastic because the value is less than 1.

Adrianny, Anthony, Derek, Yaneddy

2023-02-07 16:44:31 UTC

1. Define service in terms of Economics

Services in terms of economics is when someone is seeking for actions or activities that one person performs for another.

2. How does supply change with price? How does demand change with price?

As the price of a product increases, the supply also increases. As the price of the product increases, the demand of the product decreases.

3. What is the difference between physical and human capital?

4. What is a Demand unique to one demographic? Why?

a) What is the % change in demand?

8-10/10 x 100= -20%= |-20|=20. This means a 20% difference in demand.

b) What is the % change in price?

3.75-3/3 x 100= 25% change. This means a 25% difference in price.

c) What is the elasticity? % change in Demand / %change in Price

20/25= 0.8%

d) Is this elastic or inelastic? Elastic > 1. Inelastic < 1

It’s inelastic because the value is less than 1.

Levi & Erick, Jael, Monserrat

lpichardo974 — 2023-02-07 16:44:43 UTC

1.) Service in terms of economics is an intangible commodity or closer to terms we learned it has to do with the service of supply and demands. ( more service as price increases ). An act in which a consumer is willing to pay

2.) As price increases demands usually lessen and supplies increase. Low demands = high supply and high demands = low supply. Price helps determine the demand as not many people would not want to buy expensive products

3. ) The difference between physical and human capital is physical refers to tangible assets that assist in the production of a good. Human capital refers to the economic

4.) Toys would be a demand unique to the demographic of age but specifically a younger audience

5.)

a.) 10 box - now 8 boxes = demand has decreased by 2 boxes, maybe 20% decrease

b.) 3.75 - 3 = 75 cent increase, 25% increase

c.) elasticity is 0.8
20/25 = -0.8

d.) This is inelastic because 0.8<1

Derek, Anthony, Adrianny, Yaneddy

dpacurucu153 — 2023-02-07 16:44:57 UTC

1. Define service in terms of Economics

Services in terms of economics is when someone is seeking for actions or activities that one person performs for another.

2. How does supply change with price? How does demand change with price?

As the price of a product increases, the supply also increases. As the price of the product increases, the demand of the product decreases.

3. What is the difference between physical and human capital?

4. What is a Demand unique to one demographic? Why?

a) What is the % change in demand?

8-10/10 x 100= -20%= |-20|=20. This means a 20% difference in demand.

b) What is the % change in price?

3.75-3/3 x 100= 25% change. This means a 25% difference in price.

c) What is the elasticity? % change in Demand / %change in Price

20/25= 0.8 or 80%.

d) Is this elastic or inelastic? Elastic > 1. Inelastic < 1

It’s inelastic because the value is less than 1.

Monserrat

2023-02-07 16:46:12 UTC

1. Service is an act or use for which a consumer, firm, or government is willing to pay.

2. When the price is low the demand is higher and when the price is higher the demand is lower.

3. The difference between physical and human capital is that physical refers to tangible assets that assist in the production of a good. This includes machinery, buildings, transportation, computers, and software. Human capital refers to the economic value of an employee's skill set.

4. A demand unique to one demographic is shoes towards the younger audience because it's whats trending right now.

5. a: the % change in demand is 20%
b: the % change in price is 25%
c: the elasticity is 0.8
d: its inelastic because its less than 1

Salma, Brendan, Geo

2023-02-07 16:48:04 UTC

1. Define service in terms of Economics
Service is the actions/activities that one performs for another in order to make profits.

2. How does supply change with price? How does demand change with price?
Supply changes with price because as price increases supply does as well (same if decreasing) while the change in demand and price is when a price is low, sales will be high (vice versa)

3. What is the difference between physical and human capital?
Physical capital are human-made objects that are used to create other goods while Human capital is the knowledge/skills a worker gains through education and experience.

4. What is a Demand unique to one demographic? Why?
Cafe Bustello is a unique demand to the hispanic demographic because most hispanic people prefer that type of coffee.

5. Math - Use Absolute Value: Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. SHOW YOUR WORK

a) What is the % change in demand?

8-10/10 x 100= -20%= |-20|= 20%

b) What is the % change in price?

3.75-3/3 x 100= 25% change. This means a 25% difference in price.

c) What is the elasticity? % change in Demand / %change in Price

20/25= 0.8 --> 80%

d) Is this elastic or inelastic? Elastic > 1. Inelastic < 1

It’s inelastic because the value is less than 1.

Skarlin

2023-02-07 16:49:49 UTC

1. Services are actions or activities that one person performs for another. So in that case it will be medical care, barbers, etc.

2. Supply chances with price because when people demand more of it the price will increase. Demand changes with price when the price decreases more people will buy it

3. The difference between physical and human capital is that that physical capital is when human-made objects are used to create goods. While with human capital, it is the knowledge and skills that the worker gains through education

4. A demand unique to one demographic is Dominicans buying plantains. The reason is because that's what a Dominican person would always want to buy.

5.
A) 10 boxes- 8 boxes= 2 boxes. the demand decreased by 2 so 20%
B) 75/100 is 25% left. So there's a 25% difference in the price.
C) 20/25= 0.8
D) Inelastic because is it less and 1

Oscar, Stephanie

2023-02-07 16:50:08 UTC

1. Services are when somebody does an action for another person.

2. When price goes up supply goes up, while demand goes down. When price goes down supply goes down, but demand goes up.

3. Physical capital deals with objects that are created to make goods and services. While human capital is the knowledge and skills of a worker gained through education and experience.

4. The $1 slices from New York are in high demand specifically for new yorkers. This is because of the convenience in availability and price.

5a) 20% change in demand. 8-10=2. 2/10=1/5*100=20%
5b) 3.75-3/3*100= 25% change in price.
5c) 20%/25%= 0.8% is the elasticity.
5d)This is inelastic because the value is less than 1.

Brisseis Lantigua

blantigua101 — 2023-02-07 16:51:56 UTC

1. Service in terms of economics is a task performed that benefits consumers. 2. As price increases, supply also increases. As price increases, demand decreases. 3. Physical capital helps with the creation of a good while human capital refers to a person's ability. 4. A demand unique to one demographic group is makeup to teenagers because as many teens are finding themselves they get interested in cosmetics. 5. A) There is a 20% difference. 8-10=-2 B) 3.75-3/3x100= 25% difference in price C) 20/25= 0.8% D) Inelastic because 0.8<1

Jacob & Aicha

2023-02-07 16:53:44 UTC

Services are those that one provides for someone else. Such as delivering food for people and being paid for it.
Supply changes with price depending on the demand of the product. Oftentimes if the price increases to a product the supply instead decreases. People buy much less of a good causing a decrease in demand overall in consumers.
Physical capital is the products made by others and used in a consumer based economy. Human Capital is a people using their knowledge and skills to create physical capital or a service.
The demand for chopped cheese with New Yorkers.

80%
25%
20%
Inelastic

evelyn, sherly, frances

2023-02-07 16:54:23 UTC

Define service in terms of Economics

Services: actions or activities that one person performs for another.

How does supply change with price? How does demand change with price?

Supply changes with price because little supply, the more expensive it becomes. Demand changes with price because the desire to want to own something and having the resources to do so is what creates demand.

What is the difference between physical and human capital?

The difference between physical and human capital is that the physical capital is basically the products that are human made, whereas the human capital is the knowledge and skills a worker obtains through experience.

What is a demand unique to one demographic

A unique demographic is toilet paper because it has the same performances but was more expensive during the covid pandemic era.

Math - Use Absolute Value: Yesterday, the price of envelopes was $3 a box, and Julie was willing to buy 10 boxes. Today, the price has gone up to $3.75 a box, and Julie is now willing to buy 8 boxes. SHOW YOUR WORK

What is the % change in demand?

20% difference in demand

What is the % change in price?

25% difference in price

What is the elasticity? % change in demand / % change in price

0.8%

Is this elastic or inelastic? Elastic > 1. Inelastic < 1

Inelastic because the value is less than 1

karmen

2023-02-07 16:55:11 UTC

1-services are actions or activities that one person performs for another.
2-producers offer more of a good or service as price increases and less as its price falls.
3-human made objects used to create other goods and services are physical cpital, and the knowledge and skills a worker gains through education and experience are human capital
4- we need to have tortillas because its usually what we mostly eat
5-10 to 8 boxes=2 boxes the demand was increased by 2/20%

jennifer

jpalacios250 — 2023-02-07 16:55:15 UTC

1. Service is the action that you do for someone else.
2. Supply changes with price by the amount that is being bought. Demand changes with price from the desire of people wanting to buy the same item and running out.
3. Physical capital is human made objects used to create other goods. Human capital is the knowledge and skills you learn through education and experiences.
4. A unique demand of one demographic is chile for Mexicans because we always eat everything with spice.
5. a) the percent change in demand is 20%.
b) the percent change in price is 25%.
c) the elasticity is 20/25 = 0.8%
d) its inelastic because its less than 1.

Delvin G

dglaspie791 — 2023-02-07 16:55:25 UTC

My service would be scarce so i can charge and have more money. My demand changed with an increase in price. the more i go up in price the less my demand. My service would be human capital and physical capital. because it would be dependent a on an education background by that contribution. A demand unique is toys for younger kids.
5. 8-10/10x100= -20%= |-20|=20

steven

scoyotljimenez324 — 2023-03-17 14:50:15 UTC

1.Services are things that you provide for others such as delivering food
2.Supply increases when prices go up and demand goes down. Also when the price goes down the demand goes up
3. Physical capital are products made by people and rely on a consumers
4. A demand in the bronx are $1 pizzas because theyre good and cheap
5.20% change, 25% price change, 0.8%elasticity. It is inelastic because it is worth less than 1