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Economics - Supply and Demand, Essay

Chapter 4 is the foundation for many economic concepts we will study during the semester. When market prices change, many laypeople will blame “supply and demand”. We learn in this chapter there is much more to this important model. A common problem for students is the difference between change in demandand change in quantity demanded. They may seem to be the same thing, but they are very, very different and you must have a good concept of these terms. A change in quantity demanded is a movement along the current demand curve. This happens due to a change in price. Change in demand is when the entire demand curve shifts, due to something other than price of the good itself. Review the first column, page 54. For your discussion assignment: Describe the market for one of your favorite products. Who (which group, which type of consumers?) is demanding this good? Who is supplying the good? Is this product a normal or inferior good? Explain. What are some substitutes and/or complements to this product? Explain why are they substitutes or complements. THEN Review the factors that shift the demand curve (pages 54-56). Describe one of these factors (in general, from the book), then give a specific example and how it would impact the demand curve. Describe the impact on the market price. For example, if I were looking at the market for Diet Pepsi, I could select and describe “changes in prices of other goods”, then describe what would happen if the price of Diet Coke (a substitute) decreased. The decrease in the price of Diet Coke would shift the demand curve for Diet Pepsi to the left. For any given price, less Diet Pepsi would be demanded after a reduction in the price of a substitute. We would expect market price to fall. Your initial post should be at least 200 words and is due by 11:55 PM Wednesday. You should read all other student’s posts and respond to at least two posts. Responses should be at least 5 sentences and move the discussion forward. Saying “I agree” or “good post” does not count as a sentence – you must explain your position. You can also follow-up to other student’s responses and discuss the issues back and forth. Your follow-ups/responses are due by 11:55 PM Friday.
Chapter 4 is the foundation for many economic concepts we will study during the semester. When market prices change, many laypeople will blame “supply and demand”. We learn in this chapter there is much more to this important model. A common problem for students is the difference between change in demandand change in quantity demanded.
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372194
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CREATED ON
23 January 2018
COMPLETED ON
24 January 2018
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23 January 2018
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