law of demand
... because I do not listen to ck music, so I bought rap concert tickets, so ther is atleas one cunsumers demand for rock tickets. Market size: larger shirts are more expensive unlike smaller size one because the lareger portion of the US is over weight so a larger portion of the shirt consuming population wear larger size shirts so there is a larger demand for bigger size shirts. Income: I use to buy computer games every month but when I was cut down in hours at work thus giving me a smaller paycheck so I just cant afford to buy them every month any more now im lucky is I can buy them every 2-2 ˝ months. Prices of related goods: when I boght a new printer I was, I remembered I had to buy special ink for the typ of printer but at least I didn’t have to pay to have my pictures to be developed. Consumer expectations: I just bought $600 doller worth of clothes from borrowed money when I got my new job because I thought I would be making lots of money but they soon after cut my hours down thus giving me a check smaller than what I expected every week. 5. A complementar good is related to that good unlike a substitute good which is the same good just cheaper. CH 3 # 5 Ice cream: complementary good: Ice cream scoops or Ice cream cones substitute good: Ice milk or home made Ice cream Baseball game tickets: complementary good: hotdogs bought at the game, parking at the arena substitute good: free minor league game, or play you own game at the park Pencils: complementary good: pencil sharpeners substitute good: pens 6. A change in quantity demanded I caused by the purchasing power of consumers and price alone, unlike a shift in demand which takes into consideration other factors other than price alone such as tastes and preference, as well as market size ..etc. Thinking and Writing Critically 1. Granny smith apples: elastic, because there are so many other types of apples. Heart Medicine: inelastic, because there are no substituts and it is a nececity. Gasoline: inelastic because ther is no substitut and it has come up frome a luxury to drive a car to a need to drive a car thus making cars and gasoline a necesity, as well as a need. 2. The demqand curve shifts to the right for turky in November because it is in high demand during thanksgiving , but after the holadays it shifts to the left because the demand for it deminishes, theis changes occur for turky and other products because it is only wanted seasonally and not year round . 3. I would tell them that set the price fairly low at ferst to gain custemers then as the day gets hotter “jack up” the price and make sure you are the only refreshment stand on the block , and if there is someone else selling refreshments beat them up and burn their stand down. 4. With in today’s cur...