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International Economics

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Economics

1. What other real-world examples of changes in "consumer's tastes" do you have to share? How have these changes affected (increased or decreased) demand?

2. Do you have other real-world examples of diminishing marginal utility? Do you have any real-world examples related to purchases you have make or to items sold by your employers?

3. What real-world examples do you have of the substitution and/or income effects?

4. What questions or comments do you have on the determinant of the price elasticity of demand referred to as time? Given the definition of this determinant, are the goods/services that are produced by your workplace elastic or inelastic given the time consumers have to find substitutes for those goods/services?

5. What questions or comments do you have on the determinant of the price elasticity of demand referred to as luxuries versus necessities? Are the goods/services produced by your workplace considered luxuries or necessities? How would the luxury versus necessity determinant affect the price elasticity of demand for a good or service?

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1. What other real-world examples of changes in "consumer's tastes" do you have to share? How have these changes affected (increased or decreased) demand?

The real world examples that I have are important. A person can have the most current phone on the market, but in 6 months this changes. For example, a person may want to send Microsoft Office documents to others while on the job. These types of changes increase demand because it is something that people are wanting at that particular time.

2. Do you have other real-world examples of diminishing marginal utility? Do you have any real-world examples related to purchases you have make or to items sold by your employers?

With diminishing marginal utility, this occurs when a product is not in high demand and eventually it no longer exists. For example, a computer that is not working ...

Solution Summary

This solution discussed economics and provided real-world examples.

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