Just answers the questions below using some economic concepts.
1.) Discuss an example of supply and/or demand that you have observed in the real world. Be don't use the example for the questions below, use something else.
2.)I was thinking about the gas prices, in a way it has to do with supply and demand, right? Because no matter how high the prices get, we still need gas, and as we need more gas the companies have to et the gas from other countries, which in turn make our prices go up because they only give a certain amount. What do you think?
3.)How about a simple supply and demand analysis looking at grocery store items. For example, I notice that there are three lite frozen entrees that are always competing. Lean Cuisine, Weight Watchers and Healthy Choice. I am curious as to why one will be on sale more often than the other. More often, in the Vons store that I shop at, the Lean Cuisine will be on sale.
Does that mean that the Weight Watchers and Healthy Choice meals will sell even though they are higher priced? Is the Lean Cuisine on sale, being a substitute item, driving the demand of the other items down, while driving the quantity demanded for Lean Cuisine up? Is the price reduced due to a rise in supply?
I suppose all of the price adjusting is just the constant attempt to find the equilibrium. What do you think?
4.) An example that i've seen Supply and Demand in the real world is when you start college and you want to buy used textbooks. The supply of used textbooks is not enough for the demand of college students that want used textbooks. In this case you can't supply more used textbooks just because college students demand more of it. This is like the example of the parking spaces at colleges, it's basically a first come first serve basis. Equilibrium stays the same. What do you think?© BrainMass Inc. brainmass.com October 24, 2018, 5:54 pm ad1c9bdddf
Multiple choice questions on Probability & Hypothesis
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