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real-life shortage or surplus of a good

1. Give an example of a good you purchase or market at your workplace to show why demand curve slopes downwards and why supply curve slopes upwards?

2. What factors shift your demand for goods (note: price is not a demand shifter)? Give an example of how a demand determinant shifted your demand for a good.

3. Describe a real-life shortage or surplus of a good you have wanted to purchase or market at your workplace. How is this imbalance reconciled in the marketplace?

Solution Preview

1. Give an example of a good you purchase or market at your workplace to show why demand curve slopes downwards and why supply curve slopes upwards?
As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy
Let us take few examples:
Demand for T- Shirt will be affected in the following manner:

If T-Shirt become more fashionable: The demand for T-shirt will increase as taste and preferences are now in favour of it.

Now let us discuss about the supply curve
As per csu.edu, "Supply is the ...

Solution Summary

Demand is also depicted. References are also listed to promote research.

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