International Economics
Not what you're looking for?
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?
Purchase this Solution
Solution Summary
This solution discussed economics and provided real-world examples.
Solution Preview
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 ...
Purchase this Solution
Free BrainMass Quizzes
Operations Management
This quiz tests a student's knowledge about Operations Management
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.