ECON 545 Business Economics Week 1 Supply and Demand
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Question (1): Demand and Supply
Let’s discuss the tutorial Understanding and Applying Supply and Demand in our Lecture this week.
(a) What is the difference between a change in demand versus a change in quantity demanded?
(b) A change in supply versus a change in quantity supplied?
(c) Why is it so important to differentiate between these similar-sounding terms?
Question (1): Elasticity
Let’s discuss three different types of Elasticity:
1- Price Elasticity of Demand
2- Income Elasticity of Demand
3- Cross Elasticity of Demand
What are the differences between these different types of Elasticity?
How can you apply the above concepts on your jobs?
The best way to determine whether any product is elastic or inelastic is to ask yourself whether there is a substitute for that product or not.
The Gas example is a bit confusing. On one hand, some people view gas as inelastic since regardless the increase in the gas price, you have to buy it. On the other hand, other people view gas as elastic since there are substitutes such as other sources of energy.
Based on the above discussion, what is your opinion? Is gas elastic or inelastic?
Question (2) – APPLICATION on Demand and Supply
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.).
Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T).
Question (3): Change in Demand Versus Change in Quantity Demanded
What is the difference between ‘change in demand’ and ‘change in quantity...