ECON 312 Demand Supply and Market Equilibrium

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Demand Supply and Market Equilibrium
Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals…

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Demand Supply and Market Equilibrium

Demand Supply and Market Equilibrium

Discussions Week 2 All Students Posts Р47 Pages 

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). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?