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Appendix B Week 2 Economics Essay

569 words - 3 pages

Associate Level Material
Appendix B

Price Elasticity and Supply & Demand

Fill in the matrix below and describe how changes in price or quantity of the goods and services affect either supply or demand and the equilibrium price. Use the graphs from your book and the Tomlinson video tutorials as a tool to help you answer questions about the changes in price and quantity

Event Market affected by event Shift in supply, demand, or both. Explain your answer. Change in equilibrium
Frozen orange crops in California Orange juice Supply (left)—Not as many available oranges to offer consumers. Price will increase and quantity will decrease.
Hurricanes in the Gulf Coast

Oil and Seafood supply Not as much oil or seafood to offer consumers. Price will increase and quantity will decrease
Cost of cotton ...view middle of the document...

An example of two substitutes would be butter and margarine; or Miracle Whip for mayonnaise.

2. Define “Price Elasticity of Demand.” Give an example.
This term is a measure of how much quantity demanded of a product responds to a change in the price of that product. Some goods are elastic or inelastic. Like a life-saving surgery would be extremely inelastic (you would want to do it at any price) while a dollar would be extremely elastic (you wouldn't pay two dollars for a dollar, etc). Most goods are somewhere in between.

3. Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity of a good and the availability of substitutes affect the price elasticity of demand in each of these specific cases:

• Gasoline as a commodity
This is inelastic because gasoline cannot be substituted with anything.
• Gasoline sold at a local gasoline station
Elastic because there is more gas stations to compete with. There is more competition.
• Hotel rooms for people planning a vacation
Elastic because people can look around for the best hotel deal.
• Hotel rooms for people on business to meet an important client
Inelastic because is the important client only wants to meet at an expensive hotel then they have no choice but to pay the high prices.
4. Define the Law of Demand and the Law of Supply. Give an example for each.
The law of demand is if the demand of something goes up then the supply will go down and vice versa for the law of supply. If the supply (of houses, for instance, many owners have to sell because they can no longer pay their credit installments) is higher than the demand, (because of the Great Recession, people are afraid of losing their jobs and prefer to save for a rainy day than buy a home on credit), prices of homes go down.

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