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Excel Spread Sheet Everest University Essay

1465 words - 6 pages

1.) According to Miller (2014) “there is generally a direct relationship between price and

quantity supplied; as the price rises, the quantity supplied rises”(p. 58). How this concept

affects me and my family is that we are victims of the market place. My family and

myself cannot rely on prices remaining constant so we may end up having to pay

more at times because of the laws of supply and which way that pendulum may be

swinging at any given time. In short, because there has been more of a demand for

something and therefore more is being supplied, I may even have to do without it because

I choose not to buy it due to a price increase.

2.) According to ...view middle of the document...

How things like this could affect me and my family is

that a price increase in a product not even used by us could create an interest in a similar

product that is used by us which in turn creates a greater demand which would then raise

the price of the product used by us; a chain reaction so to speak. It would be like the price

of milk increasing so people opt for soy milk substitutions which increases the demand

for soy milk substitutions which in turn increases the price.

4.) According to Miller (2014) “for most goods, an increase in income will lead to an

increase in demand” (p. 55). I live in Seattle, Washington, we have the highest minimum

wages in the United States. Recently the minimum wage was increased again to that of

fifteen dollars an hour. Based on the information that was in our text, more people will be
spending more money on goods which in turn will create more of a demand which in turn
will raise the prices perhaps even of food. How this affects me and my family is that
due to an increase in other peoples wages we will be paying higher prices for things
although we ourselves have not had any increase in wage; we lose in the end.
5.) According to Miller (2014) “fashions depend to a large extent on people’s tastes and

preferences” (p. 56). I want to make it very clear that I am glad that people are eating

healthier and more attention is being paid to personal health all around. But, my family

and I have always paid attention to our eating habits and consume a lot of produce and

with us, it is not a trend. With eating trends (fashions) it drives the demand for lettuce,

tomatoes and various fruits up and you can really see the affect at the super market when

lettuce is almost three dollars a head. You also see it at restaurants when you order a

Caesar salad and it is almost nineteen dollars. So, my family and I are paying more for

something because it is chic as opposed to a general shift in consumption.

6.) According to Miller (2014) “the price system is one form of rationing” (p. 80). Although

I complain and do not like to see the raising of prices, it is a way of rationing which helps

me and my family knowing that resources from the environment are not being depleted.

Let’s say that raising prices is a way of rationing and some of the items that are being

rationed through this type of venue are made with plastic, there will be less people using

those products which in turn will affect the demand which will affect the supply and less

plastic will be used on that specific product for a period of time. This form of rationing

ensures that our resources are brought into consideration which helps the environment

which in turn helps the people (Miller, 2014).

7.) According to Miller (2014) “often, owners...

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