In a local hardware store, the price of the store brand indoor house paint is $18 per gallon. The daily volume of sales is 30 gallons. The price…
October 8, 2020
Good / Country : A B S: 8 12 T: 12 3 Let W= $10/hr. and E*W =$15 1. Will trade take place? How do you know?
October 8, 2020
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List three (3) goods or services that you buy frequently. Fill in the following details for each goods or service in the provided table:

Quantity Bought

Analysis

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Now, consider the price, and the quantity that you are willing to purchase at that price and answer the following questions.

1.       How does price influence the quantity of an item you are willing or able to purchase?

2.      Does it make a difference if the item is an essential item, like food vs. a luxury item like a sports car whether you are likely to continue to purchase the item even if the price goes up?

3.      Consider what you can infer from your own purchasing habits about price and demand? Explain your answer.

 

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