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Assignment Details Please use your own experiences and the knowledge you have gained from this week’s readings to answer...

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Economics

AssignmentDetails

Please use your ownexperiences and the knowledge you have gained from this week’sreadings to answer the following topics and questions. You may alsouse information that you find in the textbook, AIU’s library or theInternet to support your discussion. Make sure you use economicconcepts in your main contribution.  

Think of items that you have purchased in a market:

  • Big ticket items like a house, or an apartment rental, or acar;
  • Or ordinary items in your weekly budget, like coffee, tea,gasoline, bread, Milk, etc.

    You can consider some of the following questions in yourcontribution.
  1. What price trends have you noticed over the last few years? Dothe prices fluctuate? Have prices increased or decreased?
  2. How would you use what you have learned concerning Supply andDemand to explain these trends?
  3. Have there ever been any shortages or surpluses? How would youexplain that?

Answer & Explanation Solved by verified expert
4.3 Ratings (616 Votes)
Solution Some of the necessity goods like milk bread have inelastic demand So changes in their prices would not alter Consumers demand patterns much However their prices have    See Answer
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