Choose a product you buy on regular basis (something you buy more than 4x per year). Think
Question:
Choose a product you buy on regular basis (something you buy more than 4x per year). Think about how the supply and demand changes based on things like seasons, price, advertising/media, etc.
1-What is the product, where and how often do you buy it?
2-Which one of the four patterns does the product fit into or does it have more than one pattern? (Trend, Seasonal, Cyclical, or Trend with Seasonality? Please explain why.
3-Now, considering the pattern(s) that you chose, how might the product owner (manufacturer, store, and/or business) handle the changing demand by using internal methods described in the reading and from your own research?
4-How about external methods?
5-What do you think are the biggest factors that influence demand for the product you chose? For example, if I chose snow skis, demand varies all year because snow melts in spring in the Northern hemisphere.
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba