Question
Read through the Scenario and questions Answer each question by providing a written response explaining what is taking place, be sure to include the factor
- Read through the Scenario and questions
- Answer each question by providing a written response explaining what is taking place, be sure to include the factor affecting supply or demand.
- Answer each question by filling in the charts.
- Make one demand curve graph putting all 5 curves on the same graph and labeling them.
- Submit your answers for the demand schedules and your graph making sure to include all D1 through D5.
The scenarios and the following changes illustrate the four factors that affect demand.
Scenario - Chocolate Solos
Imagine a candy store close to you has decided to make a delicious new kind of chocolate candy called Solos. The owners of the candy store have not decided what price to charge. They want to know how many they could sell at various prices. Imagine the anticipation of this candy that has buzzed around. Solos look amazing and everyone is talking about them.
1. Complete the following demand schedule. Show how many you would buy at each price point. Using these numbers, create demand curve labeling it D1. Demand Schedule - D1
| Price | # You Would Buy |
|---|---|
| $0.20 | |
| $0.40 | |
| $0.60 | |
| $0.80 | |
| $1.00 |
2. What would happen to the number of Solos you would buy at each price as a result of your weekly income increasing? Complete the demand schedule showing this change. Graph this new demand curve on your original graph and label it D2. Demand Schedule - D2
| Price | # You Would Buy |
|---|---|
| $0.20 | |
| $0.40 | |
| $0.60 | |
| $0.80 | |
| $1.00 |
3. What would happen to the number of Solos you would buy at each price if your girlfriend or boyfriend developed a mad craving for Solos? Complete the demand schedule showing this change. Graph this new demand curve on your original graph and label it D3. Demand Schedule - D3
| Price | # You Would Buy |
|---|---|
| $0.20 | |
| $0.40 | |
| $0.60 | |
| $0.80 | |
| $1.00 |
4. What would happen to the number of Solos you would buy at each price as a result of the drugstore down the street having a sale on candy bars at $0.10 each? Complete the demand schedule showing this change. Graph this new demand curve on your original graph and label it D4. Demand Schedule - D4
| Price | # You Would Buy |
|---|---|
| $0.20 | |
| $0.40 | |
| $0.60 | |
| $0.80 | |
| $1.00 |
5. What would happen to the number of Solos you would buy at each price as a result of you hearing that the price of Solos was going up $.025 next week. Graph this new demand curve on your original graph and label it D5. Demand Schedule - D5
| Price | # You Would Buy |
|---|---|
| $0.20 | |
| $0.40 | |
| $0.60 | |
| $0.80 | |
| $1.00 |
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
1 Demand Schedule D1 Price You Would Buy 020 10 040 8 060 6 080 4 100 2 For D1 as the price of Solos ...
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Statistics Informed Decisions Using Data
Authors: Michael Sullivan III
5th Edition
978-0134135373, 134133536, 134135377, 978-0134133539
