When you reply to your classmates' posts, respectfully agree/disagree to the post, and explain why, while offering an opinion with an example to support it. Include citations and references.

After evaluating the following statement: "If demand curves are always downward-sloping and we have 4,000 units sold when we charged $20 for our product, then increasing our price to $25 will result in sales less than 4,000". In direct proof, we can determine, based on the law of demand, that if the prices are increased, the demand for the product would decrease. "The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded" (Khan Academy). This means increasing the price of the product from $20 to $25 will result in less than 4,000 units sold. Therefore, it will have a downward slope of the demand curve.

For example, I have always been an Apple fan; I own laptops, AirPods, iPhones, etc. Every year, when a new phone came out in the fall, I was one of the first ones to pre-order my iPhone so I could have the latest technology. But eventually, I had to stop because I couldn't keep up with the price increase. They would change three features on the phone and sell it for $1000+, and every year, it was the same model, with a few software updates. I wasn't getting my money's worth anymore, and I could get the same experience with a model 3 years older. Therefore, the price escalation forced me to stop purchasing the newer product, and just like me, many individuals are in the same boat.

"In propositional logic, transposition is a valid rule of replacement that permits one to switch the antecedent with the consequent of a conditional statement in a logical proof if they are both negated" (Wikiwand). In other words, it is making a contractional assumption of an outcome of something. For example, based on the law of demand, increasing the price of anything implies that fewer people will consume the product than before. Transposition does the complete opposite of the law of the law of demand. It means that by increasing the number of tickets to $25, more than 4,000 tickets will be sold.

But let's be honest; in the real world, most people would prefer to stop consuming the product than pay the higher price tag. As a consumer, if I feel the price tag for the product is out of hand, I stop attending. For example, I used to participate in a yearly concert for a Latin artist because I love his music. But eventually, floor tickets were up to $600 per person from the regular $150 when he started. As much as he's my favorite artist, I prefer to watch him on YouTube because the prices are ridiculous.

Therefore, there are other people just like me who stop consuming the product due to the higher price tag. Thus, this contradicts the assumption made by the transposition that the increase in tickets from $20 to $25 still results in more than 4,000 tickets sold.

Reference

Khan Academy . (n.d.). Law of demand (article) | demand. Khan Academy. https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/a/law-of-demand

Wikiwand. (n.d.). Transposition (logic). https://www.wikiwand.com/en/Transposition_(logic)