Name a good or service you personally purchase whose price has recently changed. Tell if the price...

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Name a good or service you personally purchase whose price has recently changed. Tell if the price increased or decreased and explain what happened to cause that price change. That is, use the determinants of supply and demand to tell how supply and/or demand changed to cause the increase or decrease in the price.

Name a good or service you personally purchase on occasion. Explain what will happen to your demand for that good or service if you get a raise at work. Use the course material.

Name a good or service you personally purchase whose price has recently changed. Did it increase or decrease? Do you now spend more or less on that good? Explain, using the concept of the price elasticity of demand, why you are spending more/less.

During the COVID-19 pandemic, many health professionals supported making masks mandatory. Explain, using the Market Failures material, the economic arguments for why masks might be mandatory.

Name a good or service you personally purchase. Explain, using the criteria in the book, which of the four market structures best describes the sellers of that good or service.

Rudrakshi · Accepted Answer

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Title: Economics
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Answer 1	3
Answer 2	3
Answer 3	3
Answer 4	4
Answer 5	4
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Answer 1
I recently purchased an I-phone and the price of the phone has increased because of the market share and new product launch of the company. It leads to sudden increase in the demand of the product while supply remaining constant. As mentioned by Muller et al., this makes the demand of the Apple I-phone staggeringly high.
Even the government has also increased the import duties and taxes on the product, which has also lead to increase in the price. Apparently, the demand of such product increases and short supply are sold at the higher prices. This is because of the price cuts could aim to sell to the phone to their more customers in order to increase their share of market. 
Answer 2
It is, almost, always the case that, the amount needed lowers, with rise in the price of a product or service. I purchased the microwave in Christmas season because the company in order to increase their sales, therefore they roles out lucrative offers on their products,

Name a good or service you personally purchase whose price has recently changed. Tell if the price increased or decreased and explain what happened to cause that price change. That is, use the...

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