Econ Scenarios
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PRESENTATION OUTLINE
INCOME
- If Johnson's income doubles from $40,000 per year to $80,000 per year because of a promotion, how would this affect the brand of car he drives?
- Answer: he would sell his 1980s beater and get a decent Durango
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EXPECTATIONS
- The price of apples is expected to go way up due to poor growing conditions; what will happen to the demand for apples?
- Answer: it will go down
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POPULATION
- A large number of dogs are being bought in America; what will happen to the demand for dog items?
- Answer: it will go up.
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CONSUMER TASTES
- The Samsung Galaxy Note 7 has been causing fires, how will this affect demand for the phone?
- Answer: demand will go down
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PRICE OF RELATED GOODS
- The new iPhone 7 costs $700; a Samsung Galaxy s7 costs about $600. How will this affect demand for an iPhone
- Answer: it will go down.
