Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase Custom Essay

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase

This paper needs to have a intro body and conclusion. It has to be at least 300 words at least. With proper APA cites if there were any.

Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how

the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-

T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in

demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from

these changes. Can you demonstrate some of these changes graphically?