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Question Week 1 Discussion 1

Question Week 1 Discussion 1

Question
Week 1 Discussion 1

Discussion 1: “Supply and Demand.” Please respond to the following:
Explain the law of demand and describe how it relates to one of your recent purchases.
Provide a detailed example of where you have experienced either a surplus or shortage of a product or service you purchase regularly. Given this surplus or shortage, explain how this will affect the price of the product or service.

Week 1 Discussion 2

Discussion 2: “Utility.” Please respond to the following:
Provide an example of a time when you were consuming a good. Were you attempting to maximize your marginal or total utility? Support your rationale.
Explain whether or not a consumer who clips coupons and sticks to a tight budget is maximizing her economic utility. Provide at least two (2) reasons for your answer.

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