Identify four products that you have consistently purchased for the past few years (e.g. milk, juice,...

Identify four products that you have consistently purchased for the past few years (e.g. milk, juice, clothes, cd's, etc) and discuss the relationship between price and quantity in relation to demand/population growth. Please post your comment to the discussion forum.

Expert Solution

4 objects that i have consistently purchased for the past few years could be, as given in the question, milk, juice, clothes, cd's. now the relationship between price and quantity is very simple one. as the demand for these goods will rise, the price will push up because supply of goods take time to rise. this is simple law of demand logic. since all these goods are normal goods, and no good is a giffen good, any increase in demand for a good will simple raise the demand, as oinly that is one possible set of thing that can reduce demand and bring it in line with supply. on the other hand giffen good is a higly inferior good, for a giffen good if price rises, the demand willl not fall, as it now consumes a major part of our budget, we end up having more of it and the demand will rise even when price rises. thus any increase in price of a normal good will reduce the demand for that good. and the vice versa for a giffen good.

for population growth the logic is simple, any increase in population will again put an upward pressure on the demand, supply takes time to rise, so price of that good will rise,

this will be shown by a shift in the demand curve since the factor affecting demand is other than the price of own good. so the demand curve shift to the right, supply being same price rises.

Rahul Sunny answered 1 year ago

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