ECO204: Principles of Microeconomics

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Analyze how the law of demand applies to a recent purchase that you made. Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
Class: ECO204: Principles of Microeconomics
Required Material:
Amacher, R., & Pate, J. (2013).
Microeconomics principles and policies. San Diego, CA: Bridgepoint Education, Inc. This text is a Constellation™ course digital materials (CDM) title.

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Running Head: MICROECONOMICS1MicroeconomicsNameInstitutional AffiliationMICROECONOMICS2There are various factors that affect the law of demand. Price is one of them. Recently Ipurchased a product in the market. I felt that the demand of the product was different due to itschanges in price. Initially I had purchased the product when the price was low. This increased isdemand because it was an inferior good. Many people purchased the product because the pricewas low. This caused a movement in the demand curve the price was however not changing.After a while the prices shifted due to increase in demand (Amacher & Pate, 2013). It alsocaused a shift in the demand curve. This is when I purchased the product when the prices werehigh. Since the product is inferior the demand is expected to be low because people will look forit substitutes.The price was affected by both the
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