The demand for goods , economics assignment help

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Economics

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The demand for goods varies based on the change in the price of the goods. For example, if oatmeal costs less than cereal, consumers would buy more oatmeal for breakfast. However, the demand for inexpensive goods and services is not significantly affected by price fluctuations. Similarly, the demand for essential goods that have no substitute on the market, rarely changes with a change in price.

Complete a 300- to 700-word paper that addresses the following:

Identify a product that you regularly consume, such as soft drinks or a particular snack food. Describe how your demand (consumption) will be impacted by a 25% price increase. Conversely, how will your demand (consumption) change if the price drops by 25%? Is your demand for this product elastic or inelastic? Explain why.

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Running head: ECONOMICS

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Change in demand of Fanta soda as a result of price fluctuation
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ECONOMICS

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Change in demand of Fanta soda as a result of price fluctuation

From the law of demand, increase in price of a commodity necessitate decrease in the quantity
demanded. The vice versa is also true. In essence, taking all other factors constant, demand of a
product is considerably affected by the change in its price. As such, in a free market economy,
consumers are ...


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