Business, 05.11.2020 17:00 JadeK4853

Face when buying one of your favorite foods. Instructions
Step 1: Choose a favorite packaged food item you have at home or can find on a store shelf such as granola bars, crackers, or cereal.

Step 2: Note the name, weight, and price of the item (Item A).

Step 3: Find two different brands of the same item and note their names, weights, and prices (Items B and C).

Step 4: Plot the prices of all three items on a demand curve with price on the vertical axis. Extend the curve to a top price that is twice the price of Item A and a bottom price that is half the price of Item A.

Step 5: On the demand curve graph, put an “X” on the price line at the point where you think Item A would be too expensive for you to keep buying it. Next, put an “O” on the price line at the point where you think Item A would be cheap enough that you would consider buying more to have on hand.

Step 6: Explain your decisions in Step 5. In your explanation, include an evaluation of your personal utility (satisfaction) with Item A and how that might affect your decisions.

Step 7: Describe how the following factors might influence your decision to buy Item A at the current price and at the low and high prices you marked with an “X” and “O” on the graph:

Items B or C goes on sale for $1 less than the price of Item A.
Item C is no longer available so the prices of Items A and B rises $1.
The prices of Items A and B remain $1 higher but the prices of alternatives to the food you chose are lowered.
You start earning more money and have more to spend on food.
Submission Requirements
Use lesson "The Demand Curve and Microeconomics" and any additional references of your choice.
Choose three different brands of the same packaged food item and note their names, weights, and prices.
Create a demand curve with price on the vertical axis and the top price twice the price of Item A and the bottom price half the price of Item A.
Plot the prices of all three items on the graph as well as those price points where you would stop buying Item A and buy more of Item A.
Explain your price point decisions including how your satisfaction with Item A might affect them.
Describe your reactions to the factors listed in Step 7.

Answers: 3

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Face when buying one of your favorite foods. Instructions
Step 1: Choose a favorite packaged...

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