Sunday, October 7, 2012

Demand Headlines


  1. Complementary Demand: Michael Phelps breaks record of 18 Olympic medals, cap and goggle sales go sky high.
  2. Substitute Demand: Android struggles to produce satisfactory products; Apple sales took a jump.
  3. Elastic Demand: Macy's prices went through the roof, their profits took a plunge.
  4. Inelastic Demand: Potato prices reach $8.00 a pound, customers confused and upset but still pile them up.
Potato buyers all around the U.S. are upset at the direction that potato prices are going.
           "Potatoes are a huge part of our diet and lives", says one customer. This has never happened before, so people don't know what to do. They just keep on buying the same amount they usually do, but are angry at the amount they are spending.
           "We can't live without potatoes. If I bought one less potato, my whole family will starve", complains another customer. This new jump in prices is due to the decreasing number of potato farmers in the U.S. Farmers are moving onto other crops, like carrots and cabbage. If they keep moving away from potato farming, they will have the whole country in a revolution. All for the laziness of a couple hundred farmers. It will be hard to convince the public to move on to something else to supplement their diet.

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