How does the price elasticity of demand affect a consumers

Question

1. Identify two microeconomics and two macroeconomics principles or concepts from the video.

2. Explain why you have categorized these selected principles or concepts as microeconomics or macroeconomics.

3. Explain what causes the shifts, and how each shift affects the price, quantity, and decision making.

4. Include responses to the following:

How might you apply what you learned about supply and demand from the video to your workplace or your understanding of a real-world product with which you are familiar?

How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

How does the price elasticity of demand affect a consumer's purchasing and the firm's pricing strategy as it relates to the video?

Answer 1

By applying the principles of microeconomics and macroeconomics; respond to the following questions in a word paper using the Times New Roman font. Q1. Recognize two microeconomics and two macroeconomics concepts or principles from the video. Q2. Describe why you have categorized these chosen concepts or principles as microeconomics or macroeconomics. Q3. Describe what causes the shifts, and how each and every shift influences the price, quantity, and decision making. Q4. Comprise responses to the given: a) Explain how might you apply what you learned regarding supply and demand from the video to your workplace or your understanding of the real-world product by which you are familiar? b) Illustrate how do the concepts of microeconomics assist you understand the factors which influence shifts in supply and demand on equilibrium price and quantity? c) Illustrate how do the concepts of macroeconomics assist you understanding the factors which influence shifts in supply and demand