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?

Text
Amacher, R., & Pate, J. (2013). Microeconomics principles and policies[Electronic version]. Retrieved from https://content.ashford.edu/
Chapter 1: Economics, Economic Methods, and Economic Policy
Chapter 2: Markets, Governments, and Nations: The Organization of Economic Activity
Chapter 3: Supply and Demand: The Basics of Economic Analysis

Recommended Resources

Articles
Bishop, J. A., & Yoo, J. H. (1985). ?Healthy scare,? exercise taxes and advertising ban in the cigarette demand and supply. Southern Economic Journal, 52(2), 402-411. Retrieved from http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)2325-8012
The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article will assist you in your learning activities this week.

Jamieson, A., & Glesecke, L. (2007). US gasoline supply deficit to more than halve by 2010. The Oil and Gas Journal, 105(43), 4. Retrieved from http://www.ogj.com/index.html
The full-text version of this article is available through the EBSCOhost database in the Ashford University Library. This article will assist you in your learning activities this week.

Multimedia
Khan, S. (n. d.). Law of demand[Video file]. Retrieved from https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand
This video will assist you in your learning activities this week. This video has transcript.

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Khan, S. (n. d.). Law of supply[Video file]. Retrieved from https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/law-of-supply
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