Supply & Demand

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Jordan, Adrianna, Spencer, and Melanie

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Supply & Demand

  1. 1. Supply and Demand<br />Jordan Olson, Adrianna Powell, Spencer Colgan, and Melanie Qualm<br />
  2. 2. Prices<br />Gas<br />$2.57<br />Milk<br />$3.99<br />Dog Food<br />$25.00<br />
  3. 3. Major Producers of Items<br />Gas<br />Conoco, Exxon, Sinclair, Shell, Texaco, Chevron<br />Milk<br />Dairy gold, Lifeline, Western Family, Silk<br />Dog food<br />Purina, Iams, Pedigree, Ol’ Roy, Kibbles n Bits, Beneful<br />
  4. 4. Needs or Wants?<br />We’ve decided all of them are wants when you really break it down.<br />Gas ties into transportation, but there are other means such as walking or riding a bike<br />Milk ties into food, but you don’t need milk in your diet in order to survive<br />Dog food ties into providing food for your dog, but they can find other food, and also having a dog is a choice.<br />
  5. 5. Needs or Wants cont.<br />Although we decided all the items can be broken down into wants, as far as today’s society goes they’ve become needs. <br />So if you consider the prices of the items it would be during the evaluation step of the economic decision making process.<br />
  6. 6. Would we Coninue to buy these Items If We Were in a Recession?<br />Gas<br />It depends on the distance you have to travel.<br />If you had to go to Missoula you would probably buy gas but if you were going some where more local you could ride a bike. But it depends on the person and their budget<br />Milk<br />Most people will continue to buy milk even during a recession, but they might cut back on how much<br />Dog food<br />People will also continue to buy food but they will probably buy cheaper dog food or buy it on sale<br />
  7. 7. If the Quantity Doubled What would Happen to the Prices?<br />Prices would probably drop 40-50%<br />Gas<br /> people would buy more gas as far as they’d probably go farther distances since it would be cheaper they’d go to Missoula more or travel more.<br />Milk<br /> people probably wouldn’t buy more milk just because the price dropped<br />Dog food<br />People would probably also buy the same amount of dog food.<br />
  8. 8. If the Quantity was cut in half what would happen to the price?<br />Gas<br />Would go way up<br />People would buy the minimum needed just to get around.<br />Milk<br />Would go way up<br />People would just cut back on how much they were buying.<br />Dog Food<br />The prices would go up.<br />No one would really care, just feed them something else.<br />

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