Economic Reasoning, Please Choose Any Term Paper

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#5 How might different cultures be a determinant of demand?

Certain cultures may demand more of particular goods than others as part of daily life -- like there is more of a demand for rice in Asia, and corn in Latin America. Also, climate can cause certain fabrics to be more in demand or 'necessary' than others in different regions. The idea of perfect substitutes may also vary, as in largely non-pork consuming Israel, chicken may be seen as a perfect substitute for beef, but in the United States pork, chicken, and hot dogs might be seen as a perfect substitute for beef that has increased in price.

#6 How might the method of delivery (e.g., the Internet) affect the perceived attributes of a product or service?

The Internet may cause certain consumers to subjectively value certain goods more, because of the excitement of a rare vintage find on eBay, or less, if an expensive but new pair of shoes is bought for a small, discounted sum. High shipping costs might cause consumers to shy away from buying online or in catalogues.

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Goods bought as gifts during Christmas, because of the generosity of the holiday might be priced higher than normal because of packaging, while goods on a sale rack in a pile might seem less desirable, even if the actual goods are of the same quality. Speed of delivery at holiday 'crunch time' can also affect demand, as the ease of directly ordering a good and staying out of crowded stores might increase demand.

#7 Explain the differences between the total output of a firm and the marginal product of labor (MPL) at that firm. How are.....

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