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ECO 550 ECO550 ECO/550 Week 1 DQs
Description
DQ 1 : "Fundamental Economic Concepts" Please respond to the following:
- Answer the following discussions based on the Katrina’s Candies scenario:
- From the scenario for Katrina’s Candies, examine the key factors affecting the demand for and the supply of a good in general and Katrina’s Candies specifically. Distinguish between a change in demand and a change in the quantity demanded (movement along the demand curve).
- From the above, indicate the factors that are responsible for a shift in demand; and explain how the change is effected by these factors.
- Indicate the factors that are responsible for a shift in supply; and explain how the change is affected by these factors.
DQ 2 : "Supply and Demand" Please respond to the following:
- From the e-Activity, examine the key factors that influence the supply and demand of the selected good in general and Katrina’s Candies specifically. Propose two (2) methods in which organizations that provide the good may utilize this information. Provide a rationale for your response.