Friday, 3 July 2015

ECO 550 Week 1 Discussion 1

Fundamental Economics Concepts
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.

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