How does the price elasticity of demand affect a consumers

Question

Identify if the scenarios above aremicroeconomics or macroeconomics principles or concepts.

Explain why you have categorized these scenarios as principles or concepts of microeconomics or macroeconomics.

Identify at least one shift of the supply curve and one shift of the demand curve in the above scenarios.

Explain what causes the shifts, and how each shift affects the price, quantity, and decision making within the above scenarios.

Include responses to the following:

How should we apply what we have learned about the above scenarios about supply and demand to our workplace or understanding of a real-world product with which we may be familiar?

How do the concepts of microeconomics help us understand the factors that affect shifts in supply and demand on equilibrium price and quantity?

How do the concepts of macroeconomics help us understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?

How does the price elasticity of demand affect a consumer's purchase and the firm's pricing strategy as it relates to the above scenarios?

Answer 1

Make an description of all questions that is showing your task Recognize if the scenarios above are microeconomics or macroeconomics principles or ideas. Illustrate why you have categorized such scenarios as principles or ideas of microeconomics or macroeconomics. Recognize at least one shift of the supply curve and one shift of the demand curve in the above scenarios. Explicate what reasons the shifts, and how each shift affects the price, quantity, and decision making inside the above scenarios. Consist of responses to the subsequent: How should we relate what we have learned about the above scenarios about supply and demand to our workplace or understanding of a real-world product by which we may be familiar? How do the perceptions of microeconomics assist us understand the factors that influence shifts in supply and demand on equilibrium price and quantity?