This is a paper that focuses on the difference between change in quantity and shift in demand. The paper also answers other aspects relating to the key question.
Difference between change in quantity and shift in demand
1. Firstly, explain the difference between change in quantity demanded and a shift in demand. What causes changes in quantity demanded? Subsequently, what causes a shift in demand? (150 word+ response and also 1 APA reference)
2. Secondly, Adam and Barb go to the store to purchase some lottery tickets. Without looking at the price, Adam says “I’ll take 10 lottery tickets,” and Barb says “I’ll take $10 worth of lottery tickets.” What is each person’s price elasticity of demand for lottery tickets? ? (150 word+ response and 1 APA reference)
3. Thirdly, speculate as to why U.S. companies build facilities in other countries. What are some ethical issues regarding this practice? (135 word+ response and 1 APA reference)
4. Fourthly, what are some key advantages and disadvantages of using work cells? Name some companies that use work cells? Then, discuss why work cells seem to provide a competitive advantage for these companies. (135 word+ response and 1 APA reference)
5. Also, sales of iPhone 7 are slow because the iPhone 8 and the iPhone 10 just came out. Change in quantity demanded? Or shift in demand? Additionally, what’s the difference between the two? (75+ word response)
6. Additionally, the goal of ABC Company is to increase total revenue. The elasticity of demand for ABC’s main product is 1.4. The marketing manager is thinking of increasing price by 5% to increase total revenue. How much will quantity demanded change? According to the Law of Demand will quantity demanded go up or down? How do you find total revenue? Also, will total revenue increase of decrease? (75+ word response)
7. A price change causes the quantity demanded of a good to drop by 20 percent, yet total revenue still increases by 10 percent. Is demand elastic or inelastic? How can you tell?
(75+ word response)
8. Lastly, check out this month’s Consumer Sentiment Index from the Federal Reserve Bank of St. Louis (http://www.sca.isr.umich.edu/). This monthly survey measures consumers’ sentiment regarding the current economy and also their expectations for the immediate future.