unit3 responses

Victor Lara

4/11/2014 9:02:17 PM

Hello class, For my discussion I will discuss the statement, “An increase in the quantity demanded of lobsters means consumers are willing and able to buy more lobsters at any price – whatever the current price is.” Our book states, “The quantity demanded is the actual amount of a good or service consumers are willing to buy at some specific price” (Krugman & Wells, 2012, P. 67). This indicates that there is an actual shift of the demand curve rather than actual movement in the demand curve of the demand schedule. The price of Lobster’s for example can stay at $2 per lb while the demand shifts from one million to two million lbs in two separate years. Multiple factors can indicate the shift of the demand curve such as the popularity of lobsters within the specific area or an increase in the consumers of lobsters. Therefore I consider the use of the term “quantity demanded” would fit this statement and it is being utilized correctly.

Victor

Discussion 3

Darren Walezak

4/11/2014 11:57:52 AM

An increase in incomes of car buyers will increase the quantity demanded for cars is the topic I chose this week. This is incorrect, if there is an increase in a person's income it will not change the quantity demanded of the cars. With a change of the price whether that is higher or lower for the car it will than change the quantity demanded and should give us an increase then. When there is an increase to a salary that will increase the demand for the car itself.