Reflective Blog (14 March 2014)

For this week's class, we learned more about elasticity. We also learn a formula to help us solve the change percentage which is percentage change of quantity / percentage change of price. We did some examples to help us understand when it is better to lower or raise your good/service's price. We learned the six factors that could affect demand which is consumer tastes, complementary good, substitute good, consumer expectations,  market size, and income. On Thursday, we did an activity which we see the change percentage in snickers when its price change from fifty cent to one dollar. The class did a project, which was to create an ad to promote Weserville since it was growing. We presented it on Wednesday and we have to create a radio, video, and a ad. We define revenue (how much money you earn before expenses) and income (how much money you earn after expenses) too. This is related to economics because this is what business would do. They would see if lowering or raising the price would earn them more profit or less.