Consider your coffee drinking behavior
M1 Discussion: Putting these concepts to work
Start by Reading Chapters 1-4 of: Wessels, W.J. (2017 Economics, 6th edition. Barron\’s Business Review Series. Also read the attached concepts of Demand, Supply, and Equilibrium to answer the following in 250-300 words.
Consider your coffee drinking behavior (Not a coffee drinker? Substitute something else you consume.)
Looking at the attributes of demand, how might (or might not) your coffee drinking behavior be affected by a change in each of the following? What concepts from this module would explain your behavior change?
how narrowly do you define \”coffee\”? e.g., do you drink whatever is cheapest, only specific brand(s), only specific flavors, etc.
price of a substitute — what do YOU substitute for coffee? How would a price change of your substitute affect your demand for coffee?
price of a complement — what do YOU drink/eat/do while drinking coffee (that is appropriate to share with me)? Again, how would a price change of the complement affect your demand for coffee?
tastes — given the readings, what does this mean in regard to your coffee drinking?
expectations — again, based on the readings, what events might affect your expectations?
income — would a change in your income affect your coffee drinking? How?
What I\’m looking for are evidence that you\’re applying the concepts from this module.
Answer preview to Consider your coffee drinking behavior
APA
415 words