JWI515 Managerial Economics
Week 5 Discussion
Utility and Supply & Demand
Using the product or service that you have selected for your assignments, address each of the following prompts:
Describe the product or service in terms of its nature using the terminology and concepts learned this week. For example, is it an inferior, normal, or luxury product or service? What are its substitutes, if any? What are its complements, if any?
Describe this product/service in terms of the utility it provides to buyers and/or its users. Name one strong utility feature and one weak utility feature. Explain why you think your customers keep coming back to you and not your competitors.
Describe one factor that has shifted Demand (p. 24 in Microeconomics Made Simple) OR one factor that has shifted Supply (p. 34 in Microeconomics Made Simple) of this product/service within the last year.