Supply and Demand Essay

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Supply and Demand Paper By Xeco/212 March 17, 2013 Introduction In this individual assignment I will attempt to show how factors that affect supply and demand can cause changes in a particular good like availability, price, and the impact of price elasticity. The good I have chosen will be vacationing to a theme park. I must find two substitutes also that might be available for my good. The factors that come into play when taking a vacation like this would be prices for gasoline, hotel rooms, food and the price of the theme park itself. When taking a vacation you will buy gas regardless the price because it is a necessity to get to where you are going so you have to factor this in your budget. The supply and demand for this product will change because of what time of year you travel if it is in the summer or winter. Gasoline usually changes because people usually travel in the summer time rather than the winter and it usually increases. Hotel prices usually go up also around the summer months depending if it is close to a holiday weekend this can also be factor but when traveling or vacationing you will have to buy a room to stay while you are there vacationing. Vacationing to a theme park is a good example of an elastic commodity. The two substitutes you can choose are maybe choosing a trip closer to home for example a camping trip or fishing trip can be lower in cost for a family vacation. Another example would be planning a vacation for exploration or educational purposes closer to your home, or maybe involve your family in community events this can lower costs of gas and reduce the need of hotel rooms. Food will be a necessity but these substitutes eliminate the need for fast food when you can cook yourself. There are limited substitutes when planning for a vacation to a theme park. As tickets to a theme park are high most people buy in

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