Question

This chart shows the actual pricing history for three items. A 5-column table titled historical pricing for small-scale items has 3 rows. The first column is labeled item with entries game system, smart phone, D V D. The second column is labeled Retail price with entries 249, 599, 24 dollars. The third column is labeled Retail sale price with entries blank, blank, 16 dollars. The fourth column is labeled Price 6 months later with entries 229, 399, 19 dollars. The fifth column is labeled auction price with entries 450 dollars, blank, blank. For which product(s) would it be most beneficial to wait before buying? game system smartphone DVD and smartphone smartphone and game system

Answer 1

It would be most beneficial to wait before buying a smartphone.

Answer: Option 2.

Explanation:

The price of the good has a direct effect on the demand of that particular good. The demand of the good is indirectly related with the price of the good. With the rise in the price of the good, the demand for that good will fall and with the fall in the price of the god, the demand will increase.

Since there is fall in the price of the smartphone from $500 to $399 with in a span of six months only. In six months only there is a fall of two hundred dollars, so it is beneficial to wait for some more time before the purchase of the smart phone is made.

Answer 2

Based on the information given in the chart, it would be most beneficial to wait before buying a smartphone.

Solving the chart.

Based on the information given, it can be noted that the price of the good has a direct effect on the demand of that particular good.

Therefore, the increase in the price of the good will lead to the demand for that good to fall. Since there is fall in the price of the smartphone from $500 to $399 with in a span of six months only, it is beneficial to wait for some more time before the purchase of the smart phone is made.

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