Essay about Excel Spread Sheet Everest University

1460 Words May 29th, 2014 6 Pages
1.) According to Miller (2014) “there is generally a direct relationship between price and

quantity supplied; as the price rises, the quantity supplied rises”(p. 58). How this concept

affects me and my family is that we are victims of the market place. My family and

myself cannot rely on prices remaining constant so we may end up having to pay

more at times because of the laws of supply and which way that pendulum may be

swinging at any given time. In short, because there has been more of a demand for

something and therefore more is being supplied, I may even have to do without it because

I choose not to buy it due to a price increase.

2.) According to Miller (2014) “another factor is ceteris paribus,
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How things like this could affect me and my family is

that a price increase in a product not even used by us could create an interest in a similar

product that is used by us which in turn creates a greater demand which would then raise

the price of the product used by us; a chain reaction so to speak. It would be like the price

of milk increasing so people opt for soy milk substitutions which increases the demand

for soy milk substitutions which in turn increases the price.

4.) According to Miller (2014) “for most goods, an increase in income will lead to an

increase in demand” (p. 55). I live in Seattle, Washington, we have the highest minimum

wages in the United States. Recently the minimum wage was increased again to that of

fifteen dollars an hour. Based on the information that was in our text, more people will be spending more money on goods which in turn will create more of a demand which in turn will raise the prices perhaps even of food. How this affects me and my family is that due to an increase in other peoples wages we will be paying higher prices for things although we ourselves have not had any increase in wage; we lose in the end. 5.) According to Miller (2014) “fashions depend to a large extent on people’s tastes and

preferences” (p. 56). I want to make it very clear that I

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