With Groceries ….

How do the laws of demand interact to establish prices in the economy?

 A substitute is something that can be used INSTEAD of a particular good or service.  Substitutes can impact quantity demanded.  Goods that are substitutes satisfy the same set of goals or preferences.  good substitution is an economic concept where two goods are of comparable value.

Why is the price so much more expensive for Johnson’s brand?

Which brand would you buy if the Kraft brand and Walmart brand were the same price? PRICE DECREASED IN 2012 TO $ CENTS CHEAPER.

2011 $2.58 VS $ $2.53 VS $2.98

Deer Park (that’s good water) for $3.98 and Great Value for $2.97

Why is there such a price difference? Do the products taste the same? PRICES THE SAME IN 2011 AND 2012 !!!

PRICES THE SAME IN 2011 AND 2012.

WALMART PRICES STAYED THE SAME, BUT LAY’S INCREASED BY 10 CENTS IN 2012, FROM 2011.

WALMART PRICE REMAINED THE SAME.. CASCADE DECREASED TO $15.46 IN 2012, WHICH IS $2 LESS THAN 2011.

Very GENERIC brand 50 cents for 60 sheets in Sample in class … Do you think the name brand is worth the cost ???

2011 prices shown the same, except Nutri-Grain is now $2.50 (cheaper) !!!!

2011 prices shown 2012 prices : Berry Crunch $2.54 Cap’n Crunch $3.00

2011 and 2012 Prices were the same.

2011 Great Value brand actually rang up at $2.18, so the difference is even greater … Great Value $1.98 (size smaller?) Chips Ahoy $2.50

Same price in 2011 and 2012.

 Complements are items which are used in conjunction with one another.  Peanut butter and jelly are complementary items. Theoretically, if the price of peanut butter goes up, people will buy less peanut butter and less jelly because peanut butter and jelly are typically purchased together.complementary

 The thing to remember is this: The prices of substitutes and complements are among the determinants of demand. determinants of demand  Compliments and substitutes illustrate the difference between changes in quantity demanded vs. changes in demand.