Demand Wrap Up Part 1

Part 1:

• utility: the usefulness of a good or service to an individual. The toothpaste had a good utility for me as I used it every day.
• complementary demand: the demand of a good or service which increases when an other good or service related to its sales also increases in demand, and decreases with its companion good/service decrease of demand. The sale of tennis balls decreases  when the complementary demand of tennis rackets plummeted.
• substitute demand: the utility of a good/service can be found in a different good/service, so that if demand increases in one, it decreases in another. The increasing demand of almond milk causes the substitute demand of soy milk to decrease as the consumers consistently choose this beverage to use in cooking and drinking rather than soy milk.
• elastic demand: the price of the good/service can not fluctuate too much without a similar change in demand as the good/service is not entirely essential to live. The elastic demand for lipstick saw the price increases follow a decrease of demand as people decided the price became too high to pay for the product.
• inelastic demand: the price of the good/service can change without too much of a change in demand as the good/service is necessary to daily life or survival. The lone gas station in Death Valley could raise its prices and still see the same demand as people did not want to be stranded out in the desert with a useless car.
• Pictures in order to terms in order:
  

  

  http://lakeforestdentalarts.co/2012/12/lake-forest-dentist-crazy-flavors/

  

  http://www.ifcta.org/

  

  http://www.seriouseats.com/2012/02/almond-milk-how-to-make-dairy-alternatives-vegan-gluten-free.html

  

  http://www.thegloss.com/2010/11/22/beauty/gallery-10-weird-facts-about-lipstick/

  

  http://www.flickriver.com/places/United+States/California/Panamint+Springs/