Discussion 1: âSupply and Demand.â Please respond to the following:Explain the law of demand and describe how it relates to one of your recent purchases.Provide a detailed example of where you have experienced either a surplus or shortage of a product or service you purchase regularly. Given this surplus or shortage, explain how this will affect the price of the product or service.Discussion 2: âUtility.â Please respond to the following:Provide an example of a time when you were consuming a good. Were you attempting to maximize your marginal or total utility? Support your rationale.Explain whether or not a consumer who clips coupons and sticks to a tight budget is maximizing her economic utility. Provide at least two (2) reasons for your answer.
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