1. Bell Task: Comment on the following: Changing the price of a product does NOT change Demand. (Which of the 5 determinants applies)
How is the Demand for Toyota Prius Hybrid affected by:
a. A 20% reduction in price of Honda Hybrid
b. A 20% reduction in price of Toyota Prius
c. A new, less appealing design
d. Rumors of imminent war in oil producing Iran.
e. A growing, environmentally conscious new generation.
f. Price of gasoline dramatically falls.
2. Discussion: Law of Demand and Supply, Shortages and Surpluses
3. HW: Finish Chapter 3 Reading and Objectives
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