Question

There is a very distinctive concept related to demand that is expressed in this video. Identify...

There is a very distinctive concept related to demand that is expressed in this video. Identify and define this determinant of demand. I am not looking for your "take" on the song. What is Macklemore referring to in the song, that you have read about in the chapter on demand? Why do you think this concept relates to what you have read?

The video is Thrift shop

Homework Answers

Answer #1

The video talks about the price of the goods and having a limited budget where Macklemore is ready to buy stuff from the thrift shop where the price for the good are less and so the demand for those goods are more. Apart from that a thrift shop is considered as n inferior market where demand will increase when the income is low.

With just $20 with them Macklemore brought some cool stuff at a low price and as the price was low the demand was high even for the inferior goods. As per him people who buy costlier goods are scammed by the business because that same cloth is available for a cheaper price.

Video wants to convey the fact that as the price comes down the demand will increase and with low income people will demand more from the inferior goods.

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