Xeco212-Supply and Demand

Supply and Demand
Axia College of University of Phoenix
Debra Gilmore

    In this paper I will explain to the Supply and Demand of a good that I recently purchased. The good that I purchased was a new washing machine. I will explain factors that can have an affect on the good and at the same time, explain factors that can cause a change in the supply and demand of this product. I will list two substitutes for the washing machine as well as two complements for this good. There will also be an area that explains the necessity of the washing machine and how this affects price elasticity.
    In my pursuit for looking for the perfect and the least expensive washing machine for my home, I found out that there are at least four types of washing machines on the market. They are household, semi-commercial, commercial, and industrial. Many brands are on the market today and there are many options and prices available. Some of the brand names are, Samsung, LG, Kenmore, Whirlpool, Maytag, Bosch, and GE, just to name a few. There are limitless options and prices. They come in top-loaders, front-loaders, EnergyStar rated, many colors to choose from and many different sizes and shapes, so you have to decide which type, price, and options fit your needs and budget. According to ConsumerSearch.org (Nov. 2010), the number one commercial washing machine is made by LG.
    There are many factors that can cause an affect on the supply and demand on a good such as a washing machine. The number one thing that can change the demand for washing machines is income. An increase in a person’s income could increase the demand for the good, where as a decrease in a person’s income could decrease the demand. This would make the washing machine a normal good. If a person has the money to spend, they will buy a washing machine. If the person’s income decreases and they don’t have the extra income to spend, then they will pursue other substitutes for the washing machine.