Sometimes costs pass up and up and up. Then they unexpectedly crash. Why? In basic language and with colourful photographs and fun characters, this photograph e-book explains the elemental legislation of offer and insist, utilizing examples childrens will comprehend, similar to dueling lemonade stands at the comparable block. phrases akin to "fixed expenditures" and "variable bills" are sincerely defined, and a word list in addition to a worthwhile photograph precis are incorporated. This interesting but transparent creation to economics will advertise monetary literacy.
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Additional info for Prices! Prices! Prices!: Why They Go Up and Down
The entire fee of the lemons, sugar, water, and plastic cups is six money. Your variable price consistent with drink is thirty cents. eleven On Monday you put the cost of your lemonade at one buck a cup. the elements on Monday is pleasing. The call for for chilly beverages isn't nice, yet a lot of people stroll earlier your stand. by means of the past due afternoon you have got bought all twenty cups of lemonade. 12 Your revenue—the funds you took in— is twenty cash. The variable profit—the cash left over after your variable charges were subtracted—is fourteen funds. you utilize a few of that to pay your fastened bills. thirteen Tuesday morning you back purchase provides and make sufficient lemonade to fill your pitcher, sufficient for twenty beverages. however the climate has replaced. It’s highly regarded. you haven't any extra lemons. You can’t make extra lemonade, yet you recognize the call for for chilly beverages might be nice. you must make as a lot funds as you could, so that you bring up your fee to 2 funds. on the larger cost a few humans make a decision to not purchase a drink. nonetheless, adequate everyone is thirsty and are keen to pay cash for a chilly drink. On Tuesday you promote all twenty cups of lemonade. Your profit is 40 money. Your revenue after your variable charges were subtracted is thirty-four cash. you may pay all of your mounted expenses. On Tuesday you observed that after the call for is going up however the provide continues to be an analogous costs pass up. That’s the 1st uncomplicated legislation of offer and insist. 15 Wednesday morning you back make adequate lemonade to fill your pitcher. however the climate has grew to become chilly. The call for for a chilly drink should not nice. Your variable fee in line with drink continues to be thirty cents. you must promote the entire lemonade you made, so that you reduce your expense to fifty cents. sixteen At the lower cost, even those people who are now not extraordinarily thirsty purchase lemonade. You promote all twenty beverages. Your profit on Wednesday is ten funds. Your revenue is 4 cash. On Wednesday you observed that once the call for is going down however the provide continues to be a similar costs move down. That’s the second one easy legislations of offer and insist. Thursday morning the elements is agreeable. It’s now not too sizzling and never too chilly. You back make sufficient lemonade to fill your pitcher. You cross outdoor and spot that Julie, the woman who lives around the highway, has opened her personal stand. She additionally made a tumbler of lemonade. the availability of chilly beverages on the market in your block has elevated. You don’t count on extra thirsty humans to stroll by means of, so the call for won't move up. you must promote your entire lemonade, so that you decrease the cost to thirty cents. on the lower cost, even those who find themselves now not extraordinarily thirsty purchase lemonade. You promote all twenty beverages. On Thursday it back charges you thirty cents for every drink you made. You bought every one drink for thirty cents. You didn’t make a revenue, yet you’re happy you didn’t lose cash. On Thursday you observed that once the availability is going up and the call for remains an identical costs cross down. That’s the 3rd easy legislations of provide and insist. 19 On Friday you predict Julie to be promoting lemonade. With one other lemonade stand in your block it will likely be tougher that you should promote beverages, so that you make barely enough to fill part your pitcher.