Digitalization enables real-time product comparison and customer engagement. Sustainability and healthy habits are gaining prominence. Inflation has significantly impacted consumer products. Supply chain disruptions and rising energy costs affect manufacturing
Big Mac prices span 57 years from 1966 to 2023. Average price was $4.63, ranging from $0.45 in 1966 to $6.37 in 2019. Data gaps exist for 30 years from 1967 to 1999
Substitution effect shows demand change due to relative price changes. Example: John switches from pasta ($10) to rice ($5) when rice prices fall. Change occurs solely due to price changes, not income
Tables show equilibrium changes with demand and supply shifts. Shifts can be "increase", "decrease", or "same". Ambiguous results require more information
First iPhone launched in 2007 at $499, adjusted to $760 in 2024. Original price was initially seen as too high by some. iPhone 3G and 3GS started at $199 each
Price change refers to the difference between current and previous trading day's closing prices. Common types include percentage, absolute, and net change. Percentage changes are useful only for dollar amounts, not absolute values