Think about the items and services that you and your family buy or consume. what causes you to pay the prices that you do for these goods and services? what determines the price that's on the price tag? what goes into determining, or setting, that price? consider all the possible elements that could influence the prices you pay.
If the price on item is cheap and it looks like something they need or want, they will probably buy it. Its like if you see a pack of 20 cookies for 1 or 2 dollars, the customer would probably purchase those cookies because they are cheap and something they could try out. Another reason for people buying items could be that that item is a necessity. If they need a router for internet connection, they will go and buy it. Or if they need a new phone because their old one broke down, most probably they will make that purchase. Another reason could be that they just want to buy something for fun. If a person wants to play video games they might go to best buy and buy a ps4.
What causes you to pay the prices that you do for these goods and services?
We pay these prices, mainly out of necessity or desire. If its something like toilet paper, which is almost a necessity, we will pay varying amounts for a quality toilet paper.
What determines the price that's on the price tag? What goes into determining, or setting, that price?
Quality, brand, design, material, profit (for both the manufacturer and the seller), cost of manufacturing the good, cost of fixed costs (such as the cost of electricity to have the machines running), marketing, and even the location of the good on the shelf (for example, vendors sometimes pay more for the shelf at eye-level; this way, their product is usually the first one that customers see).
Consider all the possible elements that could influence the prices you pay.
competitor prices/quality, coupons, necessity (if i desperately need it ill pay any price), salary/wage (if i make more money, i might care less for price, so i might buy the more expensive product), or even customer service (example: publix has higher overall prices but better customer service, while walmart has lower prices, but worse customer service.)
My family purchases a lot of things every day, most of them we don't even realize we are purchasing them or we take it as something completely ordinary, e.g. I'm purchasing electricity and internet services while answering this question and I really don't think about it. At the end of the month we just pay the bills. We usually only notice that we are paying for these services when a big storm comes and the electric system crashes, and we start to complain why don't they build better systems.
When we go to the supermarket or a grocery store we just pick the things we like and pay for them. I guess we have a pre-established idea of how much things should cost and only notice their price when they change (e.g. offered at a discount or its price suddenly increases a lot).
Although that doesn't apply to all our expenses, when we shop for clothes, electronics or pay gas, we really pay attention to the price. I guess that since clothes are something you don't buy everyday or every couple of days, I guess once a month at most. We usually compare the price of clothes and electronics a lot, internet websites are very useful for this. Since there are several gas stations near our house (3 in total), we usually go to the cheapest one since we spend a lot on gas (about $300 a month).
I guess that the goods and services we buy are priced differently:For example, utilities and cable + internet do not have a lot competition around, so the price is set by the service provider almost at free will. The utilities are a monopoly and their are only 3 cable and internet service firms here and they all have similar prices.We usually buy groceries at the same place, every time. I guess that some time in the past we compared the prices of the supermarkets and decided that this one was had the lowest prices. We usually get weekly offers through our email and we notice some prices are different. Finally where we notice a lot of price competition is when we buy clothes or electronics, that is why we double check to find the cheapest place to buy.
The formula to calculate standard deviation from probability is \sqrt(n*p*(1-p)). n is the sample size, and 200 in this case (number of putts for practice). p is 80% or 0.8, the probability that he can make it. So the standard deviation is \sqrt(200*0.8*(1-0.8)=\sqrt(200*0.8*0.2)=\sqrt(16)=4.
We pay more for the goods if the supply of them is low
we pay less if the supply is big or alot.
the weight of the item sometimes does
where it comes from, type of food that it is, and i think if its costly
What determines the price that's on a price tag?: Its really the value honestly, like for ex a painting, paintings from professionals cost like millions to billions, but just an ordinary painting like from a kid with crayons is like $2, so really its the value that determines, like how good it is and how much people will pay for it.
What goes into determining?: As I said before, its the value basically and also the government taxes as well, to see how much something cost and than adding the price tax to it as well.
Possible elements:? What influences me is that I pay $30-50 for gas so I have no choice honestly, and I do it for the need to because you have to have gas to drive yourself to work, and eat food to live as well, so needs influence people to pay high prices, and the producers know this because they try to raise prices high so more people can buy them and the producers make more money.