Discussion: Terminology and concepts Discussion: Terminology and concepts (Please use the CoreLogic’s Property Tax Estimator as the product for this discussion posts for Week 5 & Week 6) Utility and Supply & Demand In preparation for Assignments 2 and 3: Using a product or service at your company or one that you are familiar with, address each of the following points in regards to its nature, utility, and supply & demand: Describe the product/service in terms of its nature using the terminology and concepts learned this week. For example, is it an inferior, normal, or luxury product or service? What are its substitutes, if any? What are its complements, if any? Describe this product/service in terms of the utility it provides to buyers and/or its users. Name one (1) strong utility feature and one (1) weak utility feature. Explain why you think your customers keep coming back to you and not your competitors. Describe one (1) factor that has shifted Demand (p. 24 in Microeconomics Made Simple) OR one (1) factor that has shifted Supply (p. 34 in Microeconomics Made Simple) of this product/service within the last year. You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes. Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages. Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor. The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.