Optional material for L07

1. Foodie on Demand. This is an excellent slideshow.
2. Watch this clip from Confessions of a Shopaholic. It illustrates well how low prices affect the quantity demanded.
3. Read this post to learn how consumers are responding as the price of natural gas falls.
4. Read this article and this article to learn how consumers are responding as the price of cigarettes increases.
5. This story describes what economists call diminishing marginal utility and a reason that price must fall in order to induce an individual consumer to buy more.
6. This article from the WSJ describes some of the effects of subsidizing gasoline in Venezuela. An interesting point is that folks there use 7 times as much gasoline as neighbors in Columbia.