Reflection on Theory of Demand Project

The theory of demand project has helped understand the overall topic of theory of
demand much better. I have obtained better understandings in specific areas of the topic such
as the explanation and application of Ped, Yed and Xed, it has also allowed me to apply what i
have learned in everyday lessons on an actual project. Initially, I thought of the project to be
slightly demanding as most of us have just been introduced to the theory of demand itself, but
the project turned out to be a great learning experience and success with help from my teacher
and group members. I felt that the most important thing about this project is that I can gain a
better overall grasp of this topic as well as work efficiently with my group members to carry out
this project.

An important point that I learned from todays lesson is the explanation of several topics
such as factors affecting demand and supply and Ped using graphs. I also learned that the price
elasticity of demand of a particular good or service affects how it is marketed in a huge way. I
would like to learn more about the theory of demand of different examples of goods and
services because I get to see how the theory of demand is applied to various goods and services
in different ways. One thing that I got confused about was the results obtained through surveys
which showed a good to be elastic when factual references such as reference books and
internet sources said otherwise. That confusion was made clear by my teacher which explained
that our survey targets and survey questions affect the results obtained which may have caused
the results to be altered. By carrying out this project, I now understand better about the
reasons behind the pricings of various goods and services which may be due to the elasticity of
the particular good of service or the economic stability.

Some ideas that came about to me would be that producers should weigh our the factors
that affect supply and demand and act accordingly to increase revenue. They should also take
into consideration price elasticity of the good or service and also xed and yed to be able to
maximize profit and deal with economic conditions. It was fairly easy for me to learn
throughout this project and it is mainly due to the clarity of the instructions given as well as the
steps thought to obtain learning resources. The main concepts we had to focus on the project
were well defined which aided a lot when it came to carrying out the project. I had learned a
lot about the theory of demand from this project and the presentations by other groups helped
better that understanding by providing different explanations on their project. I thoroughly
enjoyed the learning experience of the theory of demand project especially seeing the
creativity and resourcefulness of the groups being reflected and showcased through their
presentation.
 Being involved in this project has helped me learned how the price of a good or service in
determined and also factors that cause the price to vary. It has also exposed me to learn ways
to tackle future topics and make learning more effective. Every one of my group members had
participated in the discussions and also had specific tasks to carry out which we did so
accordingly. I feel privileged to be a part of this project as it has made my learning more
productive and bettered my understanding in a few areas of the topic.