Black Friday, the day after Thanksgiving, is the busiest shopping day of the year in the United States. Using the concept of the Law of Demand, explain why you think this is the case.

Before the 1973 oil crisis and a spike in gasoline prices, the most popular cars in the United States were large, heavy, and powerful. Beginning in 1974, consumers began purchasing smaller, fuel-efficient cars. Explain how these events are related.

The day after Thanksgiving - called Black Friday-is one of the largest shopping days in the United States. Winthrop University researchers conducted interviews with a sample of 38 women shopping on Black Friday to gauge their shopping habits and reported the results in the International Journal of Retail and Distribution Management (Vol. 39, 2011). One question was "How many hours do you usually spend shopping on Black Friday?" Data for the 38 shoppers are listed in the accompanying table. Give a practical interpretation of the interval.

$$\begin{matrix} \text{6} & \text{6} & \text{4} & \text{4} & \text{3} & \text{16} & \text{4} & \text{4} & \text{5} & \text{6} & \text{6} & \text{5} & \text{5} & \text{4}\\ \text{6} & \text{5} & \text{6} & \text{4} & \text{5} & \text{4} & \text{4} & \text{4} & \text{7} & \text{12} & \text{5} & \text{8} & \text{6} & \text{10}\\ \text{5} & \text{8} & \text{8} & \text{3} & \text{3} & \text{8} & \text{5} & \text{6} & \text{10} & \text{11}\\ \end{matrix}$$

Black Friday in the United States is the day after Thanksgiving. Many retailers offer door crasher specials to induce customers to shop at their stores. The number of door-crasher specials is limited. However, the sale price is so low that people who want to buy that item often line up outside the store to wait for it to open. A random sample of Black Friday shoppers was asked how long they waited outside for the store to open (hours) and the amount they expected to save by buying the door crasher special. Draw a scatter diagram and describe what you have learned from the graph.

$$\begin{array}{lllllllllll}\text { Time } & 3.0 & 2.5 & 1.5 & 5.0 & 3.0 & 4.5 & 7.0 & 0.5 & 6.5 & 6.0\end{array}$$

$$\begin{array}{lllllllllll}\text { Savings } & 325 & 250 & 275 & 150 & 225 & 350 & 375 & 100 & 400 & 350\end{array}$$

How do government regulations affect supply and demand?

In a paragraph, explain how a government regulation to increase bicycle safety might affect supply and demand. The new government regulation requires bicycle manufacturers to put a chain guard on bicycles they make.

Would that affect the supply of bicycles? Give reasons for your answer.

In a recent year, 33% of Americans said that they were planning to go shopping on Black Friday, the day after Thanksgiving. What is the probability that in a random sample of 45 people, fewer than 14 people plan to go shopping on Black Friday?

Chicken prices have not decreased, but consumers buy chicken in increased quantities because prices for beef and pork have risen. How does this affect the demand curve for chicken?

Why does the demand curve slope downward?

What are some new economic and social goals that you think Americans will share as the 21st century develops? Identify a new goal and explain how it will affect American economics.

How does the story of Dell Inc. demonstrate the effects of competitive pricing?

Do you think becoming an entrepreneur will continue to be a viable and preferred path for many Americans? If so, how will that benefit our economy?

Why are solutions to the gap between the rich and the poor in the United States difficult to implement? What solution would you suggest to remedy the gap?

Why is the term "law" used by economists when describing demand?

How is determining What, How, and For Whom by societies helped by demand?