1. Carefully explain the different circumstances necessary for an upward sloping demand curve. Give examples of each.
2. Give 4 examples of recent (last 5 years) new products or services that were marketed to take advantage of changing demographics. Explain how each product or service appeals to a demographic group that is increasing its share of the population.
3. Read the article about the use of social scientists in product development. Give 3 examples of how social scientists have helped firms develop innovative products. Explain how the social scientist assisted in developing each product.
4. Describe the effects of each of the following influences on demand and/or supply of oil. Be sure to indicate (1)which curve(s) shifts, (2)the resulting impact on equilibrium price, and (3)any movement along a curve.

A. A major oil discovery

B. A $5 per barrel tax on oil

C. An improvement in oil recovery technology

D. An unusually hot summer that causes an increase in the demand for air conditioning. (Oil is used to produce electricity.)

E. An increase in energy conservation