Chapter 7: Demand and Supply "Grandma, Buy Me That" Introduction      In this chapter, you learned that demand is influenced by changes in the population. Did you know that in a recent year new grandparents spent an average of $505 on toys for each of their grandchildren—a 100 percent increase in what they demanded, or spent, per grandchild in the previous decade? Assume you work for a manufacturer of electronic toys and games. You want to sell to the "new" grandparents—those ages 45-59—but you're not sure how population changes in the future will affect this grandparent market. You decide to check for information on the Internet. Destination Title: U.S. Census Bureau Population Projections Note: Clicking on the link above will launch a new browser window. Need help using your browser for this activity? Click here for tips. Directions Start at the Census Bureau Web site. In the Population Projections category, click on National. Click on Summary Tables. Click on 4. (NP-T4) Projections. These charts give projections of the total resident population by 5-year age groups, race, and Hispanic origin. Review the first table for the total population in each date range. Under (NP-T4), select the data for the date range that includes the current year. Analyze the chart, then answer the following questions. 1. How many people are in the three categories that include ages 45-59 for the current year? 2. How many people will be in the 45-59 categories five years from now? (You may have to look at another date range to determine this answer.) 3. What percentage of the total population will this age group be five years from now? 4.  What trends in grandparents' spending do you think will continue? 5. Based on what you have learned from the Census Bureau, write a short report to the president of your company making a recommendation for target advertising to the grandparent market. Include any charts or graphs that support your conclusions.