At the equilibrium point demand equals supply. Given the demand and supply functions say D and S, first of all equate D=S.
Here both D and S are functions of quantity. i.e., D = f(Q) and S = f (Q).
After equating D = S solve the equation for P and Q.
This would be having exactly enough, but not too much of the product in demand. So you would be maximizing profit!
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High Demand Lowers QuantityLow Demand increases price and quantity
which is true about the functional relationship shown in the graph
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
This would be having exactly enough, but not too much of the product in demand. So you would be maximizing profit!
check out the related link. ===========================
High Demand Lowers QuantityLow Demand increases price and quantity
which is true about the functional relationship shown in the graph
calculate the following price elasticity of for a price increase from $5-6, 6-7, 7-8 and verify your answer using the total revenue approach:
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve
a table of bprices and quantity demand.
False. An increase in demand means a shift of the demand curve to the right, it will increase both price and quantity supplied.There is no shift of the supply curve.
Change in demand is subjective, it could be increase or decrease in the qauntity of good or services asked for, while change in quantity demand is objective, it refers to actual quantity/amount of good or seevices requested /demanded .
The demand and supply schedules for carrots in a certain market are given below: Price per ton Quantity demanded per month Quantity supplied per month Sh. '000 (Thousands of tons) (Thousands of tons) 2 110.0 5.0 4 90.0 46.0 8 67.5 100.0 10 62.5 115.0 12 60.0 122.5 Determine the equilibrium quantity and price by graphical method.(4marks)
re-order point/level = daily demand * lead time= (Annual Demend/Operation Day) * lead time
Social demand refers to the collective desire or need for a particular product, service, or issue within a society. It represents the level of interest or demand that exists among individuals or groups to address a common societal challenge or meet a shared goal. Understanding social demand is crucial for organizations and policymakers to develop effective solutions and strategies that align with the needs and concerns of society.