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Supply and Demand
Supply and Demand is an economic model that helps create a competitive market place. It consist of a set of four basic laws.
467 Questions
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The amount that consumers will purchase or consume at a specific price?
The demand or quantity demanded is the amount that consumers will purchase or consume at a specific price.
What kind of relationship does the demand curve have in relation to supply?
Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer.
How does supply and demand effect on the goods?
Supply and demand intersect at an equilibrium point which determines the optimal quantity of whatever good and its price level. When the demand goes up, the price level increases and the quantity of goods increases as well. When the supply goes up, the price level goes down and the quantity of the good increases. It is easier to visualize this relationship by drawing the graph with a downward sloping demand curve intersecting an upward sloping supply curve.
(When drawn, it should resemble the letter "X")
Many entities control gas prices. When the U.S. government places tax on gas that is a price control. When the U.S. government keeps oil companies from drilling and building refineries, or making the cost exorbitant, that affects gas prices. When the Middle East countries cut back the amount of oil they drill for, that causes gas prices to rise. The evrironmentalists, putting heavy regulations on gasoline raises gas prices.
These are just a few that affect the price of gas.
What are the characteristics of production function?
The following are the features of the production function:
1. It involves transformation of raw materials into finished product.
2. The place where production takes place is known as a factory.
3. Production is undertaken in various departments, such as production and service department
of a factory.
4. Production may involve more than one process or operation.
5. It can be undertaken either manually or mechanically.
6. It is based on technology which may be either indigenous or imported.
7. Production is undertaken on large scale basis in recent times.
8. Production process involves combination of resources, such as materials, men, money,
machinery, management.
9. Production process leads to uniformity of finished goods.
10. In modern times, production process is highly specialised.
BY LM HARI KUMAAR - ALGAPPA UNIVERSITY.
What is manpower demand and supply forecast?
The two different sections of manpower forecasting are the manpower demand forecasting and the manpower supply forecasting. These techniques are used to regulate the supply and demand balance.
If many people want to buy a product but not enough of product exists what is that called?
That is called a shortage of the product. A shortage happens whenever the demand (number of people wanting a product) is greater than the supply (quantity of available product).
Why does a five-day Disneyland pass cost only 2.5 times more than a one-day pass costs?
They like to capitalize because a 5 day vacation is not as common as a two one, so if you are there for the weekend (2 days), you are paying for an extra half day.
Example of supply create its own demand?
For example > Supply means somebody did work to create that supply, work means somebody earned wages by creating that supply(producing something which is going to be sold out). Wages is what enable that worker to then demand goods and services from other workers. Which then becomes their wages, and so on.
Difference between demand and supply of money?
The supply side deals with relationship between the price and the quantity. The demand side deals with the volumes that buyers are willing to purchase at various prices
How does supply and demand affect the price of a product?
the higher the demand the higher the price.the lower the demand the lower the price.
