Demand and Supply Assignment Help
In microeconomics, demand and supply is a key model for price determination in market. This model concentrates on the equilibrium between the demand and supply of a particular product. It postulates that in the competitive world of market, the price of a particular product or other trading items will fluctuate until it comes to a point of equilibrium creating a line of equality between the demand of a particular quantity of a product at current price and the supply of that product same at that current price. This will create an economic equilibrium between the quantity demanded and the supply made or produced at the current price; satisfying the need of sides, the consumer and the company.
Alfred Marshall was the influential economists of his times who wrote a book “principal of Economics” that was among the most influential books of those times in England and remain dominated among the textbooks of economics in England. His book published forth many innovative ideas and models of economics such as marginal utility, supply and demand, cost of production and many more innovative ideas to the world of market. He was also the founder of ‘neoclassical economics’ – the field which includes the determination of goods, outputs, and income distributions in markets through supply and demand which is an ultimate approach in economics. This neoclassical economics further focuses on determination of increase in utility by income-constrained individuals and the profit made by the firms (facing production, employees and their needs, charges on such factors).
Demand and Supply curve represents changes in the values of the variables by the sifts in the curves of demand and supply. And similarly, results related with the changes in the price of the good are represented as movements along the supply and demand curves (that remain unchanged).
Demand and Supply Assignment Help focuses on the certain factors of demand and supply which comes with the understanding of the curve representation and these are:
SUPPLY SCHEDULE: the objective behind the supply or the determinants of supply of any product is: to look after the price of the product to be produced, price to be given to the labor force, price on the materials or machines introduced for such purposes. 2. Strategies set by the production house or the firm about the future prices of the product (when the product will gain its enough popularity and when the market will fluctuate) 3. Assigning the work to the number of suppliers; more suppliers more products will be available in the market and the demand of consumers will remain satisfied. Supply schedule is basically a table showing the relationship between the cost of a product and the quantity supplied. If the price of raw products will increase, the price of ultimate product will increase and the demand will decrease causing the curve of cost to shift upward while if the discounts will shift the cost downwards and the producers will face a loss. In such condition a firm is questioned about its potential of supply. Thus, a firm should be enough competitive that the future price hikes of market doesn’t affect its supply and the price of product and also the demand remain the same. And to do this, a firm need to have market power or potential and also to set a particular price for the product that even the price fluctuation couldn’t harm its overall profit line and the demand too.
DEMAND SCHEDULE: demand schedule depicts the demand curves showing the demands of goods or products that the consumers are willing or able to buy at different prices while keeping up the determinants of demand. Here the price of the product remains in question, it’s comparison with other products or substitute products, tastes and preferences are all the things that are kept in the mind of buyers and should also be kept in the mind of producers to produce competitively enough good product. As per the law of demand, the curve showing the demand of product is represented as downward-sloping showing that the decrease in price will increase the demand of purchasing of more goods by the buyers and vice versa.
The demand schedule depicts the ability of buyers or consumers to purchase a particular product in the particular frame of time. The determinants of demand include:
- Income of the consumers or buyers
- Consumer’s tastes and preferences (for instance some products are in sale when it is suitable to a particular weather of condition like the sale of umbrella in rainy season is obvious to increase because it suits to the preferences)
- Prices of such goods or products
- Expectation of consumers relayed to the future prices of that product and the incomes
- Number of consumers having potential for the purchase of such products
Furthermore, the definition of the Law of Demand is that the increase in price will cause the decrease in demand and the law of supply is related with the quantity of product that will be sold at particular price.
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