Question
In: Economics
Your home is in the hinterland of some market (city), and most likely in the hinterlands...
Your home is in the hinterland of some market (city), and most likely in the hinterlands of several markets, at different scales. Describe how you are economically part of one or more hinterland(s).
Solutions
Expert Solution
Answer:
If my home is in the hinterland of some market, economically I
could be part of one or more hinterlands because of following
reasons:
- Myself as consumer to various markets : It may happen, I can purchase goods and services on multiple markets based on its price there and effort and time required to go from my home to other markets. For instance if some goods are costly in my nearby market I may opt to choose to go to farther market to purchase goods in bulk if they are available at lower rate and transportation cost is not high.
- Myself as supplier to one or more hinterlands : I may act as supplier for few of the goods and services for that again based on price availability in different hinterlands, can opt to go to sell in one market or the other.
- Equilibrium in one Hinterland affecting other hinterland market price : Also demand and supply equilibrium in my nearby hinterland can affect prices and equilibrium of other markets as well. For instance if some product is sold very costly in my nearby market other suppliers will migrate from other market to this market which will decrease the cost in my current market and increase cost in other market brining them to new equilibrium all together.
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