Question
In: Economics
In our current world, what are 3 examples of supply & demand in action. What are...
In our current world, what are 3 examples of supply & demand in action. What are the determinants In each of the 3 examples & how do they each effect the demand curve?
Solutions
Expert Solution
Examples of supply and Demand:
- Rice
- Books
- Clothes.
A. Determinants of demand and supply of RICE:
DEMAND OF RICE IS QUITE IN ELASTIC.
Because it is a consuming good, so people demand it for consumption purpose, it doesn't happen that when the price will fore people will demand high quantity of rice, whether falling in price will increase demand a bit, but not as much as price, because we can store rice for few months.
The supply of rice is inelastic in short run and elastic in long run.
Because supply of rice is dependent on weather.
B. Books
Demand and supply of books is less than elastic, in fact it is almost inelastic.
it doesn't happen that when price will fall, people will purchase more and more of books whether they will increase a bit of consumption of books.
C. Clothes
Demand of clothes is elastic in wedding season, in fact more then elastic.
But but other time it is less than elastic.
Rahul Sunny answered 2 years agoRelated Solutions
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