Question

In: Economics

In two or more sentences define, the Law of Supply In two or more sentences define,...

In two or more sentences define, the Law of Supply In two or more sentences define, the Law of Demand Identify at least 4 determinants of supplyIdentify at least 4 determinants of demand In two or more sentences explain how the equilibrium point is determined.

Solutions

Expert Solution

Law of Supply:- It states that keeping all the factors constant, the price and the quantity of product supplied in a market are related to each other, that is when the price of a product rises, its quantity supplied also increases as the firms will try to maximise there profits.

Law of Demand:- It states that keeping all the factors constant, the price and the quantity of product demanded are inversely related to each other, that is when the price of a product rises its demand in the market decreases.

Market Equilibrium :- It is a situation when the quantity of a product demanded in the market equals to the quantity of the product supplied in the market.

Some of the determinants of supply are :-

  1. Technological Advancements.
  2. No. of Sellers in the Market.
  3. Price of the Substitute products.
  4. Production cost.

Some of the determinants of demand are:-

  1. Income of the targeted customers.
  2. Choices and Preferences.
  3. Product creditibility/ quality
  4. Product expectation.
  5. Price of the product.

Rahul Sunny answered 2 years ago
Next > < Previous

Related Solutions

Define the law of supply and the law of demand. Discuss how market supply differs from...
Define the law of supply and the law of demand. Discuss how market supply differs from individual supply, and explain the difference between individual demand and market demand.
Define the so-called “Fundamental Law of Demand and Supply”.  With is definition, use the law of demand,...
Define the so-called “Fundamental Law of Demand and Supply”.  With is definition, use the law of demand, the law of supply, and the laws of market adjustment to demonstrate its logic. Provide a carefully labeled supply and demand diagram and an example of the operation of this law drawn from a life experience of yours. Describe how your example connects with the Law of Demand and Supply.
Define the law of supply and draw a supply curve labeling all the axes correctly. b)...
Define the law of supply and draw a supply curve labeling all the axes correctly. b) list the `ceteris paribus? that effect supply and illustrate a shift in a supply curve.now discuss how a change in each of these variables would lead to the shift you have illustrated in your drawing and explanation
1) Definitions   Define the 7 following terms very briefly. (Not more than two sentences per definition.)...
1) Definitions   Define the 7 following terms very briefly. (Not more than two sentences per definition.) a) Current Population Survey b) behavioral equation c) liquidity trap d) leverage ratio (for a commercial bank) e) reservation wage f) discount bond g) user cost of investment
Write two sentences or more sentences answering the following. Related to the Palm Springs Wind Farm...
Write two sentences or more sentences answering the following. Related to the Palm Springs Wind Farm or any wind farm. Pros and Cons of harvesting wind power. physics principles and parameters involved in harvesting wind power derive the equation for power yielded. physics
In one or two more sentences, explain the results or conclusions of the research, or explain...
In one or two more sentences, explain the results or conclusions of the research, or explain the steps taken by the researcher to meet the purpose of the research. Note: Remember to cite your sources by typing #cite. http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2826795/
In one or two more sentences, explain the results or conclusions of the research, or explain...
In one or two more sentences, explain the results or conclusions of the research, or explain the steps taken by the researcher to meet the purpose of the research. Note: Remember to cite your sources by typing #cite. Summarize the problem your source, “NMUPD Among Youth in an Appalachian Population,” hopes to address. (Be sure to include the full title of the article in your response.) http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2826795/
Define Law ? Substantice Law vs Procedure Law
Define Law?Differentiate between Substantive law and procedure law?
a. Please provide a paragrpah (so that is sentences of three or more sentences in the...
a. Please provide a paragrpah (so that is sentences of three or more sentences in the specifed areas mentioned below) of the Finacial Ratio Analysis for CVS and Walgreens. Please include the Current Ratio vs the Acid Test ratio, the Days sales in inventory vs. the inventory turn over in Days and the Days Sales in receivable vs. Accounts receivable turn over in days. CVS Balance Sheet All numbers in thousands Period Ending 12/31/2017 12/31/2016 12/31/2015 Current Assets Cash And...
What are the four different types of market structures? In two or more sentences provide at...
What are the four different types of market structures? In two or more sentences provide at least 3 or more characteristics that separate a perfectly competitive market structure from a monopolistic market structure? Which type of market structure has differentiated goods and services? Identify at least one market structure that is predominant in the United States? At what point do all four market structures maximize profits? In one to two sentences explain, how a monopolistic market structure determines its optimal...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT