Supply And Demand Essay Words8 Pages Laws of Supply and Demand The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy Demand Determinants The concept of demand is derived from the willingness and ability of consumers to buy goods or services at a particular time depending on prices and preferences. In most cases, the demand for goods and services depends on the affordability and comfort of consumers to purchase them, while holding other factors as constant (Hubbard & O’Brien, p. Essay Contents: Essay on the Meaning of Demand Essay on Factors Affecting Demand Essay on an Individual’s Demand Schedule and Curve Essay on the Market Demand Schedule and Curve Essay on the Changes in Demand Essay on Meaning of Law of Demand Essay on Assumptions of Law of Demand Essay on Exceptions Estimated Reading Time: 6 mins
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One of the most fundamental basics of micro-economics is the supply and demand of services or products of a given nature. Despite its frequent use, the analysis of the essay on demand and demand of the products in the market provides a very basic understanding of the market nature and what should be done to promote either of the factors when it is down John, The changes in the prices of one product can have some effects on the prices of its complements.
Essay on demand the other hand, substitute products have a direct relationship because one can be replaced for the other, essay on demand. This effect is the genesis of the marketing strategies that we witness in the modern world. Increase in marketing strategies has been largely contributed by the increases in the number of the substitute products available in the market.
In essence, the higher the demand of a certain commodity or services, the higher the number of competitors in the market fighting for the commodity essay on demand the services by supplying the need to the market John, This analysis is going to discuss the demand and the supply of a commodity which is the computer in this case.
Some of the factors that affect the demand and the supply of a computer include the following; the initial factor that can affect the supply of computer to a particular region is the demand of the computer services in the region.
If a region has less demand for computer services, there is going to be less demand for computers in the region. The supply of the computers is also limited by the availability of the substitute products like the PDA and advanced phone handsets that can perfectly perform the task of a computer. Additionally, essay on demand, the demand of the computers is subject to the availability of services that requires computers, such activities includes the Cyber Café, computer learning center, major offices which computer systems required in a given region among other factors that will demand the services of computers.
In our case, some of the most common substitute of the computer includes; Personal Digital Assistant PDA and advanced mobile handsets. These two products are the major replacement or substitutes of the computer. They are the substitutes of the computer because one can use the product instead of opting to buy a computer.
A PDA is a typical example of a computer substitute because it does the functions of the computer with minimal effort and space unlike the computer which occupies space and hence creates inconvenience to the user while travelling. A mobile phone also creates a typical substitute of a computer because of its ability to perform the task of a computer with an added advantage of its size.
The two products are the typical examples of the computer substitutes available in the market, essay on demand. From the basics of microeconomics according to Williama complement of a product is the product that is needed for the primary product to work properly.
Essay on demand essence, some of the most basic complements of a computer are the peripherals such as the printer, joysticks, scanners, the internet connection, and software systems. There are both hardware and software complements of the computer. Software developers are usually the primary developers of the complements of a computer system. The elasticity in microeconomics as explained by John is the relative change in the demand with respect to the changes in the pricing of the commodity essay on demand question.
It is usually expressed in a ratio as follows a typical graph for this ratio is normally given as shown below. With the increase in the necessity of the product which is essay on demand computer in this case and keeping the price constant with other external factors, in an ideal situation, it is expected that the price elasticity of the of the computer will be positive.
In the real world this might not be the case because of the assumptions made; the increase in the necessity will lead to increase in the number of competitors who are substitutes of the product. On the other hand, the increase in the necessity may cause an increase in the price which may result in a constant or not effect on the elasticity of the product, essay on demand.
This paper has succinctly discussed the factors that influence the nature of the demands and the supply of a commodity which is taken to be a computer in this case.
The demand of the computer is subject to its substitutes and to some extent its complements, it complements simply adds value to the computer while its substitutes reduces its demand in the market. The price elasticity of the commodity is subject to the changes in demand as a ratio of the price. The necessity of essay on demand product is thus supposed to increase its price elasticity; however this is not always the case because of other influencing factors.
John, B. Chicago, IL: Financial Times Prentice Hall. William, essay on demand, J. Microeconomics: Principles and Policy. New York, NY: Cengage Learning. Need a custom Essay sample written from scratch by professional specifically for you?
certified writers online. Select a citation style:. Supply and Demand Paper. Table of Contents. Introduction Factors that can change supply and demand Substitutes of the product Complements of the product How necessity impacts on the price elasticity of the product Conclusion References. Learn More. We will write a custom Essay on Supply and Demand Paper specifically for you! This essay on Supply and Demand Paper was written and submitted by your fellow student, essay on demand.
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· Demand depends on the price of the commodity and 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 And Demand Essay Words8 Pages Laws of Supply and Demand The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy · Formal Essay Writing Basic 5 Paragraph Essay Introduction What goes into my introduction? 1. Hook/attention grabber - something to draw the reader in. This is your memorized quote. Make sure you are correct in your grammar! 2.
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