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Microeconomics Supply And Demand Essay Examples

Microeconomics and the Laws of Supply and Demand Essay

703 WordsSep 2nd, 20143 Pages

Microeconomics and the Laws of Supply and Demand
ECO/365 Principles of Microeconomics
August 18, 2014
Sam Pirnazar

Microeconomics and the Laws of Supply and Demand
Abstract
The objective of the laws and the supply and demand simulation is to apply the supply and demand concepts to provide a better understanding on how to use the curves in order to figure out the equilibrium in the market for leasing two bedroom apartments. The simulation will help determine the difference between the movement along and shift of the demand and supply curves. Furthermore, how equilibrium can be established after one or both curves shift will be provided.
Microeconomics and Macroeconomics Concepts…show more content…

The shift of demand curve happened when the quantity demand increased because of the cost for apartments decreased. The simulation showed that there was an increase in population in the city of Atlantis. The demand curve shifted to the right which means there was an increase. The concepts from the supply and demand introduced in the simulation are meant to help the taker understand how they can be applied to real world scenarios that may be encountered at a workplace or when using real-world products. The supply and demand is very much relatable to the workplace of the security industry I am a professional in. There is always a constant change in the products we use for life safety and peace of mind for consumers. The evolving of technology and the ability of gadgets we have at our fingertips is easily influenced by supply and demand. The desire or want of life safety and peace of mind could cause the price of these items to go up because the demand for them is much higher. The factor influencing the supply curve is everyone wants a security system for their home or fire alarm system for their business. Depending on the consumer demand for these products, the price could increase and cause the demand of these products to decrease then vice versa. The concepts of microeconomics and macroeconomics helped me understand the factors that affect shifts in supply and demand on equilibrium price and quantity by how they can affect the

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Supply and Demand Essay example

1735 Words7 Pages

Different market decisions determine how an economy is run. There are several different factors that account for how markets make their decisions, which determines how they function. The theory of markets mostly depends on supply and demand. However, it is key to note that there is a difference in demand/supply and quantity demanded/supplied. A demand is how much the buyer plans to purchase at various markets prices and the quantity demanded is what the buyer actually purchases at a particular price. Supply is the producer or the seller’s plan of the amount the seller will make available at different market prices and the quantity supplied is the actual amount that the seller makes available at a particular market price. It is important to…show more content…

This article describes how and why there has been an increase in demand even though there are ethical issues. The article states, “‘People want it. It’s legal,’ said Dr. Michael Feinman, medical director of HRC Fertility offices in Westlake Village and Encino. ‘In a competitive market, it’s obviously a way to acquire other patients’” (“Lab Methods”).
This is a perfect example of a change in demand; when the demand increases, at the same or even a higher price, more quantity is demanded. In the figure below, a shift to the right in the demand curve signifies an increase in demand.

There are several factors that cause changes in demand, such as consumer tastes and preferences, consumer income, consumer expectations, prices of other related products, and the number of buyers or consumers. In the example of people wanting to pick the gender of their children, the increase in the demand curve can be attributed to a change in consumer tastes and preferences as well as the number of buyers. From the article, there has been in increase the amount of people who want to balance their families and pick the gender of their child. This illustrates the concept of an increase in consumer tastes, ultimately causing a shift in demand. The article also states that the number of people interested in picking the gender of their chills has increased, signifying a rise in the number of buyers. This

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