Supply and Demand Assignment

507 words - 2 pages ✓ Expert Reviewed
VIEW DOCUMENT
Preview

Supply and Demand Assignment• Visit http://www.bized.co.uk/learn/economics/markets/mechanism/interactive/part1.htm and read the material posted about supply and demand. Explore the concepts of supply and demand by using the interactive features on the graphs. Use the questions following the diagrams to guide your exploration. Visit parts 1, 2, & 3 of the Web site.• Fill in the matrix and answer the questions in Appendix C. Describe how changes in price and/or quantity of various goods and services will affect either supply or demand and the equilibrium price. Use the graphs from the interactive activity as a tool to help you visualize the changes in price and quantity.If the price of a good increases, what happens to demand?The demand would decrease. The amount of decrease would be determined by the price elasticity of demand of the good.If the price of a good decreases, what happens to supply?The supply would drop because consumers would take advantage of the savings.Does a change in price create curve shifts? Explain.Yes, it is possible for price change to create curve shifts-for instance: a demand curve would result when a price increase in a good or service would cause a decrease in the quantity demand of that good or service where as a price decrease in a good or service would cause an increase in the quantity demand of that good or service. A supply curve would result when a price increase in a good or service causes an increase in quantity supply whereas a price decrease would in a good or service causes a decrease in quantity supply.
Event

Market affected by event

Shift in supply, demand, or both. Explain your answer.

Change in equilibrium

Frozen orange crops in California

Orange juice

Supply (left)-Not as many available oranges to offer consumers.

Price will increase and quantity will decrease.

Hurricanes in the Gulf Coast

Gulf Coast tourism

Supply (left) - not as many tourist areas available to...

Find Another Essay On Supply and Demand Assignment

Supply And Demand Essay

1892 words - 8 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...

Supply And Demand Simulation Essay

1147 words - 5 pages Supply and Demand Simulation Supply and demand plays an intricate role in the amount, price, and availability of products and services. The applying supply and demand concepts simulation guides users through making decisions for Goodlife, a management company for 2 bedroom apartments in Atlantis. The simulation names the user the property manager; responsible for vacation residents, new pricing for units, and advertising. The property manager...

Supply And Demand Simulation

1389 words - 6 pages The University of Phoenix Applying Supply and Demand Concepts Simulation (University of Phoenix, 2009) demonstrated the mechanics of how supply and demand operates in today's market. The simulation used the housing market to show different scenarios and how demand and supply worked in these...

Supply And Demand Simulation

692 words - 3 pages As Property Manager for GoodLife Management in Atlantis responsibility for maintaining acceptable rental rates and quantity available apartments involves several factors. Personal preferences, economy, income, and rental rate all affect the ratio of vacant and occupied apartments. Decisions regarding supply, demand, and price require careful evaluation. Regular monitoring of supply and demand is necessary to remain competitive in the ever...

Applying Supply And Demand

712 words - 3 pages -align: left; line-height: 8.333334mm; color: Black; background-color: White;} div.gec-2 {padding: 0.00mm 0.00mm 0.00mm 0.00mm; text-align: left} p.gec-1 {text-indent: 0.00mm; text-align: left; line-height: 4.166667mm; color: Black; background-color: White;} /*]]>*/ ���� Applying Supply and Demand Concepts Simulation...

Supply And Demand

1954 words - 8 pages Supply and Demand Every organisation which provides goods or services to fee paying customers must, by its very nature, charge price for that good or service, to pay for its costs, have retained profits for investments and to keep its shareholders happy. In theory, the market price of any good or service is determined by the interaction of forces of demand and supply. There is an old saying, that ?if you can teach a parrot to say...

Supply And Demand Simulation - 879 words

879 words - 4 pages The University of Phoenix online simulation entitled "Applying Supply and Demand Concepts" starts with the description of a fictional small town, Atlantis, and the rental market for two bedroom rental apartments. Below we will discuss the key points of supply and demand covered in the simulation, and by ...

Supply And Demand Article

652 words - 3 pages The following paper outlines a problem facing consumers and businesses and the lack of physical hotel rooms to accommodate leisure and business travelers. According to an article from the May 2006 issue of Corporate Meetings & Incentives there is a demand for hotel rooms that just don't exist, the demand has exceeded the supply of rooms and the consumer is paying a higher...

Media Supply And Demand

1193 words - 5 pages beginners and many others in TV news is unprofessionally low. For years, entry-level pay in television has been the lowest of all mass media-related job fields. It has not quite kept up with the cost of living.MediaSupply and DemandNew college graduates will earn less in TV news than in radio news, where pay overall lags television. Because...

Supply And Demand Simulation - 945 words

945 words - 4 pages The purpose of the simulation is to familiarize a user with the demand curve, supply curve, equilibrium, and price ceiling. As a property manager for GoodLife Management in Atlantis, the responsibility for maintaining reasonable rental rates and quantity of apartments demanded involves several factors. Personal preferences, economy, income, and rental rates all...

Supply And Demand Simulation - 1183 words

1183 words - 5 pages hobbies like walking, jogging, or biking. The open space offer territory for wildlife. The housing is composed of both detached homes and apartments. Atlantis is well maintained, in good conditions, alone with low crime rate with excellent infrastructure. I will attempt to explain the supply and demand of two bedroom rental apartments in Atlantis. In addition, explain the supply curve, and the demand curve as well as equilibrium. Through different...

Other Supply and Demand Assignment Essays

Supply And Demand Simulation Essay - 859 words

859 words - 3 pages The purpose of the supply and demand simulation was to help the class have a better comprehension of how supply and demand affects the market, particularly the housing market. This simulation familiarized the user by providing examples and real life situations on the supply and demand curves, ...

Supply And Demand Simulation Essay - 1067 words

1067 words - 4 pages points from the reading assignment that were emphasized in the simulation.4). How can you apply what you learned about the concepts of supply and demand form the simulation to your workplace?5). Summarize your results in the simulation.The first question to explain is what causes the changes in supply and demand in the simulation.To understand the changes in supply and demand in the town of ...

Supply And Demand Essay

2247 words - 9 pages Supply and Demand � PAGE �1� Running Head: SUPPLY AND DEMANDSupply and Demand[Name of Writer][Name of Institution]Supply and DemandAbstractThis document will show the friendship between the supply, command, and price changes as a consequence of new and past proceedings. ...

Supply And Demand: Pharmaceuticals Essay

860 words - 3 pages Changes in Supply, Demand, and PriceIntroductionPrior to 2004, vaccinations to prevent the most common human diseases were readily available. In the 1950s, there were 26 pharmaceutical companies that made vaccines in the United States; however, by 2004 only four such companies remained. For instance, while the demand for the flu vaccine has risen...