Notesale: Turn your study into money

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Assignmnet 2
1
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The exchange in the
market benefits both parties, as consumers can purchase the products they need or desire, while producers
can sell their goods and earn a profit
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John is a vendor
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John will sell his produce, like carrots and potatoes, to Anna,
and then Anna will John for the produce
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In addition demand is the number of goods that the customers are ready and willing to buy
at several prices during a given time frame
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Samsung launched a new model of its product, the Samsung earbuds Max and the number of
people worldwide willing to buy is 100,000
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It represents the relationship
between the price of a product and the quantity of that product that producers are willing to supply
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A bakery produces ten pieces of cake a day, and they cost P300 each, but in the following
months, the price of raw materials increased, which resulted in to increase in the price of the cake,
and with the price increase, the supply of cake decrease into five cakes a day
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When a
commodity's supply and demand are precisely balanced at a given price
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Lila store sells lato-lato toys for P25 each, and the children in the neighborhood are willing to
buy the toy for its price
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The Lila store was able to give all the children the toy as the supply
of it was equal to the demand
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They provide
insights into how sensitive buyers and sellers are to changes in various determinants of demand and
supply
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for the Elasticities of Supply
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5; we can conclude that the wheat supply is
inelastic
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2
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(15 points)
The law of supply and demand is a fundamental principle in economics that describes the relationship
between the price of a good and the quantity of the product for the consumers to demand and for the
producers to supply
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On
the other hand, if a firm lowers its price, the demand for the product increase
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The law of supply states that if a firm increase the price of its product, the demand for it decreases
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On the other hand, as the price drops, producers can find it less appealing to produce
many products
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” BYJUS, byjus
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Accessed 26 June
2023
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” Crucial Essay, 20 Jan
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com/157860-2
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” Define Market Equilibrium
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com/question-answer/define-marketequilibrium
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Benjamin Wilson Mitch Green Justin Elardo Erik Dean, Sebastian Berger
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” Price Elasticity of
Demand and Supply – Principles of Economics: Scarcity and Social Provisioning (2nd Ed
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pressbooks
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Accessed 26 June 2023
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indeed
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” Accessed
26 June 2023

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