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Demands and Supply - College Paper

Demands and Supply

Demand and Supply are the most essential terms in Economics. They can explain the consumption and production behavior of customers and producers in the market. A Demand and supply analysis helps determining the equilibrium price and quantity of the product. There are some major components involved, which are demand, quantity demanded, supply and quantity supplied.
Demand is a purchasing plan that states the amount of goods or services which consumers are willing to purchase at different price level;in other words, it shows the the quantity demanded at different price level. Quantity demanded stands for the amount of goods and servies that a person is willing to purchase at a specific ...

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is defined as the amount of goods or services that a producer is willing to produce at a given price level. Market supply is the sum of all individuals' supply schedule. The Law of Supply states that when the price increases, then quantity supplied would increase, ceterius paribus and vice versa; it means that price and quantity supplied and price is in a positive relationship. Demand and Supply are the most important terms in Economics. When demand and supply curve intersect with each other, the intersection point indicates the equilibrium price and quantity, in which quantity demanded and supplied are equal at a specific price level.
In general, economists would use demand and supply diagram to illustrate the relationship between demand and supply and demonstrates how changes of endogenous and exogenous factors would affect their relationship. In the X-Y axis diagram, demand curve is downward sloping, which implies the negative relationship of quantity demanded and price. On ...

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Demands and Supply. (2011, April 19). Retrieved November 23, 2024, from http://www.essayworld.com/essays/Demands-and-Supply/98185

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PAPER DETAILS

Added: 4/19/2011 01:05:28 AM
Submitted By: crunch1230
Category: Economics
Type: Premium Paper
Words: 977
Pages: 4

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