Demand and Supply Assignment Answers
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Students of economics can never progress if there concepts of demand and supply are unclear. Since both these concepts are considered pivotal to economics acing assignments on these topics is crucial. With our Demand and Supply homework answers at myhomeworkhelp.com this is not a difficult task.
To put in simple words demand is the quantity of produced goods or services which is desired by buyers in an economic set-up. In this regard, supply is that quantity which can be supplied by the sellers to the buyers. Relations between demand and supply constitute the main crux of this assignment. Make sure you do not make mistakes, take professional help but submit good quality work.
Relationship evaluation
After defining the two terms one has to dive into their relationship. It is interesting to note that the amount demanded by buyers is based on several considerations like quality and price; this is called the demand relationship. Similarly, supply relationship consists of elements of price and amount of services and products delivered to buyers. Demand and Supply assignment answers can elaborate on this evaluation.
Allocation of resources is another unique element that balances this relationship shared by these two elements. Allocation essentially means distribution or appropriate segregation based on a specific premise.
In this context again two main laws have to be discussed:
- Law of supply –
Such a law proposes that when prices increase of a commodity their supply goes up. When items are sold at higher prices them revenue increases and therefore companies give out more.
- Law of demand –
This proposes that if all other factors are kept static then increase in prices will cause fall in their demand. People let go of commodities or services that make them sacrifice other essential goods.
The above laws have very opposing views. Equilibrium is middle ground between laws enumerated above. This is an ideal situation where demand and supply both are equal. Allocation of resources is most efficient at this point.
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