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Equilibrium of demand and supply is an important topic for students taking up microeconomics. There are some essential topics which are covered in this course:
- The supply curve which includes the law of supply, factors affecting supply. And the long term supply curve.
- The demand curve which includes the law of demand, price related products and demand, change in prices expected in the future due to demand, normal and inferior goods, and the factors that change the demand.
- Finally, the market equilibrium which is often referred to as a four step-process which is often understood by the students while preparing their Equilibrium of Demand and Supply Homework Solutions!
- Create a demand and supply model which explains the situation prior to the economic affair which happened.
- Find out whether the analysis of the economic occurrence is affecting the demand or supply.
- Analyse whether the curve shifts to the right or to the left.
- Identify the new equilibrium price from the market and then compare it with the initial equilibrium price.
So, the above concepts are just the basics of the topic. Students take a lot of interest in the demand and supply curves. But, it requires some time to master the concepts. For that time, the pressure of homework must be lifted from their shoulders. But, do you know how?
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