Supply and Demand Assignment Help
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Demand and supply are probably basic theories of economics and is also regarded as the spine of market economy. Therefore, we aim to offer excellent supply and demand homework help to all of our students.
Understanding of demand and supply
- Demand refers to the quantity of a product or service wanted by a buyer. Demanded quantity is the volume of product buyers are ready to purchase at a definite price. Correlation between the price and quantity demanded is known as demand relationship.
- Supply is a representation of the quantity of a product or service that a market can supply. Quantity supplied is a reference to the volume of a specific commodity that producers are ready to supply when receiving a definite price.
- Association between price and volume of a product or service supplied to the market is termed as supply relationship.
Therefore, price is a manifestation of demand and supply.
Link between demand and supply bring about the forces responsible for distribution of resources.
The demand and supply theory in market economy theory will allocate resources in a possible well-organized way. We provide supply and demand assignment help to explain the theory in details.
Have a closer look at law of demand and law of supply.
Supply and demand homework help to understand the Law of demand
According to law of demand, as higher the price of a product or service, lesser is the demand for the same, if all other factors remain equal. In short, as higher the price of a good or service, lower will be the demand quantity from buyers’ side.
Quantity of a product or service purchased at a higher price is less with the increase in its price, so does the opportunity cost of purchasing that product or service. Therefore, buyers will naturally avoid purchasing a commodity or service that will compel them to give up the use of any other service or commodity they value more.
Supply and demand assignment help to understand the Law of Supply
In contrast, the law of supply indicates quantity of a product or service that will be sold at a specific price. Higher the price is; higher is the volume supplied.
Producers or suppliers supply a product or commodity at a higher price because there is an increase in revenues when selling higher quantities of products and services at a higher price.
Know about market equilibrium
When demand and supply are equal or when demand function and supply function intersect, an economy is at equilibrium.
At this point, the distribution of commodities and services is most resourceful because a number of products being supplied by producers are precisely equivalent to the volume of products being demanded by the buyers. Hence all parties, buyers, sellers or countries are happy with prevailing economic condition. Suppliers sell their products at a given price, and buyers purchase any product they are demanding.
If you clearly understand all these concepts and learn important technique of time management,then you can complete your assignment quickly at minimum possible time. While providing supply and demand homework help, we at myhomeworkhelp.com also give important tips on writing answers in a precise and comprehensive way.