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Essay / Research Paper Abstract
This 3 page paper explains the following concepts: equilibrium price, changes resulting from non-determinants of supply and demand, shift versus movement in the supply and demand curves, normal good and inferior good. Examples included. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: MM12_PGspdmd.rtf
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Unformatted sample text from the term paper:
good supplied is the same as the quantity of a good demanded (Tutor2u.net, 2005). Non-price determinants of supply include such things as technology, the price of the materials, etc.
that go into making the product, taxes, the number of companies producing the same product, etc. (Brown, 2004). The non-price determinants of demand include consumer preferences, income, the price of
related items, market size (Brown, 2004). Personal computers provide a good example of price equilibrium when non-determinant factors on the supply or demand side are changed. As the technology for
building personal computers became more advanced (non-determinant of supply side), the cost of producing the product dropped, which, in turn, lowered the price to consumers. Demand rose, sometimes faster than
the supply. However, in 2000 when the stock market suffered and the economy went into a recession, consumers had less disposable income and personal computer sales declined. There were more
personal computers supplied than were demanded. To offset the market condition, manufacturers lowered prices. In both these cases, the price of the good was lowered. That does not always
happen. Often, when demand is greater than supply, the price rises. An excellent example relates to natural disasters. When four hurricanes went through central Florida within five weeks in 2004,
more consumers wanted to buy generators. Demand far exceeded supply. Smaller retail stores raised the prices of the generators they had in stock. In 2005, hurricanes did not go through
central Florida and there were more generators available than the demand for them. The small retailers lowered their prices. A shift in the curve versus movement along the demand or
supply curve: A movement along the demand curve means there is a change in the price as well as in the demand for the good: "a movement occurs when a
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