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Essay / Research Paper Abstract
This 12 page paper answers three questions on economics. The first answer explains the supply and demand relationship and then uses graphs to demonstrate the way price equilibrium is reached in different conditions, such as an increase in demand or a decrease in supply. The second answer explains the concept and use of elasticity. The last answer looks at why a monopoly will usually result in higher prices and lower output than a firm operating in a pure competition structure. The bibliography cites 7 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEecsupqu1.rtf
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Unformatted sample text from the term paper:
goods any firm will want to supply, based on the price that they can charge and the profit that they will make (Bayes, 2007). The forces of supply
and demand work together in order to determine the way that price is reached. There are many influences in the way that supply and demand manifest. These need to be
considered as well as the way that the come together. To assess this the model of supply and demand needs to be considered.
At a basic level where there is a demand that exceeds supply the price of the goods will increase until there the price puts a sufficient number of people off,
and the purchase is made. For example, if there is one seller of a property and two buyers, then the seller may want to keep increasing the price until one
of the buyers drops out. This is the point at which there is an equilibrium reached on price, where the number of units demanded matched the number of units that
can be supplied and the price has been determined by the market. When the converse is true and the supply exceeds the
demand, the price will then drop, dropping to a level where it is able to attract sufficient customers to make the purchase attractive and create delirium between supply of the
goods and demand of the goods (Nellis and Parker, 2006). For example, in the case of the house buyer, if someone is selling a house and there are no buyers
they may choose to drop the price, until the prices are level with a buyer will be attracted. This relationship between
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