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Essay / Research Paper Abstract
This 19 page paper answers a range of questions on microeconomics. The first few question see the use of supply and demand graphs to determine the points of equilibrium. The paper looks at how changes in supply and demand will impact on price. The paper then looks at questions concern the cost of goods and how marginal costs occur, with cases that look at hoe to optimise production with the lowering of the average total costs. Tables and graphs are used. The bibliography cites 3 sources.
Page Count:
19 pages (~225 words per page)
File: TS14_TEmicroquest.rtf
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Unformatted sample text from the term paper:
the student we get the following assuming the prices are in pence and the quantity is in millions. It is worth noting that the Y axis has been
started with 100 and not zero, this makes the graph easier for the student to read. The point of equilibrium is where the supply and demand lines cross, where supply
and demand are in equilibrium. Here it appears to be for a price of 65 at a quantity of 145. b. If there is a position where the price of
the crisps are 60 then there is a price where the demand will exceed the desire to supply the goods. At this price the demand will exceed supply. The desire
to supply at this price may be lower as the profit is likely to be lower, but the lower price is attracting more consumers. As the demand is exceeding the
supply the result is likely to be an increase in the price, as the price increases there may be a greater willingness to supply the crisps and the supply may
also increase leading to the point of equilibrium. c. If there is a new dip bought onto the market that increases the demand for the crisps by an additional 30
million this will impact the supply and demand equilibrium. c.1 This means that there will be a shift to the right of the demand line, as there is an increase
in the demand the demand line means that there is a movement along the supply line for a new point of equilibrium c.2 The supply line has remained the same, but
the demand line has moved along, so it is the demand line that moved c.3 If we put the new demand figures in, increasing the above figures by 30
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