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Essay / Research Paper Abstract
This 10 page paper is written in two parts. The first part examines the concept of supply and demand, and elasticity and the way that this may help with commercial decision making. The second part of the paper examined the concept and use of game theory, what it ids and how it is used and the role of asymmetrical information. The bibliography cites 4 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TESUPdgame.rtf
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Unformatted sample text from the term paper:
optimal profit margins that may be achieved as well as how resources may be allocated. It may be argued, as an hypothesis to look at the concept of supply and
demand, and the elasticity of supply and demand, that firms are likely to prefer to supply markets where there is an excess of demand over supply, as this leads to
higher prices and as such higher profits, with the level linked to the elasticity level. However, with many firms preferring the same strategy this presence of abnormal profits that this
will create may be seen as unlikely to survive in the long term as customers have increasing levels of supply. To consider
this the first stage is to look at the basic concept of supply and demand. are impacted we first need to look at the way that prices are determined by
a market. In any market there will be supply and demand, in simple terms the price paid for a good will be the point of equilibrium where the supply and
the demand interest when represented in a graph. This can be represented in graphical form with a supply and a demand line. The supply line is an upward slope that
shows that as the price increases a supplier will want to supply a greater quantity. With quantity shown on the X axis and price on the Y axis (Nellis
and Parker, 2006). The demand line moves in the opposite direction; a downward slope, this shows that as the price decreases the demand is likely to increase. It should be
noted that this is the case for most goods, but not all will have this same slope, there are some goods that may become less desirable as the price decreases,
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