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Essay / Research Paper Abstract
A 3 page paper answering 4 questions about supply and demand, including price elasticities, price controls and the effects of designation of a product as a necessity. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSeconSupDemQ.rtf
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Unformatted sample text from the term paper:
demand curve The law of supply and demand holds that as supply increases, price decreases (Sosin, n.d.). This in turn should increase
demand for the product, which eventually will strain the supply side to increase prices again. The ultimate effect is to establish and maintain price, supply and demand equilibrium within
a range of tolerance of each. 2. Effects of imposing price controls The scenario is that a governor imposes price controls on
canned chicken soup within the state. The price cap in the state is 25 percent below market price of the item. Chicken
soup is a nonessential item in that there are many substitutes for it that are readily available to consumers (Price Elasticity of Demand, n.d.). In the usual supply and
demand case, consumers will make other choices if the price increases beyond the point they are willing to pay. With artificial price control imposed on the product, consumers can
be expected to purchase more of the item. From the perspective of the producer, this change could have mixed results. If the
price it is able to gain from price-controlled sales of the product is sufficient to cover its costs of production and also provide a profit, then added demand can improve
the producers position. If, on the other hand, the price the producer is able to gain from sales is not adequate to meet the producers needs, it will simply
cease production of the product, thereby reducing supply as demand continues to increase. 3. How would you characterize the impact of household choice in this situation?
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