Excellent Economics demand assignment help

It’s not uncommon for students to struggle with their demand and supply assignments. This is because there are so many different variables that can affect the price of goods, whether it be demand, the number of suppliers in the market, or other factors. Excellent Demand and Supply Assignment Help offers a variety of services to help you complete this assignment! ORDER NOW.

Excellent Economics demand assignment help
Excellent Economics demand assignment help

What is demand

Demand is the availability of customers for a product or service. In economic terms, the demand is what sets the price for something and what influences what gets produced in an economy. The market’s supply-and-demand rule determines prices at every level of production to ensure that all goods are sold and all services offered.

Demand may or may not match what is supplied by businesses at any given time – this depends largely on market conditions. In a free market economy, all what is supplied must be sold at the going price whereas in a controlled or planned economy what gets produced can sometimes not satisfy demand even if it’s offered for sale at a low enough prices (for example when there are shortages due to insufficient balance between what businesses produce and what consumers want).

 

Factors affecting demand

There are many factors affecting demand in economics. Some of these factors include: demographic factors, time factors and price factors. Demographic factors that affect the market place include age, population size and gender. Time factors that affect demand include seasonality and trends while price factors can be a number of different things such as taxes or subsidies on goods.

Demographic factors

demographic factors affecting demand in economics include population size, age structure and growth rate

Population Size: demographic factors include population size, which refers to the total number of people living within a country or region at any given time. For example, China is currently experiencing rapid demographic changes that are having an enormous impact on its economy. With an aging population and a demographic window closing, China’s potential growth has slowed down significantly in recent years.

Age Structure: demographic factors also include age structure which refers to the number of people at different ages within society. For example, Japan is experiencing one of the most rapid demographic changes that are currently affecting its economy by changing the labour force. Japan has one of the highest demographic dependency ratios (the ratio of children and elderly to working-age population) in the world which is resulting in less savings, lower potential growth rate, slower economic growth that depresses wages and increases unemployment.

Growth Rate: demographic factors also include demographic changes such as a country’s or region’s growth rate. For example, Canada is experiencing demographic challenges as well with its aging population and demographic window closing. The demographic change has resulted in slower economic potential, less savings opportunities which can lead to higher interest rates for Canadians over time.

Time factors

Time is just as important to consider when you’re analyzing supply and demand.

The time factor that most affects the D curve, which represents quantity demanded of a good or service at each price point for this type of analysis, is the concept of time preference.

The time factor that most affects the S curve, which represents quantity supplied of a good or service at each price point for this type of analysis, is also time preference.

In both instances, time preference refers to how much people prefer goods and services now as opposed to later on. In other words, they may be willing to pay a higher price for an item now, as opposed to waiting and having to pay more later.

Time preference is thus the time value of money.

A consumer’s time preferences reflect her degree of impatience or risk aversion; those who are relatively impatient want goods sooner rather than later while those who are less impulsive or more risk tolerant are able to wait for goods.

The time factor that most affects the D curve, which represents quantity demanded of a good or service at each price point for this type of analysis, is the concept of time preference.

Price factors

Demand for goods and services is determined by price factors in economics. These price factors include price itself, the number of suppliers or sellers, income levels of consumers, consumer preferences, expectations about future prices and so on. Many different kinds of products may be affected differently by these price factors which are ever-changing variables affecting demand in economics. For example, price of a unique painting affects the demand for it in economics differently from price of bread. In general, when price goes down, quantity demanded will go up and this is known as an inverse relationship between price and demand or relatively elastic demand curve in economics.

Income levels have a positive correlation with the amount that consumers are willing to buy. When price goes down, the demand curve shifts to the right which reflects an increase in total revenue. This is known as a direct relationship between price and demand or relatively elasticity of demand curve in economics . However if price decreases, number of suppliers will go up with quantity demanded remaining unchanged which can be seen from relatively price-inelastic demand function in economics .

Income

Income factors affect price elasticity of demand in a similar way. When price goes down, quantity demanded will go up and this is known as an inverse relationship between price and demand or relatively price-inelastic demand curve in economics when the income level of consumers is high whereas it can be seen from a direct relationship between price and demand or price-elastic demand curve in economics when the income level of consumers is low.

Consumer preferences

Demand for a good also depends on consumer preferences, expectations about future prices and other price factors affecting demand in economics . For example, people are willing to pay more for gasoline during times of war because they see it as an essential product with limited supply which drives price up and affects the demand for gasoline in economics.

Substitutes

The substitute goods affecting demand in economics are products that can be used to replace another. When the price of one good increases, it has an effect on other related items as well. For example: when gas prices increase then car sales decrease because people substitute driving for walking or biking. This is part of a concept known as “cross-price elasticity of demand”.

Complement Goods

complement goods are those goods that complement each other. A complement good would be a need for a hammer, which is the complement of nails. Generally speaking, complement goods have an inverse relationship with one another and can affect demand directly or indirectly in economics.Inverse relationship means that complement goods cause a change in demand for each other. For example, if the price of one complement goes up or down, it affects demand negatively or positively for the other complement good respectively.

Elasticity of Demand

Elasticity of demand is the percentage change in quantity demanded divided by a percentage change in price. The formula for elasticity of demand can be written as:

Elastic Demand > 0, Inelastic Demand = 0 and Unit Elasticity if there is no change in amount demanded when prices changes. These different types describe how sensitive consumers are to changes in price.

The higher the percentage, the more responsive buyers are to changes in price. The elasticity of demand can be used as a tool to help determine the impact on revenue and profit if there is an increase or decrease in prices.

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