Home work help, Microeconomics

Assignment Help:
Exercise on Demand, supply and market equilibrium

Given the following determinants of demand and supply, briefly explain, using appropriate diagram, the nature of relationships between changes in individual determinants and corresponding changes in demand or supply of a particular product.


Determinants of demand:

D = F ( Po| Y, Pr,T, E,Nb)

Where,

D = Demand for a particular product
Po = Price of the respective product ( own price)
Y = income earned by a consumer
Pr = price of related goods substitute or compliment
T = tastes and preferences of consumers
E = expectation about future changes in price, income or wealth, etc
Nb = number of buyers

Determinants of supply:

S= F( Po| Pi, Pr,T,E,Ns)

Where,
S = supply of a particular product
Po = price of the respective product (own price)
Pi = price of inputs required to make production
P r= price of related good substitute or complement
T = technology used in production
E = Expectations about future changes in the price of the product
Ns = number of sellers in the market

Related Discussions:- Home work help

Strong domestic economy and strengthening the patent system, Strong Domesti...

Strong Domestic Economy: We have to realise that healthy export sector can be built up only on a strong and efficient domestic economic structure. A sound domestic economy is

Resilience in addition to strength, Resilience in Addition to Strength: ...

Resilience in Addition to Strength: The BOP has been in overall surplus since 1996-97 with forex reserves rising, on an average, by $8.50 billion per annum during 1996-97 to 2

Bertrand paradox, Consider the following duopoly with differentiated goods ...

Consider the following duopoly with differentiated goods where x 1   and  x 2   denote the amounts of the goods 1 and 2  respectively, with prices p 1   and  p 2 . The demand funct

ELASTICITY, 2. Suppose the price of printing paper for digital cameras has ...

2. Suppose the price of printing paper for digital cameras has recently risen by 10 percent due to an increase in the cost of materials used in the finish for the paper. As a resu

Employment and unemployment policy, EMPLOYMENT AND UNEMPLOYMENT POLICY: ...

EMPLOYMENT AND UNEMPLOYMENT POLICY: Engagement of a person in any economic activity is central to the concept of identifying a worker. A worker is one who participates in any

Define microeconomics concerned with its goal, a) Microeconomics is concern...

a) Microeconomics is concerned with decision-making within the firm, household or on the individual level, but macroeconomics is concerned with the behavior of the whole economic s

Kaldor hicks, limitation of kaldor hicks in compensation test and welfare c...

limitation of kaldor hicks in compensation test and welfare criteria

Economic reforms and infrastructure growth, Economic Reforms and Infrastruc...

Economic Reforms and Infrastructure Growth Infrastructure data for the pre-reform period (1980-81 to 1990-91) is with1980-81 as base year and for post-reform period (1993-94 t

Factors affecting demand forecasting - credit conditions, The availability ...

The availability of credit and hire purchase facility tends to push up the demand for consumer durables. In India for consumer durables lie Refrigerators television scooters etc, h

Production function, Your firms production function : Q=4K^1/2L^1/2 Suppos...

Your firms production function : Q=4K^1/2L^1/2 Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd