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

Analysis the project status - bridge project, The government has undertaken...

The government has undertaken a highway bridge project that was originally projected to cost $2 million and provide benefits of $2.5 million.  Unfortunately, the costs have been mu

Causes of slow growth - structure of national income, CAUSES OF SLOW GROWTH...

CAUSES OF SLOW GROWTH: A recent empirical study seeks to explain statistically the variations in inter-country growth rates. The global pattern of growth is shown to depend on

Risk aversion and indifference curve, Risk Aversion and Income - Variab...

Risk Aversion and Income - Variability in potential payoffs increases risk premium. - Example: A job has a .5% probability of paying $40,000 (utility of 20) and a 5 p

Programming and input-output models, Normal 0 false false f...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Perfect market, For the pizza seller whose marginal, average variable, and ...

For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit-maximizing level of output and how much profit

#question.Question: Answer all parts (a, Consider the following insurance m...

Consider the following insurance market. There are two states of the world, B and G, and two types of consumers, H and L, who have probabilities pH =0.5 and pL =0.25 (high and low

Trade, What are the basis for International Trade?

What are the basis for International Trade?

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