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Price System:
Demand is the quantity of a commodity that consumers are willing and are able to buy at a given price at a given time period when all other things remain the same. A change in any of the other determinants of demand apart from the own price of the commodity (income of consumers, prices of related commodities, consumer tasted demand and shift the demand curve. A change in own price of the commodity will cause a change in quantity demanded and produce a movement along the same demand curveSupply on the other hand is the quantity of a commodity that suppliers are willing and are able to offer for sale at a given price at a given time period when all other things remain the same. A change in any of the other supply factors apart from the market price of the commodity (prices of inputs, technology, taxes or subsidies, prices of other commodities, weather/natural phenomena and population of suppliers) will cause a change in supply and shift the supply curve. A change in market price of a commodity will cause a change in quantity supplied and produce a movement along the same supply curve. At equilibrium, the market clears. That is, quantity demanded is equal to quantity supplied. A change in demand or supply will cause the equilibrium price and quantity to change.Whenever the equilibrium price is realised to be unfairly high or low it may necessitate the setting of a price ceiling or a price ceiling or a price floor by government. Price ceiling is a legal price set below the equilibrium price.
Performance of Public Sector Enterprises: Data reveal that the performance of the much-maligned public enterprises has shown a distinct improvement during the last 9 years. Gr
how to solve major economic problem as a computer engineer
Determinants of Social Demand for Education - Excellence Apart from the three considerations identified by Prof. Musgrave for public investments in education and discussed abo
Change in the population of consumers: Population changes may affect the demand for a commodity.Areas of high population may demand more of certain commodities than areas of low
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What is the purpose of the IMF and why might the IMF be called the “lender of last resort”? Discuss how three of the tools they use for establishing economic stability in a country
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according to Tobin 1993,examples of Keynesian unemployment includes situation where
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