Discuss the factors causing a shift in the demand and supply of a specific commodity. In economics‚ Demand refers to the quantity of a goods or services that consumers are willing and able to buy at a given price in a given time period. The law of demand stipulates that there is an inverse relationship between the price of a good and the quantity demanded‚ that is to say‚ if the price of‚ say‚ good X rises‚ it will decrease the quantity demanded of good X and the price of the good falls‚ this
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when you add driving while using a cell phone in the mix you have the perfect ingredients for a disaster. I believe cell phones are very dangerous while driving by using them for voice and especially texting and should be banned. Some reasons I believe this is when a driver is talking on the phone they are focusing more on the conversation than driving. The second reason is when your texting you are looking down and also not focusing on the road. Lastly cell phones are basically mini computers now
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ASSIGNMENT NUMBER 1 Question Number 1: Write the definitions of aggregate demand and aggregate supply. Answer: AGGREGATE DEMAND: Aggregate demand is the sum of all demand for final goods and services at a given time and price level. AGGREGATE SUPPLY: Aggregate supply is the sum of all final goods and services that will be supplied at a given time and price level. Question Number 2: Why does short run aggregate supply curve slope upward? Answer: Because profits rise when the prices of the goods
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TOPIC - 2 DEMAND‚ SUPPLY AND MARKET EQUILIBRIUM The term ‘price’ has a great relevance in economics. In ordinary usage‚ price is the quantity of payment or compensation given by one party to another in return for goods and services. It is generally expressed in terms of units of some form of currency. But how does a product sell for a certain price‚ what constitutes the price of a product and how is the price determined is the bigger question. In economics‚ for a competitive market
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Cell Phones: Addicting or Not? Are we addicted to our cell phones? This is a common question that has arisen in the past several years as our phone technology and capabilities continue to increase. According to recent statistics‚ 85% of the U.S. population are cell phone users (Chen).We Americans use our cell phones to do just about everything. We talk‚ text‚ check our E-mail‚ surf the Internet‚ and interact in social networking‚ all on our phones. Because our phones have become so resourceful to
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How Cell Phones Work Cell phones are very interesting! Have you ever wondered how a cell phone works? Well we have. Cell phones have changed a lot since 1984. The first cell phone that came out was called the Dyna TAC8000X. (top left) It weighed 2 pounds! The brick only offered a half-hour of talk time for every charge. You could get this amazing device for $3‚994! The man who invented this phone is Ruby Knopp. (top left) He also invented the newer modern Motorola Razor. (top middle) Some of
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MICROECONOMICS ASB-2301 ---- EXERCISES – HANDOUT 1 1. Demand and supply (A) a) Suppose that there is an announcement that chocolate causes cancer. What would happen to equilibrium price and quantity in the market for Godiva chocolate? b) Suppose that the price of Hershey’s chocolate increases. What would happen to equilibrium price and quantity in the market for Godiva chocolate? c) Suppose that the price of sugar increases. What would happen to equilibrium price and quantity in the market
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CHAPTER 2 DEMAND AND SUPPLY All Rights Reserved 2– 1 DEFINITION OF DEMAND Demand is defined as the ability and willingness to buy specific quantities of goods in a given period of time at a particular price‚ ceteris paribus. All Rights Reserved 2– 2 CLASSIFICATION OF GOODS AND SERVICES Free goods are goods that have no production cost. Public goods are goods that are for common use and will benefit everyone. Economic goods are goods of value that can
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Demand As the broadcast of the Barclays Premier League (BPL) was being cross-carried between SingTel and Starhub‚ the demand for SingTel’s mioTV decreased. The SingTel had differentiated its sports package from Starhub as they are able to broadcast the UEFA Champions league and UEFA Europa League. It was quoted from The New Paper Apr 27 2013‚ “We will ensure that existing SingTel customers who are on contracts will not be affected. However‚ those who wish to watch BPL on its own will most likely
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1. Discuss the nature of the market structure and the demand for Cisco’s products. The nature of the market structure and demand of Cisco Systems is its business market which contains fewer bvut larger companies. For Cisco Systems‚ this implies that even though they have fewer clients than other companies‚ they still have a good and profitable relationship with their clients. For the customers of Cisco Systems‚ this implies that they will receive better and faster service and products
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