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Free revisions are available during two weeks. Yes, we will improve your project with no extra charge. Well first of all, we can see that this tells us nothing about the profits of the producer.
If you found out milk costs 1. Obviously not, therefore our picture is incomplete as it takes no account yet of the suppliers side of the bargain. This is basically because increasing production costs money, and the more you increase production, the more it costs, so firms will only increase production for as long as the price they can get for the product justifies the increased cost of production.
Just like when measuring demand, a supply schedule is used to compare different price levels with different levels of production. The supply curve shows the different amounts the producer would be willing to supply at different prices. As can be seen, the supply increases as price increases. Using these two graphs, economists can find the most efficient price for milk in this market.
For example, if milk was priced at 0. Clearly there is waste at this price. Likewise, if the price was set at 3. So a balance must be found somewhere in between.
To find this point, economists will plot both the supply and demand curves on the same graph and find the point at which they intersect. This is the most profitable and efficient level at which to set production and price. In this market, the supply and demand curves intersect at the price of 1 per litre of milk. This is therefore the level at which the price would settle under normal market conditions.
The value of being able to analyse markets in this way, and understand how the price will settle is not solely theoretical. Businesses want to use this information to maximise profits.
Therefore, theories on how to manipulate the above graphs are extremely important. One aspect if this is known as price elasticity. This is the theory that will explain how changes in price affect the quantity demanded.
In the above example, the consumers would be willing to drink 1. Imagine if you could get the same consumers to continue demanding this quantity of milk at a cost of 3.
This would mean a huge difference in profits for the producer. While it may not be possible to affect this change, having a greater understanding of the demand curve will allow detection of greater profit potential.
Likewise, if you identify the causes for supply variation with changes in price, you may be able to improve the efficiency of your own business and move the point of intersection of supply and demand curves to a more profitable position. The change in demand with price is known as price elasticity of demand.
The change in supply with price is known as price elasticity of supply. Elasticity cannot simply be judged by looking at the curves on graphs. This is because the shape of the curve depends as much on the scale of the graph as on the responsiveness of the demand or supply to changes in price. Therefore, elasticity is measured by a mathematical ratio. This is the percentage change in quantity demanded divided by the percentage change in price that caused it.
If you get a value for price elasticity of demand of zero this means that the quantity demanded does not change at all as the price changes. Such products are known as perfectly inelastic. There are very few products that would give this result. Even products such as bail to get out of jail pending trial will depend on the consumers ability to pay, and taxes, which supposedly offer no choice to the consumer, are also somewhat elastic as tax evasion has been shown to increase as tax rates rise.
If the value is a fraction, between zero and 1, the quantity demanded will change but at a lower rate than the price changes. This is known as inelasticity. This is generally observed in products that are deemed vital or necessary to people, but which are supplied without much competition.
It is most typical in monopolies. So for example, if there is only one electricity or phone company, an increase in prices will lead to less usage, but people cannot wholly stop using such goods and so the usage will only decrease by a small amount.
Likewise, goods such as housing, basic foods, or fuel, even though there may be a variety of providers, will generally be of low elasticity because people are forced to buy a certain amount of these products no matter what the price may be. In these situations, it is common to find government regulation to guarantee fairness of the market. If the elasticity is 1, then the demand and supply change at the same rate as price.
This is known as unit elasticity. An elastic good will be one where the value will be greater than one. This means that the quantity demanded will change by more than the price changes.
Economics Coursework Help Home» Online Class Help» Online Coursework Help» Economics Coursework Help Economics is a branch that is related to social sciences.
Mar 05, · Economics coursework help step by step. First, select a topic (if it is not assigned by your professor). Do not choose a general question as the course work topic. Try to select a narrower question -something not hackneyed, interesting and original. When the 4/4(64).
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