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Essay / Research Paper Abstract
This 8 page paper answers questions asked by the student demonstrating the way that demand or supply lines will move on a supply and demand graph as a result of different influential factors, the way that different costs can be used to calculate optimum production and the differences between tariffs and quotas. The bibliography cites 5 sources.
8 pages (~225 words per page)
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Unformatted sample text from the term paper:
the supply line will slope upwards as the higher the price the more the suppliers will want to sell. The price that the goods sell at will be determined by
the place in which these lines meet. Changes that effect supply or demand will impact on the intersection and indicate the way we may expect the price to change.
If we have a market for lobsters that is in equilibrium, and the income of the consumers falls, as a normal good it is fair to assume that the demand
will fall. Decease in Demand Graph High
Supply P Price P1
Demand Low High Quantity Demanded If
we look at this we see that the demand curve shifts to the left as the demand drops, however, the supply remains the same,. This means that the cross over
point in lower, and as such we see the prove moves from the initial crossover point p to p1, where the price that can be gained is lower due to
the drop in demand. If we look at pollution on the sea this will decrease the supply whilst the demand remains the same, this will result in the following;