Supply and Demand and Price Elastcity in EconomicsWP

Supply and Demand and Price Elastcity in EconomicsWP -...

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Supply and Demand 1 Welcome to WritePoint, the automated review system that recognizes errors most commonly made by university students in academic essays. The system embeds comments into your paper and suggests possible changes in grammar and style. Please evaluate each comment carefully to ensure that the suggested change is appropriate for your paper, but remember that your instructor's preferences for style and format prevail. You will also need to review your own citations and references since WritePoint capability in this area is limited. Please see the other helpful writing resources in the Tutorials and Guides section of the Center for Writing Excellence. Thank you for using WritePoint. SUPPLY AND DEMAND AND PRICE ELASTICITY IN ECONOMICS Supply and Demand and Price Elasticity in Economics
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Supply and Demand 2 Jeannette Sutherland Jermaine Cruz Joey D. Finley Kellie Williams University of Phoenix
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Supply and Demand and Price Elasticity in Economics One of America’s earliest known economists, Adam Smith, made a simple yet long lasting observation, that households, and [Punctuation: insert comma if "and" precedes the last element in a series or it begins a new clause] firms interacting in markets act as if guided by an “invisible hand.” Having a good grasp of the supply and demand allows for a better understanding of how markets operate, determining the price and [Insert a comma before "and" if the following (1) is the last in a series of more than two, OR (2) it begins a new clause (could be a sentence by itself)] [Punctuation: insert comma if "and" precedes the last element in a series or it begins a new clause] elasticity of it for example. In any market, buyers look at the price when determining how much to demand, and sellers look at the price when deciding how much to supply (Mankiw, 2007, p. 9). To explain what causes changes in supply and demand first the supply and demand schedules must be understand. Supply schedules being “a table that shows the relationship between the price of a good and the quantity supplied” and demand schedules being “a table that shows the relationship between the price of a good and the quantity demanded.” (Mankiw, 2007) Therefore, when a demand for a good or [Comma before this word if this is the last in a list of more than two--or if it begins a new clause] service occurs, sellers will provide the buyers with the supply. What will cause a change in supply and demand is the price or the demand of the good or service. For instance, with the recent economic crisis, consumers’ demand for some goods such as foods have decreased, due to their inability to afford what they want. When this occurs sellers
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begin to lower prices which will then cause an increase in supply where the demand stays the same. On the other hand, if a good has a high demand and
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Supply and Demand and Price Elastcity in EconomicsWP -...

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