Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Explain how supply and demand works

03/05/2021 Client: muhammad11 Deadline: 2 Day

Economics >Describe how the law of supply and demand works. Use at least one example in your answer.

Describe how the law of supply and demand works. Use at least one example in your answer.
Subject
Economics

Question Description
1. Describe how the law of supply and demand works. Use at least one example in your answer.

The law of supply and demand has an indirect relationship. They set the prices in the market. To explain how this whole thing works, lets take a certain good for a example. When this good becomes somehow affordable and popular, many consumers buy it and the demand for that product increases. However when the supply of the product can't catch up with the demand, shortage occurs and this increases the price of the product. On the other hand, when there is more supply of that good, but the there isn't much demand for that good in the market, the price of the good decreases. This is the law of supply and demand. When there is supply but not much demand prices fall, but if there is more demand than supply prices increase.

(4 points)

2. Define optimal efficiency. How is optimal efficiency achieved in production?

It is the state of minimizing waste and making the best of the resources you have. It is the ratio of benefit and cost. It is achieved by reaching the optimal ratio between the cost of allocating resources and the benefit gained at the end.

(4 points)

3. Give one example of a fungible good and one example of a non-fungible good. What is the difference between these two types of goods, and why is it important?

One fungible good is petroleum. A non-fungible good can be clothes or shoes. The main difference is that fungible goods don't make much a difference from where you buy them and are the same for everyone. Non-fungible goods on the other hand are different for different consumers. For clothes and shoes for example, people have different sizes so it isn't the same for everyone and a cloth that fitted one customer might not fit another one. The different is important because for fungible products consumers can get them anywhere, they can change shops or gas stations and still get the same product. This poses great challenge for producers that produce fungible products because there is great competition in that sector. They have to overcome the other competitors and create a brand for their product in order to survive.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Academic Tutor
A+GRADE HELPER
WRITING LAND
Online Assignment Help
Helping Hand
Smart Accountants
Writer Writer Name Offer Chat
Top Academic Tutor

ONLINE

Top Academic Tutor

I have read your project details. I can do this within your deadline.

$41 Chat With Writer
A+GRADE HELPER

ONLINE

A+GRADE HELPER

I have read your project details. I can do this within your deadline.

$22 Chat With Writer
WRITING LAND

ONLINE

WRITING LAND

I have read and understood all your initial requirements, and I am very professional in this task.

$45 Chat With Writer
Online Assignment Help

ONLINE

Online Assignment Help

I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$49 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am known as Unrivaled Quality, Written to Standard, providing Plagiarism-free woork, and Always on Time

$46 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

Give me a chance, i will do this with my best efforts

$21 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Ocean carriers case study solution - Pfizer case study solution - I Need Help Completing an Anatomy and Physiology Quiz - 5 page APA Research Paper Assignment about Human Resource Management (HRM): Strategic Partnership - Word module 2 headphones and earbuds - Black ridge generator brg 800 manual - Australian institute of architects logbook - Service user feedback social work - Double eyed fig parrot habitat - Red bull case study marketing management - What outlanders have diamond llama - Discussion - Iso 9001 2015 internal auditor exam questions and answers - Biome distribution lab answer key - Far cpa exam questions - Eng Writing Assgn 3 - Genogram explanation - The norton introduction to literature portable 12th edition pdf - Chapter 7 grader project excel - Mth 215 signature assignment presentation - B2c e commerce business model - The Urinary System: Reabsorption, Secretion, and Clearance - 10 strategic points grand canyon university - Cardiology city hospital birmingham - Rape of the locks - Office giant’s environmental scanning efforts would not include which of the following (8.1)? - Instructions for Capstone Project Part 4 - Academic Success and Professional Development Plan Part 4: Research Analysis - Moises meraz espinoza crime scene photos - Meritor part number lookup - A specimen of aluminum having a rectangular cross section - Ilearn ucumberlands - Albert einstein letter to phyllis - Owl english purdue edu apa - Marketing strategy assignment pdf - History of google company pdf - Strategic Management Assignment - DUE Wednesday, October 28, 2020 @ 5pm ET - Testing mosfet with oscilloscope - Acid base titration lab questions - Outsourced movie questions - Do a barrel roll 10000000000000 times - Wallace and wray 2011 - Musculoskeletal soap note - Red bluff needs and wants - Breastfeeding essay - The ancient greek synoikismos or synoecism meant - Spectramax m5 plate reader - Pic microcontroller instruction set with examples - Occupational health cornwall council - What is an evacuee - Ucd medicine degree title - Blue point led light - Cultural artifact speech - Seven domains of typical it infrastructure - Sap sd resume pdf - Asynchronous counter truth table - Nevada four guerrillas - Monster high school map - Hollowing out the middle chapter summaries - Api - Cam therapeutic modalities - As 1926.1-1993 free download - Incident Response - Ethical dilemma examples in pediatric nursing - 9780133741322 - A common problem with talent management information systems is that - If i had one wish - Water by the spoonful full pdf - 4 pages consulting proposal for consulting management course - Ford case analysis - Two's complement to decimal - The pendulum consists of a uniform disk with radius - SPC1017 discussion - David eagleman the brain on trial - Ex16_xl_ch05_grader_cap_hw - fine art 1.9 - Corrective action vs disciplinary action - The following information is from the records of armadillo camera shop: - Elves and the shoemaker - Fama french three factor model excel - 2015 trial exam papers - Satchmo blows up the world sparknotes - How to cite sentinel city in apa format - Soc 120 week 2 assignment powerpoint - Health finance - 2 chronicles 20 21 - Please confirm your participation - Apollo shoes case study solution - Week 1 discussion cloud computing - ENTERPRISE RISK MANAGEMENT FINAL PROJECT - Holt biology answer key - The beginning inventory of merchandise at dunne co - Idividual Strategies Signature Assignment - Introduction to bacteria worksheet - Elizabeth arden executing global supply chain re engineering - News Release - Statistical symbols and definitions matching - Selected transactions for thyme advertising company inc are listed here - The prefix in the word trigeminal means - Dr mark perks adelaide - Comp 230 week 4 quiz