A Balancing Act between Demand and Supply
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
The Market Equilibrium: A Balancing Act between Demand and Supply
Market equilibrium is a fundamental concept in economics that describes the point at which the demand for a product or service equals the supply of that product or service. In this state, buyers and sellers can agree on a price that satisfies both parties, and the market can operate efficiently.
The market equilibrium is determined by the interaction of two forces: demand and supply. Demand refers to the willingness and ability of buyers to purchase a particular product or service at a given price, while supply refers to the willingness and ability of sellers to offer that product or service for sale at a given price.
The law of demand states that as the price of a good or service increases, the quantity demanded by consumers decreases, and vice versa. This is because consumers are generally more willing to buy a product when it is cheaper, and less willing to buy when it is more expensive. The law of supply, on the other hand, states that as the price of a good or service increases, the quantity supplied by producers increases, and vice versa. This is because producers are generally more willing to supply a product when they can receive a higher price for it, and less willing to supply it when the price is lower.
When these two laws are combined, they create the demand and supply curves that are used to determine the market equilibrium. The demand curve represents the relationship between the price of a good or service and the quantity of that good or service that buyers are willing and able to purchase. The supply curve represents the relationship between the price of a good or service and the quantity of that good or service that producers are willing and able to offer for sale.
The point at which the demand curve and the supply curve intersect is known as the market equilibrium. At this point, the price of the good or service is such that the quantity demanded by buyers equals the quantity supplied by producers. This means that there is no excess demand or excess supply in the market, and buyers and sellers can agree on a price that satisfies both parties.
The market equilibrium is important for several reasons. First, it ensures that resources are allocated efficiently. When the demand for a good or service exceeds the supply, the price will increase, which will incentivize producers to increase their production and bring more of the product to market. Conversely, when the supply of a good or service exceeds the demand, the price will decrease, which will incentivize buyers to purchase more of the product and decrease the production by producers. In this way, the market equilibrium ensures that resources are allocated to their most valuable uses.
Second, the market equilibrium provides information to buyers and sellers. When the market is in equilibrium, the price reflects the true value of the good or service, which can help buyers and sellers make informed decisions. Buyers can decide whether they are willing to pay the current price for the product or service, and sellers can decide whether they want to continue producing at the current price or adjust their production accordingly.
Third, the market equilibrium can change over time in response to shifts in the demand or supply curves. For example, if the demand for a product increases, the demand curve will shift to the right, which will result in a higher equilibrium price and quantity. Conversely, if the supply of a product increases, the supply curve will shift to the right, which will result in a lower equilibrium price and higher quantity.
In conclusion, the market equilibrium is a crucial concept in economics that helps to ensure that resources are allocated efficiently and that buyers and sellers can make informed decisions. By understanding the forces of demand and supply and how they interact to determine the market equilibrium, individuals and businesses can better navigate the market and make decisions that benefit them in the long run.
A Balancing Act between Demand and Supply
RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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