A Comprehensive Study of the Relationship 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
A Comprehensive Study of the Relationship between Demand and Supply
The relationship between demand and supply is a fundamental concept in economics, as it determines the price and quantity of goods and services that are produced and consumed in a market. In this study, we will examine the nature of this relationship and how it affects the behavior of consumers and producers.
Demand is the quantity of a good or service that consumers are willing and able to buy at a given price. It represents the desire of consumers for a particular product or service. The law of demand states that as the price of a product increases, the quantity demanded of that product decreases, all else being equal. This relationship is illustrated by the demand curve, which shows the quantity of a good or service that consumers are willing to purchase at different prices.
Supply, on the other hand, is the quantity of a good or service that producers are willing and able to sell at a given price. It represents the amount of a product or service that producers are willing to offer to the market. The law of supply states that as the price of a product increases, the quantity supplied of that product increases, all else being equal. This relationship is illustrated by the supply curve, which shows the quantity of a good or service that producers are willing to offer at different prices.
The equilibrium price and quantity in a market are determined by the intersection of the demand and supply curves. At this point, the quantity demanded by consumers is equal to the quantity supplied by producers, and there is no excess supply or excess demand in the market. The equilibrium price and quantity are often referred to as the market-clearing price and quantity, as they ensure that all goods and services produced are consumed, and all resources are utilized efficiently.
Changes in demand or supply can result in shifts in the respective curves, leading to a new equilibrium price and quantity. For example, if the demand for a product increases, the demand curve shifts to the right, resulting in a higher equilibrium price and quantity. Conversely, if the supply of a product decreases, the supply curve shifts to the left, resulting in a higher equilibrium price and lower quantity.
The relationship between demand and supply can also be influenced by external factors such as government policies, changes in technology, and economic conditions. For example, if the government imposes a tax on a particular product, the supply curve shifts to the left, resulting in a higher equilibrium price and lower quantity. Similarly, if there is a technological advancement that reduces the cost of producing a product, the supply curve shifts to the right, resulting in a lower equilibrium price and higher quantity.
In summary, the relationship between demand and supply is a crucial determinant of the behavior of consumers and producers in a market. The law of demand and supply, along with the equilibrium price and quantity, provide a framework for understanding how markets function and how changes in demand or supply can impact the market outcomes. It is important to recognize the factors that can influence the demand and supply curves and how these changes can impact the overall efficiency and welfare of the economy.
A Comprehensive Study of the Relationship 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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