The Dynamics of 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 Dynamics of Demand and Supply: An Introduction
The dynamics of demand and supply is a fundamental concept in economics that explains how market prices are determined by the interaction between buyers and sellers. In simple terms, demand refers to the willingness and ability of buyers to purchase a good or service, while supply refers to the willingness and ability of sellers to produce and offer a good or service for sale.
The relationship between demand and price can be described by the law of demand, which states that the quantity of a good or service demanded by buyers will decrease as the price of that good or service increases, all other factors held constant. This is due to the fact that as the price of a good or service increases, consumers will tend to substitute other similar goods or services that are cheaper, or they may choose to forgo the purchase altogether.
On the other hand, the relationship between supply and price can be described by the law of supply, which states that the quantity of a good or service supplied by sellers will increase as the price of that good or service increases, all other factors held constant. This is due to the fact that as the price of a good or service increases, sellers will have a greater incentive to produce and offer that good or service for sale.
The intersection of the demand and supply curves is known as the market equilibrium, where the quantity of a good or service supplied is equal to the quantity demanded, and the price is known as the equilibrium price. This is the price at which buyers and sellers are both satisfied, and there is no excess supply or demand in the market.
Changes in demand or supply can cause shifts in the demand or supply curve, which can lead to changes in the equilibrium price and quantity. For example, if the demand for a good or service increases, the demand curve will shift to the right, which will cause the equilibrium price and quantity to increase. Conversely, if the supply of a good or service decreases, the supply curve will shift to the left, which will cause the equilibrium price to increase and the equilibrium quantity to decrease.
The concept of elasticity is also important in understanding the dynamics of demand and supply. Elasticity measures the responsiveness of the quantity demanded or supplied to changes in price or other factors. If a good or service is highly elastic, this means that small changes in price will result in large changes in the quantity demanded or supplied. On the other hand, if a good or service is highly inelastic, this means that changes in price will have little effect on the quantity demanded or supplied.
The factors that influence the elasticity of demand and supply include the availability of substitutes, the importance of the good or service to the consumer or producer, and the length of time that consumers or producers have to adjust to changes in price or other factors.
In summary, the dynamics of demand and supply play a crucial role in determining market prices and the allocation of resources in the economy. The law of demand and supply explains how changes in price can affect the quantity of a good or service demanded or supplied, while the concept of elasticity helps to understand the responsiveness of buyers and sellers to changes in price or other factors. Understanding these concepts is essential for businesses, policymakers, and consumers to make informed decisions about buying and selling goods and services.
The Dynamics of 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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