The Role of Product Quality in Determining 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 Role of Product Quality in Determining Demand and Supply
Product quality plays a crucial role in determining demand and supply. In this context, demand refers to the quantity of a product that consumers are willing and able to purchase at a given price, while supply refers to the quantity of a product that producers are willing and able to sell at a given price. The quality of a product can affect both demand and supply in various ways.
On the demand side, product quality is a key factor in determining consumers’ willingness to purchase a product. Consumers tend to value high-quality products that meet their needs and expectations, and they are often willing to pay a premium price for such products. In contrast, low-quality products that fail to meet consumers’ expectations are likely to experience lower demand and may even face negative word-of-mouth publicity, which can further reduce demand.
Product quality can also affect the elasticity of demand for a product. Elasticity refers to the degree to which changes in price affect the quantity of a product that consumers are willing to purchase. High-quality products that are unique and difficult to substitute tend to have a lower price elasticity of demand, which means that changes in price are less likely to have a significant impact on the quantity of the product demanded. In contrast, low-quality products that are easily substitutable tend to have a higher price elasticity of demand, which means that changes in price are more likely to result in significant changes in the quantity of the product demanded.
On the supply side, product quality can also play a critical role in determining the quantity of a product that producers are willing and able to supply. High-quality products often require higher-quality inputs and more careful production processes, which can increase production costs and reduce the quantity of the product that producers are willing to supply at a given price. In contrast, low-quality products may require lower-quality inputs and less careful production processes, which can decrease production costs and increase the quantity of the product that producers are willing to supply at a given price.
Moreover, the quality of a product can also affect the level of competition among producers. High-quality products that are unique and difficult to substitute often face lower levels of competition, which can allow producers to charge higher prices and earn higher profits. In contrast, low-quality products that are easily substitutable often face higher levels of competition, which can result in lower prices and lower profits for producers.
In addition to the direct effects on demand and supply, product quality can also have indirect effects on other factors that influence demand and supply. For example, high-quality products may generate positive word-of-mouth publicity, which can increase demand and lead to higher prices. In contrast, low-quality products may generate negative word-of-mouth publicity, which can decrease demand and lead to lower prices.
In conclusion, product quality is a critical factor in determining demand and supply. High-quality products are likely to experience higher demand, lower price elasticity of demand, and lower levels of competition, while low-quality products are likely to experience lower demand, higher price elasticity of demand, and higher levels of competition. Moreover, the quality of a product can also affect production costs, word-of-mouth publicity, and other factors that indirectly influence demand and supply. Therefore, producers need to carefully consider the quality of their products when making pricing and production decisions, as it can have a significant impact on their sales and profitability.
The Role of Product Quality in Determining 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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