The Role of Risk and Uncertainty 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 Risk and Uncertainty in Determining Demand and Supply
Risk and uncertainty play a significant role in determining demand and supply in a market. Both risk and uncertainty refer to the possibility of unexpected outcomes, but they differ in the degree of knowledge available about the potential outcomes.
Risk refers to the situation in which an outcome is unknown, but the probability of each potential outcome is known or can be estimated. For example, a company may know the probability of a supply chain disruption due to a natural disaster, but it cannot predict the exact timing or severity of the disruption. In contrast, uncertainty refers to the situation in which the probabilities of potential outcomes are unknown or cannot be estimated. For example, a company may not know the potential impact of a new competitor entering the market.
Both risk and uncertainty can affect the behavior of buyers and sellers in a market. For buyers, risk and uncertainty can affect the willingness to pay for a product or service. For sellers, risk and uncertainty can affect the willingness to supply a product or service at a given price.
In a market with high levels of risk, buyers may be willing to pay more for a product or service that is perceived as less risky. For example, consumers may be willing to pay a premium for organic food products that are perceived to have lower health risks. In contrast, in a market with high levels of uncertainty, buyers may be less willing to pay for a product or service until they have more information about its potential benefits and risks. For example, consumers may be hesitant to adopt a new technology until they have a better understanding of its capabilities and potential drawbacks.
For sellers, risk and uncertainty can affect the willingness to supply a product or service at a given price. In a market with high levels of risk, sellers may demand a higher price to compensate for the potential risks associated with supplying the product or service. For example, suppliers may charge higher prices for products that are subject to supply chain disruptions due to natural disasters. In contrast, in a market with high levels of uncertainty, sellers may be hesitant to supply a product or service until they have more information about the potential demand and competitive landscape. For example, suppliers may be hesitant to invest in new technology until they have a better understanding of the potential market demand and competitive threats.
In addition to affecting the behavior of buyers and sellers, risk and uncertainty can also affect market equilibrium. In a market with high levels of risk, prices may be higher than in a market with lower levels of risk, as sellers demand a higher price to compensate for the potential risks associated with supplying the product or service. In a market with high levels of uncertainty, prices may be lower than in a market with lower levels of uncertainty, as sellers may be hesitant to supply the product or service until they have more information about the potential demand and competitive landscape.
Overall, risk and uncertainty play a significant role in determining demand and supply in a market. Both buyers and sellers are affected by the level of risk and uncertainty, which can affect the willingness to pay for a product or service and the willingness to supply a product or service at a given price. Additionally, risk and uncertainty can affect market equilibrium, which can result in higher or lower prices depending on the level of risk and uncertainty in the market.
The Role of Risk and Uncertainty 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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