The concept of demand and supply
In microeconomics, the demand-supply model is used for the determination of price. This model describes how the product price varies in the market until and unless the market equalizes the quantity that has been supplied. Two tables are used to represent Demand-supply. One is the table on supply schedule, and the other is the table on-demand schedule. The supply schedule table shows the link between the price of the good and the quantity that has been supplied. There are specific supply determinants related to demand-supply. The supply determinants include the cost of production, expectation from the firm and the total number of suppliers required. The demand schedule indicates all the goods that the customer wants to purchase at specific variable prices. The determinants related to demand are income, goods price, potential customers, preferences, and potential customers’ expectations.
What is the demand-supply assignment?
The demand-supply model helps to understand the market needs and produce goods to meet the expectations of the market. The model is entirely dependent on customer demand and market research. This requires deep knowledge and concentration. The demand-supply assignments require enough in-depth knowledge, enough research and writing skills to impress the professors.
Advantages of demand-supply assignment
The demand-supply assignment helps in describing the competitive market. The price is taken as a consideration for opportunity cost. The projects help in explaining the influences on demand. The project helps in explaining the effects on supply. The lessons help determine how supply and demand help determine quantities and prices that are bought and sold. The demand-supply selection helps study the market’s concepts, money price, relative price and competitive market. The idea of the market is well understood through this assignment. The market is perceived to be a kind of arrangement that enables the sellers and buyers to conduct business and get information related to business. The demand-supply assignment gives the idea of a competitive market. The importance of a competitive market lies in the fact that no single seller or buyer can influence the product’s price. The concept of money price is well understood with the help of this assignment. The money price of a good is perceived as the money required for buying the products.