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Micro Essay

In: Business and Management

Submitted By lvbs20
Words 1269
Pages 6
Microeconomics
9/22/14
Essay 1 1.) The law of demand is where some prices may fall, the demand will tend to increase and as the price rises, the quantity of the demand will fall. As stated, there is an inverse relationship between price and quantity, which can be fluctuated depending on the situation. Some things that may have this effect would be the price of product, if your competitor has a different price, you may want to try and beat there prices by making yours lower. Also, you can make the quantity of the shoe your selling less, which would make you be able to bump of your price considering there will not be as many made. Most people would buy things at a lower price than high, to save money for other things, which means they would sell more of that product. For some people, the income effect will let the consumers be able to buy more of a product, possibly then they ever had purchased a. The demand curve slopes down for multiple reasons. For instance, when the price of a product falls, this gives the customers more room with their money to bargain with. The amount of quantity that they will be able to purchase is much more then as if they price was higher. A reason for the slope to always be downward is the income effect. Depending on how much a family has made this can contribute to the amount or quantity they can by at a certain price. b. The market demand curve is found by taking the sum of every individuals demand curve. For an individual’s demand curve, you would take the amount of goods that your consumer would purchase at a certain price. Market demand would take every purchase that our consumer has made and add them all up as well as the total quantity added all up.

2.) The law of supply is described as when a price rises, the quantity will also rise. Price plays a big role for supply, the higher the prices are the less a...

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