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Demand and supply is an important topic dealt in economics; where demand refers to the quantity of particular product or services that is preferred by a consumer whereas supply refers to the amount of product that can be supplied by the seller. Though both these meaning sound simpler but the core concept is far more complicated. Both these economical concept are directly or indirectly linked to the price of the product. Explaining it in a simpler term, if consumers find the price of product suitable then the demand for that product increases thus termed as demand relationship, whereas in other case; the quantity that sellers are willing to supply at particular price mirrors the supply relationship.
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When all other conditions are constant and the price of goods or product is increased; the demand gets lowered down. Likewise, when the price is lowered down, the demand increases. This is termed as law of demand. Likewise, when the price of product is increased, the supply is also increased whereas when the price is lowered down, the supply tends to be minimized. This is called law of supply. Hence, when all other situations are constant law of demand displays indirect relationship with price whereas the case is vice-versa in law of supply. Therefore, when a graph is plotted; we get supply curve as an upward sloping curve and the demand curve as a downward sloping curve. Not necessarily the situation always tends to fluctuate; rather when the quantity of purchase equals the quantity of sell, an equilibrium is established between demand and supply called demand supply equilibrium. The basic concept of demand and supply can be better explained with an example. Just imagine you are selling a cup noddle at $10. Your annual production of cup noodles is more than the market demand, hence the price will not be affected and tends to remain constant. But if the demand is more at $10, though the price will be the same but there may be reduction in the supply, and if the demand remains high even after the seasonal sale, you can increase the price for the increasing demand and at the same time you need to increase the supply to meet the demand.
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Price of the product is a key factor that bring change in the demand curve. If the price of particular good having no other substitute is increased; correspondingly demands for that specific good tends to increase, whereas if the price of good that have number of other substitute is increased; demands for that specific product tends to lower down. Beside this, there are several other factors that results in shifting of demand curve, like the income, climate or any other circumstances. If the product or service is of normal range then demand becomes directly proportional to the income; this means that if income increases, demand also increases contrary if income lowers down, demand also decrease. Similarly, if the good is of low cost, demand becomes indirectly proportional to the income, that is increase in income results in lower demand and decrease in income will end at higher demand. Thus, increase in demand results in rightward shift of the demand curve and decrease in demand will give a curve with leftward shift. Similarly, supply curve also tends to shift when different factors comes in play. Increase in supply results in rightward shift of the curve and decrease in supply shows leftward shift of the supply curve. Supply curve is affected by the environment, manpower, technology and any other medium that effect the production of good and hence in turn results in higher or lower supply.
Supply and demand analysis is the study of market for the manufactured good. After doing proper market research and considering all the important points involved in production, supply and distribution of good; analysis on supply and demand is done. This helps to gain a clear picture of market demand of good and help in strategic planning for supply of good. Beside this there is much more to learn and cover in this topic.
Demand and supply is an interesting topic that is applied in the economical world. Hence, if you are a student of Economics, it is important that you have a clear idea on this topic. Having a good and profound base will help you carry demand and supply analysis that in turn will make your assignment resourceful and striking. If you are finding any problem with this topic or if you are facing difficulty in completion of your assignment in demand and supply analysis; contact our economic department for quick assistance. You can either call on the given number or email our member, you will immediately receive the notification for further process from our team who offers demand and supply assignment help.
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