A Study Of Supply And Demand Model Including Its Graphic Representation And Elasticity Of Demand And Supply

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, th... Read more

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online.

Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity. The four basic laws of supply and demand are: if demand increases and supply remains unchanged then higher equilibrium price and quantity, if demand decreases and supply remains the same then lower equilibrium price and quantity, if supply increases and demand remains unchanged then lower equilibrium price and higher quantity, and if supply decreases and demand remains the same then higher price and lower quantity. This book studies the supply and demand model including demand curve, Giffen goods, cross elasticity of demand, and returns to scale.


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