SUPPLY AND DEMAND MODELING

SUPPLY AND DEMAND MODELING

Instructions

SUPPLY AND DEMAND MODELING

A fundamental idea in economics, supply and demand models is used to examine and forecast how markets behave. In order to establish equilibrium prices and quantities, it centers around the interaction between the supply of services or products and the desire for them.

Supply is the amount of a good or service that a manufacturer is prepared and able to offer to buyers at various prices. An illustration of this connection that has a positive slope indicates that when prices rise, manufacturers are motivated to produce more.

The amount of a good or service that shoppers are willing to pay for to invest in at different price points is represented by consumer demand, on one hand. A downward-sloped demand curve is generally used to represent the relationship across cost and the amount demanded, demonstrating buyers’ propensity to purchase more at cheaper costs.

Where the supply equal demand lines cross is where the price-quantity equilibrium are found. The market is now stable because the quantity provided and the amount required are equal. If price is higher than this equilibrium, there is a surplus since there is more production than demand, resulting in to price drops. On the other end of the spectrum, if price goes above equilibrium, a shortage occurs as the consequence of supply existing insufficient to meet demand.

The dynamics of supply and demand can be influenced by a number of things. The supply or demand curve can change depending on changes in consumer tastes, income levels, population expansion, technological development, and input costs. For instance, the supply curves may vary if an invention lowers production costs, allowing suppliers to offer more at a particular cost. Similar to the last example, a rise in consumer income may increase demand for specific goods and result in a change in the demand curve.

Businesses, those making decisions, and economists can benefit form the insights provided by supply and demand modeling. Making informed choices is made possible by its assistance in predicting the effects of multiple occurrences or operations on market outcomes. It is essential to learn about the complex interplay between supply as well as demand if one is to keep markets functioning effectively and make sure that resources are distributed in the best way possible.

To sum up, supply-demand modeling is a key component of economic analysis both examines the interactions involving the quantities of services and products that producers provide and consumers desire, as well as how they interact in order in establishing prices of equilibrium and quantities. This approach provides a potent lens with which to analyze market activity and render wise economic judgments.

SUPPLY AND DEMAND MODELING

RUBRIC
Excellent Quality 95-100%	Introduction 45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.		Literature Support 91-84  points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.			Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score 50-85%	40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.		83-76  points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.			52-49  points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality 0-45%	37-1 points The background and/or significance are missing. No search history information is provided.		75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.			48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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