a change in demand affects the equilibrium price and quantity

1/25/23, 7:34 AM Assignment #1 – ECON101 D008 Fall 2022 – APEI

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Assignment #1

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ECON101 D008 Fall 2022 LE

Assignments Assignment #1

For this assignment, you will apply the concepts of supply and demand analysis

concepts to a specific good or service you use in your everyday life. In your paper,

include a discussion of the following as subheadings in your paper:

1. Describe the good. What are its main characteristics?

2. What are some of the substitutes and complements for the good?

3. Indicate whether the good is a normal good or an inferior good. Explain the

reasons for your choice.

4. Identify and describe the main nonprice factors that could cause an increase

or decrease in the demand for the good or service.

5. Identity and describe the main nonprice factors that could cause an increase

or decrease in the supply of the good or service.

6. Explain how a change in demand affects the equilibrium price and quantity

of the good or service.

7. Explain how a change in supply affects the equilibrium price and quantity of

the good or service.

8. Based on your research of the good or service, what do you expect to

happen to the demand for it over the next five years?

9. Based on your research of the good or service, what do you expect to

happen to the supply of the good or service over the next five years?

Complete your essay using Microsoft Word and use the proper APA format. The

essay must be at least 1500 words. Note that your work will automatically be

submitted to Turnitin for plagiarism review.

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included in

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assignment .

No more

than one

areas of

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improvement

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42.25 points

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assignment .

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need

improvement

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additional

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1/25/23, 7:34 AM Assignment #1 – ECON101 D008 Fall 2022 – APEI

https://myclassroom.apus.edu/d2l/lms/dropbox/user/folder_submit_files.d2l?db=279571&grpid=0&isprv=0&bp=0&ou=73716 2/4

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Jan 20, 2023 12:01 AM

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Jan 20, 2023 11:55 PM

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Criteria Exemplary Accomplished Developing BeginningDid notattempt

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t Content

/ 1010 points

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demonstrate

s proficient

command of

the subject

matter in the

assignment.

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shows an

impressive

level of

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relate course

content in

examples

given.

8.5 points

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above

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above

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facts

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of student’s

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of subject

matter

knowledge.

7.5 points

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assignment

reveals that

the student

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g of the

course

material.

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linkages

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statements.

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of ideas.

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g is present .

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submitted.

1/25/23, 7:34 AM Assignment #1 – ECON101 D008 Fall 2022 – APEI

https://myclassroom.apus.edu/d2l/lms/dropbox/user/folder_submit_files.d2l?db=279571&grpid=0&isprv=0&bp=0&ou=73716 3/4

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Spelling

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based on

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thesis

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may appear.

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1/25/23, 7:34 AM Assignment #1 – ECON101 D008 Fall 2022 – APEI

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Explain how a change in demand affects the equilibrium price and quantity

Introduction

When the demand for one good changes, the equilibrium quantity and price of that good will change. The changes in the price and quantity of a good are both determined by supply and demand. If there is an increase in demand then firms will produce more of the good; if there is a fall in demand then firms will produce less. As a result of this, we see an increase in its price or a decrease due to lower supply requirements which leads to this change occurring

If the price of one good rises, firms will either produce less of that good or substitute that good with other products.

If the price of one good rises, firms will either produce less of that good or substitute that good with other products. If the price of one good rises, firms will produce less of that good.

  • If you raise the price of something like meat and people are willing to pay more for it, then you could sell more meat than before (and still make money).
  • You could also start selling less meat by substituting other types of food in your diet–for example, if there’s not enough money left after buying groceries and paying rent/mortgage payments each month then perhaps cutting back on eating out at restaurants is necessary so as not to overspend financially all at once!

As a result of this, the quantity of the good supplied will fall and its price will rise.

If a change in demand causes the equilibrium price and quantity of a good to change, then that good will be subject to a downward economic shock.

The decline in supply caused by this downward economic shock will lead to an increase in its price and thus an increase in consumer surplus (the difference between what consumers pay and what they get). This is because there are fewer units being sold at their new higher price level.

If supply falls while demand remains unchanged then the price will rise because supply is less than demand.

If supply falls while demand remains unchanged then the price will rise because supply is less than demand.

The price of a good rises when it becomes more expensive to produce the good, which means that there are fewer units of that good available on the market. In this case, a fall in quantity would lead to an increase in demand (which drives up prices) because if people want more of something they’re willing to pay more for it!

If demand falls while supply remains unchanged then the price will fall because supply is greater than demand.

If demand falls while supply remains unchanged, then the price will fall because supply is greater than demand.

If supply remains unchanged and demand falls, then the price will rise.

If a change in one factor causes you to change your mind on how much of each product you want (for example, if you’re buying it now but prefer not to pay as much), then this can lead to changes in both quantity bought and price paid.

When demand shifts there are changes in equilibrium quantity and price

When demand shifts, there are changes in equilibrium quantity and price. If the quantity of x increases, then the equilibrium price will decrease because supply is greater than demand; however, if you increase your supply to meet this increased demand (and thus increase your profits), you will cause a shift away from equilibrium because now there is more supply than demand at that price point.

If you were selling an item at $200 per unit and it was suddenly reduced by 10% because someone got their hands on some extra stock before they decreased production costs by increasing efficiency or reducing wages/costs accordingly (or both), then your profit margin would decrease but not enough to make up for their profit margin loss – so they’ll still sell just as many units now at $190 instead of $200 once again!

Conclusion

When there is a change in demand, the equilibrium price and quantity will shift. The above diagram shows how this works by using an example of two goods that are substitutes: water and tea. If the price of tea rises then firms will either produce less tea or substitute it with other products like coffee or milk. As a result of this, the quantity supplied with water will fall while its price will rise because supply (Q1) falls below demand (P2). If demand stays unchanged then Q2 would be higher than Q1 but still lower than P2 (.5-.6)=0

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