Supply, Demand, and Government in the Markets - 803 Words

Module 1_Assignment 3 Assignment 3: Supply, Demand, Government in the Markets 1. Using Microsoft Excel, draw a graph illustrating the supply and demand in this market. 2. What is the equilibrium Price and Quantity in the market? This is where the quantity demanded and the quantity supplied are equal. The corresponding price is the equilibrium price and the quantity is the equilibrium quantity. *Let us take the first line of data from the Spreadsheet as an example: Price- $200 Quantity Demanded- 1000 Quantity Supplied- 2200 Here there is an excess supply amount, so there are more computers than that are actually wanted. At this point, the sellers would recognize there are fewer buyers for their product at the current set†¦show more content†¦4. Disregard the new tax from number three. Now assume the government imposes a price ceiling of $100 in this market, as the result of protest of price gouging by sellers. What would happen to the price and quantity in this market? A price ceiling is a government-levied maximum rate for a product or good. When a price ceiling inflicted by the government is more than retail equilibrium price, the price ceiling has no effect on the market or economy. This is because it does not obstruct supply, nor does it boost the demand. A different effect transpires if the government imposes a price ceiling below the market’s equilibrium rate. The suppliers will no longer be capable of charging the price that the market mandates, but they are required to meet the maximum price determined by the government’s price ceiling. When the demand rises beyond the capability to supply, shortages ensue. This leads to rationing of the product, causing some consumers to experience longer lines to obtain the product. In a worse case, there would be no products available for the consumer to buy. 5. Assume that the manufacturers of this product lobby the government’s lawmakers, in terms of this product being essential for college students but they are considering halting production due to the lack of profits. The lawmaker’s agree and now set a price floor at $150. What would happen in this market? A price floor keeps rates from dropping too low, whichShow MoreRelatedAssignment 3: Supply, Demand, Government in the Markets1517 Words   |  7 PagesStudy Aide and TIPS for Module 1-Written Assignment 3 Rubric for grading: M1-Assignment  3 Grading Criteria | Maximum Points | Points Earned | Correctly constructed the supply and demand graph. It is recommended that you use the EXCEL study aide I posted to do this. | 12 | 12 | Answered questions 2-5 correctly, 15 points each. | 60 | 60 | Answered question 6 correctly. | 8 | 8 | Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representationRead MoreBumper Harvest On The Cards1381 Words   |  6 Pagesdetermined by its demand and supply. Market is composed of two parties that are buyers and sellers. Thus both demand and supply curves are important for determining the price of a commodity. †¢ Equilibrium price: The price at which quantity demanded equals quantity supplied is called equilibrium price. †¢ Total demand: Here demand doesn’t mean the amount of commodity which people need rather effective demand that is the amount which people are willing to buy at various prices. †¢ Total supply: it means theRead MoreSupply And Demand Of Gasoline1118 Words   |  5 PagesSupply and demand is best describes as the varying of prices of a specific service, product or commodity and the desirability for consumers. In theory, the supply and demand model works best for markets that are normally in perfect competition. Now in order for this desired market to work, there has to be a numerous amount of sellers and a numerous amount of buyers that have no real or major impact on the pricing of goods and services. In the follow essay, we will receive a better understand onRead MoreEconomics and Growth Essays934 Words   |  4 PagesThe demand curve is likely to change upwards or rise as a result of changes in a number of factors. One, if there is a move up in the price of an alternative commodity, or decrease in price of the given commodity’s accompaniment. Two, if there is a rise in buyers’ income. Three, if the taste as well as preferencs of the c onsumers shifts in regard to the particular product or service under consideration. Four, when there is a decrease in the cost of borrowing. And finally, if there is an overall increaseRead MoreMarket Is An Actual Or Nominal Place That Forces Of Demand916 Words   |  4 PagesMarket is an actual or nominal place that forces of demand and supply operate (Challet, 1997), under this situation, buyers and sellers interact directly or through intermediaries to trade goods and services. 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Price elasticity of demand enables business organizations to predict how their total revenue will be effected in the event they change the prices of their products. When a given good has inelastic price elasticity of demand i.e. Ed 1, then the percentage change in the quantity demanded is greater that the change in priceRead MoreMarket Intervention1537 Words   |  7 PagesA  market is on  supply and demand with little or no government control.  A completely free market is an idealized form of a market economy where buyers and sells are allowed to transact freely based on a  mutual agreement on price without  state intervention. However, when prices are too high, low or start to fluctuate, governments take the view that markets are best suited to allocating scarce resources and allow the forces of supply and demand to set prices. A market will naturally settle intoRead MoreIncrease In Demand Advantages And Disadvantages1457 Words   |  6 Pages Due to Hurricane Irma, Florida’s production possibility frontier curve will shift inwards due to the amount of resources that has been destroyed hence there is a reduction in resources as shown in Figure1.0. One of the main affected markets due to this natural disaster is energy (electricity). â€Å"The state’s largest electric utility company, Florida Power and Light, warned that as many as 9 million residents could be affected by power outages†. These power outages could last weeks which

The Exchange Of Religion And Ideas - 1908 Words

The exchange of religion and ideas has been a common theme within the works that have been read. Many of the religious people studied mix their existing views of the world, which are often described as traditional â€Å"African† beliefs, with a mixture of the cosmology of Christianity, Islam, and other popularized, organized religion originating from across the world. Cosmological views held by different groups of people tend to vary, clash and change the way people go about their daily life. Paying respect to your ancestors is a common practice in Africa, including the Harare and Chitungwiza area. In both places, Masowe apostolics have taken many people by faith, and dictate a large part of their daily lives. These apostolics also firmly believe that the practice of â€Å"communicating† with your ancestors is a form of veneration, which goes against their Christian beliefs. The apostolics call for the cessation of this practice, however, Engelke speaks with some of the locals that carry out this practice who refuse. He describes: â€Å"Most apostolics would argue that holding rituals to communicate with one’s ancestors—as many Shona-speaking people do—amounts to the worship of false gods. You should not pray to your ancestors; pray only to God. As with several apostolic interpretations of â€Å"traditional† religious practice, this one is rejected by the people it is meant to describe... For many Shona-speaking people, as I have noted, ancestors are an integral part of social relationships,Show MoreRelatedThe Impact Of The Columbian Exchange On The New World1051 Words   |  5 Pagesthe discovery of the New World, a new era opened that would come to be known as the Columbian Exchange. With the transfer of plants, animals, culture, diseases, and ideas between Europe and the Americas, good came from the Columbian Exchange which became a possibility after Christopher Columbus set sail in 1492, giving him full credit for this duration. The plants associated with the Columbian Exchange affected the Old and New Worlds by providing success in agriculture as well as technological advancementsRead MoreThe Silk Road And Its Effect On Every Aspect Of People s Lives1615 Words   |  7 Pagesas well as religion, communication, and idea. The Chinese kept the process of creating the silk to themselves, using it to their own advantage in the trade world. The long process and a final product of a strong, soft, and smooth fabric made silk so valuable. Silk, although the most traded, was only one of a wide range of goods imported between Eastern and Western civilizations. Its importance lies not only in the traded merchandise and commodities but also in its development of new ideas, spread ofRead MoreFactors Affecting Cultural Exchange Through Civilizations during 1000 and 1400 A.D.1282 Words   |  6 PagesThrough analyzing the five given documents, factors affecting cultural exchange through civilizations during 1000 and 1400 A.D. are noticeably those which result in the bringing of new ideas to a different area, such as missionary work, commerce, war, and travels. As new religions sprouted throughout Europe on other expansive areas, missionaries were sent out to foreign lands. Document 1 comes from the viewpoint of a Roman Catholic missionary attempting to spread his faith by presenting a letterRead MoreReligion As A Foundation Of Morality Essay910 Words   |  4 Pagesof years, religion has been part of nearly all cultures. Starting as a rather barbaric force, religion swiftly diffused into nearly every culture across the globe. Almost every culture has adopted, forcefully at times, some form of religion. It is asserted that before religion, we were nothing short of barbaric savages with no sense of right or wrong; it is said that religion saved us from an imminent self-destruction from our unethical ideas. Some will even assert that we need religion as a foundationRead MoreAncient And Medieval World Of Eurasia1678 Words   |  7 Pagesbegan a cultural exchange between the east and west through the diffusion of goods, technology, medicine, and religion. The two most vital networks of trade in the ancient and medieval world of Eurasia were the Spice Routes and the Silk Road. The Spice routes were a network of sea routes running from the Greco-Roman world, through North Africa, to the subcontinent of India, and eventually to China and Southeast Asia. The commerce of this maritime route was defined by the exchange of various spicesRead MoreAnalysis Of Emile Durkheim s Theories On Sociology And Psychology1114 Words   |  5 PagesZenawit Nerae Dr. Jennifer Patico Anth 4020 October 7, 2015 Midterm A Functionalism is simply defined as the idea that the purpose of everything we do is to support our society or ourselves. Many Anthropologists and sociologists are functionalists but for this essay I’ll be focusing more on two of the most famous people who support this idea; Bronislaw Malinowski and Émile Durkheim. The two share differences and similarities in the approaches they take depending on the groups they studied. DurkheimRead MoreByzantine Empire vs China1272 Words   |  6 Pagesamong the two. The Byzantine and Chines Empire were similar in economic aspects as both were huge centers of trade and promoted new technologies such as banking for the sake of good trade. These two empires were different regarding changes in their religion as the Chinese Empire became a cosmopolitan society letting Buddhism penetrate their empire and the Byzantines continued through the thread of Christianity. Furthermore, these empires differed when looking the way of government each society implementedRead MoreThe Impact On The Industrial Revolution1114 Words   |  5 Pagestrade things in exchange for things. Next, in Afroeurasia, the Silk Road was a major trade route that stretched from southwest Asia to Turkmenistan. Foods, wine, riches, spices, medicine and ideas were traded on this trade route. Since the Silk Road was a trade route, all aspects of PERSIA apply to this. 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The colonized people of the British colonies also have claims on Britishness. So what determines if an individual is British or not? Is it ones religion? Is it the way one speaks? Is it just the difference of skin color? Is it ones appearance and dress? Is it based on citizenship? Is it ones knowledge of social norms of England? The colonized people of British colonies defied many of those above

Effects Of Mercury On The Enviroment Free Essays

LA Gear and other shoe companies have been using mercury to make the switch active in their shoe that light up when a person walks. The shoes should return to the company after the user is done with the to be recycled. Since LA never advertises this, people just thrown them away like any other pair of old shoes. We will write a custom essay sample on Effects Of Mercury On The Enviroment or any similar topic only for you Order Now Eventually the shoes end up in a land fill and the mercury can leak out into the environment. Mercury is a highly toxic substance and is the cause of the Minamata Disease in the 1950’s. On the top 20 toxic chemical list, mercury rates 3rd. Mercury bioaccumulates in the body and has difficulty eliminating it. It may reach dangerous levels over time and causes sever damage to the central nervous system. Mercury’s Effect on the Environment and People Mercury is one of the biggest environmental problems that exist because it is hard to get of once in the environment. In the past, mercury was used to make things like paper, put in paint and thermometers, and as an agricultural pesticide. The Minamata Disease is a good example of what could happen if mercury enters into the environment. In the mid 1950’s, more than 100 Japanese were poisoned by fish that contained methyl mercury. The mercury came from industrial waste that had been dumped into the bay where the fish were caught. The mercury bioaccumulated up the food chain. The cats the were eating the fish showed the symptoms first. They began to act very strange; running into walls and acting like they were â€Å"in a trance. † The people in the village developed mental retardation, insanity, and birth defects from eating the poisoned fish. Fifty people died and 150 people suffered from these disorders. Another example of mercury’s effect on people and the environment comes from the saying â€Å"mad as a hatter. † In the 1800’s, hats were made with mercury to stiffened the brim. The hatters that made the hats worked with mercury all the time. The mercury was absorbed into their skin and caused them to develop neurological and physiological disorders. People just assumed they were going crazy. From then on, when someone thought another was going out of their mind they would say they were â€Å"mad as a hatter. † How to cite Effects Of Mercury On The Enviroment, Essay examples