Here are the definitions for the terms in the question:
1. Inferior goods - Goods for which demand decreases when income increases, as consumers switch to higher quality substitutes when they become richer.
2. Giffen goods - Rare goods that people demand more of as the price rises because it is considered a necessity, and it becomes a higher priority when money is tight.
3. Consumer surplus - The difference between the maximum price a consumer would be willing to pay for a good or service and the actual price paid. It measures the benefit consumers receive from purchases.
4. Perfectly elastic demand - Demand curve is horizontal, meaning any change in price results in an infinite change in quantity demanded between zero and
Supply Demand and Equilibrium..
Market Exchange..
Law of Supply...
Law of Demand...
Laws of supply and demand versus the “theory of supply and demand”
Laws vs. Theory of Supply and Demand..
Different types of demand..
Market Supply ..
Demand Curve..
Supply Curve..
Market Equilibrium..
Elasticity..
Own price elasticity of demand..
Supply Demand and Equilibrium..
Market Exchange..
Law of Supply...
Law of Demand...
Laws of supply and demand versus the “theory of supply and demand”
Laws vs. Theory of Supply and Demand..
Different types of demand..
Market Supply ..
Demand Curve..
Supply Curve..
Market Equilibrium..
Elasticity..
Own price elasticity of demand..
Demand and Supply Analysis (Economics) Lecture NotesFellowBuddy.com
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Individual supply is the supply of an individual producer at each price. Market supply is the sum of the individual supply schedules of all producers in the industry
Price elasticity of demand (PED) shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on quantity demanded.
Demand and Supply Analysis (Economics) Lecture NotesFellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
Individual supply is the supply of an individual producer at each price. Market supply is the sum of the individual supply schedules of all producers in the industry
Price elasticity of demand (PED) shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on quantity demanded.
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Starting, Growing, and Running a BusinessJohn Cousins
Entrepreneurship Is the pursuit of opportunities with disregard for assets currently controlled. There a many different skill sets that need to be understood in order to effectively grow a business.
Elasticity of Demand, Price and Income- Micro and Macro EconomicsMomina Riaz
To sustain the economy, you must know the elastic and inelastic demand of customers. In the uncertain environment and tough competitors, most of the businesses could not sustain their profitability and gone towards downfall. The keen observation related to price, demand, income, and supply makes you able to choose the right strategy for your business. This slide presentation covers Demand elasticity, price elasticity, income elasticity, its types, factors, and shapes with graphical representation.
Price Elasticity of Demand, Degrees of Elasticity, Factors determining Elasticity of Demand, Measurement of Price Elasticity, Importance of Elasticity of Demand
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
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how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
2. DEMAND
• defined as want or willingness of
consumers to buy goods and services.
• In economics willingness to buy goods and
services should be accompanied by the
ability to buy (purchasing power) and is
referred to as effective demand.
• Demand Extension - increase in demand
due to the fall in price, all other factors
remaining constant.
• Demand Contraction - the fall in demand
due to the rise in price, all other factors
remaining constant.
3. Factors affecting demand
• People’s income
• Population
• Fashion and taste
• Income Tax
• Substitute goods and Complementary goods
• Advertising
• Climate - Changes in climate affects the demand for certain goods
and services.
• Interest rates - A fall in Interest rate will see a rise in demand for
goods and services.
4. SUPPLY
• The amount of goods and services firms or
producers are willing and able to sell in the
market at a possible price, at a particular
point of time.
• The higher the price for the good or service
the more it will be supplied in the market.
The reason behind it is that more and more
suppliers will be interested in supplying those
good or service whose prices are rising.
• Supply Extension - the increase in supply of a
commodity with the rise in price, other
factors remaining unchanged.
• Supply Contraction - the fall in supply of a
commodity when its prices fall, other factors
remaining unchanged.
5. Factors affecting supply
Commodity price
A rise in price will result in more of the commodity being supplied to the
market and vice versa
Production cost
Increase in the cost of any factor of production may result in the decrease
in supply as reduced profits might see producers less willing to produce
that commodity
Technological advancement
Improvement in technology results in lowering of cost of production and
more profits for the producer and thus more supply of that commodity.
Climate
Climate and weather conditions affect the supply of commodities
(agricultural goods)
6. Market Equilibrium / Price Determination
• Equilibrium is a point of balance or a point of rest.
• a state in market where economic forces are balanced and in the
absence of external influences the (equilibrium) values of
economic variables will not change.
• quantity demanded and quantity supplied is equal
• The amount of goods or services sought by buyers is equal to the
amount of goods or services produced by sellers.
9. Elasticity
• 4 categories
- Price Elasticity of Demand
- Income Elasticity of Demand
- Cross Price Elasticity of Demand
- Price Elasticity of Supply
10. Price Elasticity of Demand
• The responsiveness of quantity demanded, or how much quantity
demanded changes, given a change in the price of goods or
service.
*The mathematical value which is derived from the calculation is
negative. A negative value indicates an inverse relationship between
price and the quantity demanded. However, the negative sign is
ignored.
Price Elasticity of demand
(PED)=
% change in quantity demanded
% Change in price
11. 5 Types of PED Curve
• Elastic Demand (PED > 1)
• percentage change in price brings about a more than proportionate change in
quantity demanded.
• when the percentage change in quantity demanded is greater than the percentage
change in price, and the coefficient of the elasticity is greater than 1.
• Ex : Tesco bread, Aero chocolate bar, The Star newspaper.
12. Inelastic Demand
• when an increase in price causes a smaller % fall in
demand.
• when the percentage change in quantity demanded is
less than the percentage change in price, and the
coefficient of the elasticity is less than 1.
• Petrol – petrol has few alternatives because people with
a car, need to buy petrol. For many driving is a
necessity. There are weak substitutes, such as train,
walking and the bus. But, generally, if the price of petrol
goes up, demand proves very inelastic.
• Ex: Diamonds, Iphone, Cigarettes
13. Unitary Elastic Demand
When the percentage change in demand is equal to the
percentage change in price, the product is said to have
Unitary Elastic demand.
PED=1
14. Perfectly elastic
• a small percentage change in price brings
about a change in quantity demanded
from zero to infinity. The coefficient of
elasticity is equal to infinity.
15. Perfectly Inelastic
• In this case the PED =0 That means, any change
in price will not have any effect on the demand
of the product.
• The percentage change in demand will be equal
to zero.
16. POINT ELASTICITY
• The midpoint elasticity is less than 1. (Ed < 1). Price
reduction leads to reduction in the total revenue of
the firm.
• The demand curve is linear (straight line), it has a
unitary elasticity at the midpoint. The total revenue
is maximum at this point.
• Any point above the midpoint has elasticity greater
than 1, (Ed > 1).
18. Income elasticity of demand
• Relationship between a change in quantity demanded for a good
and a change in real income.
• YED =
% 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑑𝑒𝑚𝑎𝑛𝑑
% 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑖𝑛𝑐𝑜𝑚𝑒
19. Normal Goods
• positive income elasticity of demand so as consumers’ income rises
more is demanded at each price.
• demand shifts to the right. Thus YED is positive for normal goods.
Inferior Goods
• negative for inferior goods, the demand curve shifts left as income rises.
• As income rises, the proportion spent on cheap goods will reduce as now
they can afford to buy more expensive goods.
• Ex : demand for cheap/generic electronic goods will fall as people
income rises and they will switch to expensive branded electronic goods.
20. • Different types of economies,
the demand for goods and
services are determined by the
income elasticity.
• As economies grow, firms will
want to avoid producing
inferior goods.
• The reason being as income
increases more and more
people will switch from
inferior goods to superior
goods.
21. Cross price elasticity of demand (XED)
• The effect on the change in demand of one good as a result of a
change in price of related to another product.
• XED =
% 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑞𝑢𝑎𝑛𝑡𝑖𝑡𝑦 𝑑𝑒𝑚𝑎𝑛𝑑𝑒𝑑 𝑜𝑓 𝑔𝑜𝑜𝑑 𝑋
% 𝐶ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑝𝑟𝑖𝑐𝑒 𝑜𝑓 𝑔𝑜𝑜𝑑 𝑌
• It is important to have the positive/negative sign in front of the
value.
• If the value of XED is positive - substitute goods
• If the value of XED is negative – complements goods
• If the value of XED is zero - two goods are unrelated
22. The price of Good X rises by 20 %. As a result, the demand for a
substitute Good Y rises by 10 %. What is the cross-elasticity of
demand for Good Y with respect to Good X?
A + 2 B + 0.5 C - 0.5 D - 2
23. Price Elasticity of Supply
• measure of the responsiveness of quantity to a change in price.
• the percentage change in supply as compared to the percentage
change in price of a commodity.
• PES =
% 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑞𝑢𝑎𝑛𝑡𝑖𝑡𝑦 𝑆𝑢𝑝𝑝𝑙𝑖𝑒𝑑
% 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑃𝑟𝑖𝑐𝑒
• If supply is elastic, producers can increase output without a rise in
cost or a time delay.
• If supply is inelastic, firms find it hard to change production in a
given time period.
Pes > 1 = supply is price elastic
Pes < 1= supply is price inelastic
Pes = 0 = supply is perfectly inelastic
Pes = infinity, supply is perfectly elastic following a change in
demand
26. When the supply of a good decreases, equilibrium price stays the
same. What is the price elasticity of demand of the good?
• A –1
• B zero
• C +1
• D infinite
27. Factors affecting Price Elasticity of Supply
• Spare production capacity
Can increase output without a rise in costs and supply will be elastic
in response to a change in demand. The supply of goods and services
is most elastic during a recession, when there is plenty of spare
labour and capital resources.
• Stocks of finished products and components
In industries where there are high inventories/stocks of finished
goods, the suppliers can easily supply more as the price rises. Thus,
the PES for these goods will be elastic
28. Number of producers
Improvement in Technology
Time
Availability of resources
Ease of storing stocks
If goods can be stocked with ease and have a long shelf life, the
supply will be elastic, otherwise inelastic.
Ex : fresh flowers, vegetables have comparatively inelastic supply
because it is difficult to store them for longer periods.
29. Consumer and Producer Surplus
• Consumer Surplus
The difference between the maximum total price a consumer would
be willing to pay (reservation price) for the amount he buys and the
actual total price.
CS show their benefit in a transaction is how much they saved when
they didn't pay that price.
• Producer Surplus
The difference between the amount that a producer of a good
receives and the minimum amount that he or she would be willing to
accept for the good.
Producers' surplus exists when actual price exceeds the minimum
price sellers will accept.
31. Community Surplus
(the welfare of society and it is made up of a consumer surplus plus a producer surplus. It exists
when it is impossible to make someone better off without making someone else worse off )
• When the consumer surplus is
equal to producer surplus
• It exists when the market is in
equilibrium, with no external
influences and no external
effects.
• Market is said to be socially
efficient and community surplus
is at its maximum.
• Q :- What happen to consumer
surplus if Market Demand shift
upward?