The document discusses market equilibrium between demand and supply. It defines key concepts like market demand, market supply, equilibrium price and quantity. It explains how equilibrium is determined at the price where quantity demanded equals quantity supplied. It also discusses how changes in demand or supply alone, or both simultaneously, impact equilibrium price and quantity. Specific cases discussed include increases or decreases in demand and supply, as well as situations with perfectly elastic or inelastic demand and supply curves. Price ceilings and floors are also explained, along with their impacts on market equilibrium and potential issues like shortages or surpluses that may arise.
The document discusses demand, elasticity, and exceptions to the law of demand. It begins by defining demand and explaining factors that influence it like price, income, and availability of substitutes. It then discusses the law of demand, how demand curves illustrate the inverse relationship between price and quantity demanded, and how shifts in demand curves can occur due to non-price factors. The rest of the document defines different types of elasticity including price, income, and cross elasticity. It provides examples and formulas for calculating elasticities and discusses factors that influence a good's elasticity.
Demand elasticity and measurement of price elasticity.Chaitra GR
The document discusses different types of price elasticity of demand including perfectly elastic, perfectly inelastic, unitary elastic, elastic, and inelastic demand. It provides definitions and formulas for measuring each type, and provides examples using demand curves. Some factors that influence price elasticity are availability of substitutes, consumer habits, brand loyalty, income levels, and number of uses for a product. Methods for measuring price elasticity include the total expenditure method, proportionate method, point elasticity, arc elasticity, and revenue method.
The document discusses key concepts in microeconomics including supply and demand, equilibrium, and disequilibrium. It defines demand as the quantity of a product people are willing to buy at a certain price, and defines supply as the quantity a market can offer at a certain price. The law of supply states that higher prices lead to higher quantities supplied, while the law of demand states that higher prices lead to lower quantities demanded. Equilibrium occurs when supply and demand are equal, while disequilibrium happens when prices or quantities are imbalanced. Shifts refer to changes in supply or demand curves, while movements refer to changes along the existing curves due to price changes.
Market equilibrium by Maryan Joy LopezMaryan Lopez
The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
1. Market equilibrium occurs when the quantity demanded equals the quantity supplied at the equilibrium price. This is represented by the point where the supply and demand curves intersect on a graph.
2. At the equilibrium price and quantity, there is no surplus or shortage of goods. If price is above or below the equilibrium, a surplus or shortage will exist until prices adjust back to equilibrium.
3. Equilibrium analysis can be used to understand how changes in supply or demand affect price and quantity exchanged in the market.
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
This document provides an overview of aggregate demand and aggregate supply concepts in macroeconomics. It defines key terms like aggregate demand curve, aggregate supply curve, equilibrium output and price level. It explains how shifts in aggregate demand and aggregate supply due to factors like money supply changes, government policies, supply shocks etc. affect equilibrium output and price level in both short-run and long-run. The document also discusses concepts like Keynesian and classical aggregate supply curves, supply-side economics and price adjustment mechanism.
The document discusses demand, elasticity, and exceptions to the law of demand. It begins by defining demand and explaining factors that influence it like price, income, and availability of substitutes. It then discusses the law of demand, how demand curves illustrate the inverse relationship between price and quantity demanded, and how shifts in demand curves can occur due to non-price factors. The rest of the document defines different types of elasticity including price, income, and cross elasticity. It provides examples and formulas for calculating elasticities and discusses factors that influence a good's elasticity.
Demand elasticity and measurement of price elasticity.Chaitra GR
The document discusses different types of price elasticity of demand including perfectly elastic, perfectly inelastic, unitary elastic, elastic, and inelastic demand. It provides definitions and formulas for measuring each type, and provides examples using demand curves. Some factors that influence price elasticity are availability of substitutes, consumer habits, brand loyalty, income levels, and number of uses for a product. Methods for measuring price elasticity include the total expenditure method, proportionate method, point elasticity, arc elasticity, and revenue method.
The document discusses key concepts in microeconomics including supply and demand, equilibrium, and disequilibrium. It defines demand as the quantity of a product people are willing to buy at a certain price, and defines supply as the quantity a market can offer at a certain price. The law of supply states that higher prices lead to higher quantities supplied, while the law of demand states that higher prices lead to lower quantities demanded. Equilibrium occurs when supply and demand are equal, while disequilibrium happens when prices or quantities are imbalanced. Shifts refer to changes in supply or demand curves, while movements refer to changes along the existing curves due to price changes.
Market equilibrium by Maryan Joy LopezMaryan Lopez
The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
1. Market equilibrium occurs when the quantity demanded equals the quantity supplied at the equilibrium price. This is represented by the point where the supply and demand curves intersect on a graph.
2. At the equilibrium price and quantity, there is no surplus or shortage of goods. If price is above or below the equilibrium, a surplus or shortage will exist until prices adjust back to equilibrium.
3. Equilibrium analysis can be used to understand how changes in supply or demand affect price and quantity exchanged in the market.
This document discusses the concept of elasticity of demand as introduced by Marshall. It defines elasticity of demand as the ratio of percentage change in quantity demanded to the percentage change in price. There are three types of elasticity: price, income, and cross elasticity. Factors that influence elasticity include the nature of the commodity, availability of substitutes, uses, ability to postpone demand, amount spent, time, and price range. Elasticity is important for price fixation, production, distribution, international trade, public finance, and nationalization decisions.
This document provides an overview of aggregate demand and aggregate supply concepts in macroeconomics. It defines key terms like aggregate demand curve, aggregate supply curve, equilibrium output and price level. It explains how shifts in aggregate demand and aggregate supply due to factors like money supply changes, government policies, supply shocks etc. affect equilibrium output and price level in both short-run and long-run. The document also discusses concepts like Keynesian and classical aggregate supply curves, supply-side economics and price adjustment mechanism.
The document discusses market equilibrium, which occurs at the price where the quantity supplied equals the quantity demanded. This equilibrium price is found at the intersection of the supply and demand curves. At the equilibrium point, the market is balanced, with no excess supply or demand. Disequilibrium can occur if there is a shortage when demand exceeds supply, or a surplus when supply exceeds demand. The document also discusses how changes in supply or demand affect the equilibrium price and quantity, and introduces the concepts of consumer surplus and producer surplus.
1. Perfectly elastic demand occurs when an infinitesimally small change in price causes demand to change from zero to infinity or vice versa. It is represented by a horizontal line.
2. Perfectly inelastic demand occurs when demand does not change in response to any change in price. It is represented by a vertical line.
3. Relatively elastic demand occurs when a change in price causes a proportionately greater change in demand. The demand curve slopes gradually.
2_2_Elasticity of demand and supply.pptxNabaraj Giri
This document discusses the concepts of elasticity of demand and supply. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. Price elasticity can be perfectly elastic, perfectly inelastic, unitary, relatively elastic or relatively inelastic. Income elasticity measures the responsiveness of demand to changes in consumer income, while cross elasticity measures the responsiveness to the price of another good. The determinants of price elasticity of demand include the nature of the good, availability of substitutes, and consumer income. Price elasticity of supply is also discussed.
This document summarizes key concepts related to demand and supply analysis. It defines demand as the willingness and ability of consumers to purchase a good at a given price. The market demand curve is the horizontal summation of individual demand curves. Supply is defined as the quantity producers are willing to provide at a given price. Equilibrium price is reached where the demand and supply curves intersect, indicating the price at which quantity demanded equals quantity supplied. The summary discusses how shifts in demand or supply curves affect equilibrium price and quantity.
This document defines key economic concepts related to demand, including:
1. Demand is defined as consumer desire and ability to purchase goods and services, and is the driving force behind economic growth.
2. The law of demand states that as price increases, quantity demanded decreases, and vice versa.
3. Supply is defined as the willingness and ability of producers to provide goods and services to the market. The law of supply states that as price increases, quantity supplied increases as well.
4. Elasticity measures the responsiveness of one variable to changes in another, and is calculated for price, income, and cross elasticity. Demand can be elastic or inelastic depending on the degree of responsiveness to price
Price determination and simple applications AmiteshYadav7
The document discusses market equilibrium under perfect competition. It defines key concepts like demand, supply, market equilibrium, and how equilibrium price is determined by the intersection of market demand and supply. It describes how demand and supply curves can shift due to various factors, and how such shifts affect equilibrium price and quantity. Special cases involving perfectly elastic/inelastic demand and supply are also covered. The document provides examples of government policies like price ceilings, price floors, minimum wages and their impacts.
Microeconomics can be divided into three types based on time: micro statics, comparative statics, and micro dynamics.
Micro statics refers to economic equilibrium between variables at a single point in time. Comparative statics examines how equilibrium changes between different points in time as demand or supply shifts.
Micro dynamics shows the process of an initial equilibrium breaking due to a change and a new equilibrium establishing through periods of disequilibrium. Prices and quantities adjust through rounds of supply and demand as the market works toward the new equilibrium point.
The cob web model analyzes price and output dynamics in markets where supply responds to price with a time lag. It assumes that producers base current supply on previous period's price. If demand changes but supply cannot instantly adjust, prices and quantities will oscillate over time as they converge towards equilibrium. The model can produce convergent cycles that stabilize at equilibrium or divergent cycles where prices and outputs fluctuate further from equilibrium with each cycle. It is used to study agricultural commodity markets where production adjustments face time lags.
Degrees of price elasticity of demand by shohrabshohrabagashe
Elasticity Of Demand Managerial Economics
2. Concepts Of Elasticity Of Demand Two Variables are considered while measuring the elasticity of demand :- Demand Determinants Of Demand Elasticity Of Demand = percentage change in quantity demanded percentage change in determinant of demand
3. Types Of Elasticity Of Demand Demand Price Elasticity Cross Price Elasticity Income Elasticity Advertisement Elasticity
4. Price Elasticity Of Demand The price elasticity of Demand may be defined as the ratio of the relative change in demand and price variables. e = percentage/proportional change in quantity demanded percentage/proportional change in price
5. Types Of Price Elasticity Price Elasticity Perfectly Elastic Perfectly Inelastic Relatively Elastic Relatively Inelastic Unitary Elastic
The document discusses economic concepts including the laws of supply and demand, equilibrium, and disequilibrium. The law of demand states that as price increases, quantity demanded decreases, shown as a downward sloping curve. The law of supply shows that as price increases, quantity supplied also increases, shown as an upward sloping curve. Equilibrium occurs when supply and demand are equal, with the optimal quantity supplied meeting the optimal quantity demanded. Disequilibrium happens when there is either excess supply or excess demand due to price being above or below the equilibrium level.
The document discusses the concept of elasticity of demand. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. An elastic demand means this ratio is greater than 1, an inelastic demand means the ratio is less than 1, and a unit elastic demand means the ratio equals 1. The document then discusses how the slope of a demand curve relates to its elasticity, with flatter curves being more elastic and steeper curves being less elastic. It also introduces the total revenue test for elasticity and other types of elasticity like cross-price and income elasticity.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Roxy Hossain
Md. Rehan
Md. Refat Al Asmawl
Jil Jawshon Jababir
Md. Hamim Sarwar
This document discusses the economic concepts of supply, demand, and market equilibrium. It provides details on:
1) How supply and demand curves model the relationship between price, quantity supplied, and quantity demanded in a competitive market, resulting in an equilibrium price and quantity.
2) The key determinants that influence supply and demand curves, including price, income, tastes, population, and prices of substitutes and complements.
3) How shifts in supply or demand curves due to changes in these determinants impact the market equilibrium price and quantity.
This document discusses economic equilibrium and related concepts. It defines equilibrium as a state of balance between supply and demand where quantity supplied equals quantity demanded. The equilibrium price is where the supply and demand curves intersect on a graph. The equilibrium quantity is the quantity transacted at the equilibrium price. The document provides examples of how to identify equilibrium points on supply-demand graphs and discusses excess supply and demand situations. It also introduces concepts of elasticity, explaining how responsive quantity demanded or supplied is to changes in price.
This document provides an overview of supply and demand, which is a fundamental concept in economics. It defines supply and demand, and explains the laws of supply and demand. Supply refers to how much of a good or service producers are willing to provide at a given price, while demand refers to how much is desired by consumers at a given price. The law of demand states that demand increases as price decreases, while the law of supply states that supply increases as price increases. Equilibrium occurs when supply and demand are equal, resulting in an efficient allocation of resources. The relationship between supply and demand determines the price in a market economy.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
This document presents information on perfect competition. It begins by defining perfect competition as a market with many small firms selling identical products where no single firm can influence price. Key characteristics are numerous buyers and sellers, homogeneous products, free entry and exit, perfect information, and no transportation costs. Equilibrium price is reached at the point where industry demand equals supply. Under perfect competition, the market price is determined by the intersection of the demand and supply curves. Profits are maximized at the equilibrium point. The document also discusses market periods and how prices are determined in the very short run, short run, and long run.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
The document discusses market equilibrium, which occurs at the price where the quantity supplied equals the quantity demanded. This equilibrium price is found at the intersection of the supply and demand curves. At the equilibrium point, the market is balanced, with no excess supply or demand. Disequilibrium can occur if there is a shortage when demand exceeds supply, or a surplus when supply exceeds demand. The document also discusses how changes in supply or demand affect the equilibrium price and quantity, and introduces the concepts of consumer surplus and producer surplus.
1. Perfectly elastic demand occurs when an infinitesimally small change in price causes demand to change from zero to infinity or vice versa. It is represented by a horizontal line.
2. Perfectly inelastic demand occurs when demand does not change in response to any change in price. It is represented by a vertical line.
3. Relatively elastic demand occurs when a change in price causes a proportionately greater change in demand. The demand curve slopes gradually.
2_2_Elasticity of demand and supply.pptxNabaraj Giri
This document discusses the concepts of elasticity of demand and supply. It defines price elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. Price elasticity can be perfectly elastic, perfectly inelastic, unitary, relatively elastic or relatively inelastic. Income elasticity measures the responsiveness of demand to changes in consumer income, while cross elasticity measures the responsiveness to the price of another good. The determinants of price elasticity of demand include the nature of the good, availability of substitutes, and consumer income. Price elasticity of supply is also discussed.
This document summarizes key concepts related to demand and supply analysis. It defines demand as the willingness and ability of consumers to purchase a good at a given price. The market demand curve is the horizontal summation of individual demand curves. Supply is defined as the quantity producers are willing to provide at a given price. Equilibrium price is reached where the demand and supply curves intersect, indicating the price at which quantity demanded equals quantity supplied. The summary discusses how shifts in demand or supply curves affect equilibrium price and quantity.
This document defines key economic concepts related to demand, including:
1. Demand is defined as consumer desire and ability to purchase goods and services, and is the driving force behind economic growth.
2. The law of demand states that as price increases, quantity demanded decreases, and vice versa.
3. Supply is defined as the willingness and ability of producers to provide goods and services to the market. The law of supply states that as price increases, quantity supplied increases as well.
4. Elasticity measures the responsiveness of one variable to changes in another, and is calculated for price, income, and cross elasticity. Demand can be elastic or inelastic depending on the degree of responsiveness to price
Price determination and simple applications AmiteshYadav7
The document discusses market equilibrium under perfect competition. It defines key concepts like demand, supply, market equilibrium, and how equilibrium price is determined by the intersection of market demand and supply. It describes how demand and supply curves can shift due to various factors, and how such shifts affect equilibrium price and quantity. Special cases involving perfectly elastic/inelastic demand and supply are also covered. The document provides examples of government policies like price ceilings, price floors, minimum wages and their impacts.
Microeconomics can be divided into three types based on time: micro statics, comparative statics, and micro dynamics.
Micro statics refers to economic equilibrium between variables at a single point in time. Comparative statics examines how equilibrium changes between different points in time as demand or supply shifts.
Micro dynamics shows the process of an initial equilibrium breaking due to a change and a new equilibrium establishing through periods of disequilibrium. Prices and quantities adjust through rounds of supply and demand as the market works toward the new equilibrium point.
The cob web model analyzes price and output dynamics in markets where supply responds to price with a time lag. It assumes that producers base current supply on previous period's price. If demand changes but supply cannot instantly adjust, prices and quantities will oscillate over time as they converge towards equilibrium. The model can produce convergent cycles that stabilize at equilibrium or divergent cycles where prices and outputs fluctuate further from equilibrium with each cycle. It is used to study agricultural commodity markets where production adjustments face time lags.
Degrees of price elasticity of demand by shohrabshohrabagashe
Elasticity Of Demand Managerial Economics
2. Concepts Of Elasticity Of Demand Two Variables are considered while measuring the elasticity of demand :- Demand Determinants Of Demand Elasticity Of Demand = percentage change in quantity demanded percentage change in determinant of demand
3. Types Of Elasticity Of Demand Demand Price Elasticity Cross Price Elasticity Income Elasticity Advertisement Elasticity
4. Price Elasticity Of Demand The price elasticity of Demand may be defined as the ratio of the relative change in demand and price variables. e = percentage/proportional change in quantity demanded percentage/proportional change in price
5. Types Of Price Elasticity Price Elasticity Perfectly Elastic Perfectly Inelastic Relatively Elastic Relatively Inelastic Unitary Elastic
The document discusses economic concepts including the laws of supply and demand, equilibrium, and disequilibrium. The law of demand states that as price increases, quantity demanded decreases, shown as a downward sloping curve. The law of supply shows that as price increases, quantity supplied also increases, shown as an upward sloping curve. Equilibrium occurs when supply and demand are equal, with the optimal quantity supplied meeting the optimal quantity demanded. Disequilibrium happens when there is either excess supply or excess demand due to price being above or below the equilibrium level.
The document discusses the concept of elasticity of demand. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in price. An elastic demand means this ratio is greater than 1, an inelastic demand means the ratio is less than 1, and a unit elastic demand means the ratio equals 1. The document then discusses how the slope of a demand curve relates to its elasticity, with flatter curves being more elastic and steeper curves being less elastic. It also introduces the total revenue test for elasticity and other types of elasticity like cross-price and income elasticity.
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Roxy Hossain
Md. Rehan
Md. Refat Al Asmawl
Jil Jawshon Jababir
Md. Hamim Sarwar
This document discusses the economic concepts of supply, demand, and market equilibrium. It provides details on:
1) How supply and demand curves model the relationship between price, quantity supplied, and quantity demanded in a competitive market, resulting in an equilibrium price and quantity.
2) The key determinants that influence supply and demand curves, including price, income, tastes, population, and prices of substitutes and complements.
3) How shifts in supply or demand curves due to changes in these determinants impact the market equilibrium price and quantity.
This document discusses economic equilibrium and related concepts. It defines equilibrium as a state of balance between supply and demand where quantity supplied equals quantity demanded. The equilibrium price is where the supply and demand curves intersect on a graph. The equilibrium quantity is the quantity transacted at the equilibrium price. The document provides examples of how to identify equilibrium points on supply-demand graphs and discusses excess supply and demand situations. It also introduces concepts of elasticity, explaining how responsive quantity demanded or supplied is to changes in price.
This document provides an overview of supply and demand, which is a fundamental concept in economics. It defines supply and demand, and explains the laws of supply and demand. Supply refers to how much of a good or service producers are willing to provide at a given price, while demand refers to how much is desired by consumers at a given price. The law of demand states that demand increases as price decreases, while the law of supply states that supply increases as price increases. Equilibrium occurs when supply and demand are equal, resulting in an efficient allocation of resources. The relationship between supply and demand determines the price in a market economy.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
The document discusses supply and demand equilibrium in markets. It defines the law of supply, individual versus market supply, and short-run versus long-run supply curves. It also discusses the determinants of supply curves and how shifts in supply curves occur due to changes in these determinants. The key factors that determine equilibrium price and quantity in a market are the intersection of supply and demand. Shifts in either supply or demand curves will result in a new equilibrium price and quantity.
This document presents information on perfect competition. It begins by defining perfect competition as a market with many small firms selling identical products where no single firm can influence price. Key characteristics are numerous buyers and sellers, homogeneous products, free entry and exit, perfect information, and no transportation costs. Equilibrium price is reached at the point where industry demand equals supply. Under perfect competition, the market price is determined by the intersection of the demand and supply curves. Profits are maximized at the equilibrium point. The document also discusses market periods and how prices are determined in the very short run, short run, and long run.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
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Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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2. Demand, describing the behaviour of
consumers in the market
Supply, describing the behaviour of
firms in the market
Market Equilibrium, connecting
demand and supply and describing
how consumers and producers
interact in the market.
3. Perfect Competition is a market
structure where each firm is a price-
taker and price is determined by the
market forces of demanded and
supply. We know, equilibrium is
determined when market demand is
equal to market supply.
4. Market Demand is the sum total of
demand for a commodity by all the
buyers in the market. Its curve
slopes downwards due to operation
of law of demand.
5. Market Supply is the sum total of
supplies of a commodity by all the
producers in the market . Its curves
slopes upwards due to operation of
law of supply.
6. Market Equilibrium is determined
when the quantity demanded of a
commodity becomes equal to the
quantity supplied.
7. In Fig Market Demand
curve DD and market
supply curve SS
intersect each other at
point E, which is the
market equilibrium . At
this point, Rs6 is
determined as the
equilibrium price and 60
chocolates as the
equilibrium Quantity.
This equilibrium price
and quantity has a
tendency to persist.
8. Any price above Rs6 is not the
equilibrium price as the resulting
surplus, i.e. excess supply would cause
competition among sellers. In order to
sell the excess stock, price would come
down to the equilibrium price of Rs 6.
Any price below Rs6 is also not the
equilibrium price as due to excess
demand, buyers would be ready to pay
higher price to meet their demand. As a
result, price would rise upto the
equilibrium price of Rs 6.
9. Each firm is a price-taker industry is the price-
maker.
Each firm earns only normal profits in the long
run ( as discussed in the previous chapter).
Decisions of consumers and producers in the
market are coordinated through free flow of
prices known as price mechanism.
It is assumed that both law of demand and law
of supply operate.
Equilibrium Price, there is neither shortage nor
excess of demand and supply.
At equilibrium price, there is neither shortage
nor excess of demand and supply.
Equilibrium Quantity is the quantity demanded
and supplied at the equilibrium price.
10. Excess Demand refers to a situation,
when quantity demanded is more
than quantity supplied at the
prevailing market price.
11. The excess demand of Q1,Q2
will lead to competition
amongst the buyers as each
buyers as each buyer wants
to have the commodity.
Buyers would be ready to
pay higher price to meet
their demand, which will
lead to rise in price.
With increase in price,
market demand will fall due
to law of demand and
market supply will rise due
to law of supply.
The price will continue to
rise till excess demand is
wiped out.
12. Excess Supply refers to a situation,
where the quantity supplied is more
than the quantity demanded at the
prevailing market price.
13. Excess Supply of Q1Q2 will
lead to competition amongst
sellers as each seller wants to
sell his product.
Sellers would be ready to
charge lower price to sell the
excess stock, which will lead
to fall in price.
With decrease in price,
market supply will fall due to
LAW OF DEMAND .
The price will continue to fall
till excess supply is wiped out.
This is shown by diagram.
Eventually, price will decrease
to a level where market
demand becomes equal to
market supply at OQ and
equilibrium price of OP is
attained.
14. Viable Industry refers to an industry
for which supply curve and the
demand curve intersect each other in
positive axes.
15. In the viable
industry, supply
and demand curves
must intersect at
some positive point
as shown in Fig. As
seen in the given
diagram, both
demand and supply
curves intersect
each other in the
positive range of X-
axis and Y-axis.
16. Non-Viable Industry refers to an
industry for which supply curve and
demand curve never intersect each
other in the positive axes.
17. As seen in FIG ,
demand and
supply curve
never intersect
each other in
the positive
range of both
the axes
18. Equilibrium price and equilibrium
quantity are determined when
quantity demanded is equal to
quantity supplied . So, if there is any
change, which leads to shift in
either demand curve or supply curve
or both, then equilibrium price and
equilibrium quantity are bound to
change.
19. Change in price of complementary
goods
Change in price of substitute goods
Change in income(normal and inferior
goods)
Change in tastes and preferences
Expectation of Change in the price in
future
Change in Population
20. Change in prices of factors of
production
Change in prices of other goods
Change in the state of technology
Change in the taxation policy
Expectation of change in price in future
Change in the goals of firms
Change in the number of Firms
21. Change in Demand or shift in the demand
curve occurs due to change in any of the
factors that were assumed constant under
the law of demand. The Change may be
either an 'Increase in Demand' or 'Decrease
in Demand'. Original Market equilibrium is
determined at point E, when the original
demand curve DD and supply curve SS
intersect each other. OQ is the equilibrium
quantity and OP is the equilibrium price.
22. An Increase in demand (assuming no
change in supply) leads to a
rightward shift in demand curve
from DD to D1D1.
23. When demand increases
to D1D1, it creates an
excess demand at the
old equilibrium price of
OP. This leads to a
competition among
buyers, which raises the
price. These change
continue till the new
equilibrium is
established at point E1.
As there is an increase
in demand only,
equilibrium price rises
from OP to OP1 and
equilibrium quantity
rises from OQ to OQ1.
24. In case of decrease in demand
(supply remaining unchanged ),
demand curve shifts to the left from
DD to D2D2.
25. When Demand decreases
to D2D2, it creates an
excess supply at the old
equilibrium price of OP.
This leads to competition
among sellers, which
reduces the price .
Decrease in price leads to
rise in demand and fall
in supply. These changes
continue till the new
equilibrium is established
at point E2. Equilibrium
price falls from OP to OP2
and equilibrium quantity
falls from OQ to OQ2
26. Change in supply or shift in the supply
curve occurs due to change in any of
the factors constant under the law of
supply. The change may be either an
'Increase in Supply' or 'Decrease in
Supply'. Original Equilibrium is
determined at point E, when demand
curve DD and the original supply curve
intersect each other. OQ is the
equilibrium quantity and Op is the
equilibrium price.
27. When there is an increase in supply,
demand remaining unchanged , the
supply curve shifts towards right
from SS to S1S1.
28. These changes
continue till the
new equilibrium
is established at
point E1.
Equilibrium
price falls from
OP to Op1 and
equilibrium
quantity rises
from OQ to OQ1.
29. When there is an decrease in supply,
demand remaining unchanged , the
supply curve shifts to the left from to
S2S2.
30. These changes
continue till the
new established
at point E2.
Equilibrium
price rises from
OP to OP2 and
equilibrium
quantity falls
from OQ to OQ2.
31. Demand and supply model is very
easy to use, when there is a change
in either demand or supply . However
, inreality, there are number of
situations which leads to
simultaneous changes in both
demand and supply.
32. Both Demand and Supply decreases
Both Demand and Supply increase
Demand decreases and supply
increases
Demand increases and supply
decreases
33. Original Equilibrium is determined
at Point E, when the original demand
curve DD and the original supply
curve SS intersects each other. OQ is
the equilibrium quantity and OP is
the equilibrium price.
34. When decrease in demand
is proportionately equal to
decrease in supply, then
leftward shift in demand
curve from DD to D1D1 is
proportionately equal to
leftward shift in demand
curve from SS to S1S1. The
new Equilibrium is
determined at E1. ASs
demand and supply
decrease in the same pro-
portion, equilibrium price
remains same at OP, but
equilibrium quantity falls
from OQ to OQ1.
35. The new
equilibrium is
determined at E1,
equilibrium price
falls from OP to
OP1 and
equilibrium
quantity falls
from OQ to OQ1.
36. The new
equilibrium is
determined at
E1, equilibrium
price rises from
OP to Op1
whereas,
equilibrium
quantity falls
from OQ to
OQ1.
37. Original Equilibrium is determined
at point E , when the original
demand curve DD and the original
supply curve SS intersect each
other. OQ is the equilibrium quantity
and Op is the equilibrium price.
38. The new
equilibrium is
determined at E1.
As both demand
and supply
increase in the
same proportion,
equilibrium price
remains the same
at Op, but
equilibrium
quantity rises
from OQ to OQ1.
39. The new
equilibrium is
determined at
E1, equilibrium
price rises from
Op to Op1 and
equilibrium
quantity rises
from OQ to OQ1.
40. The new
equilibrium is
determined at
E1, equilibrium
price falls from
OP to OP1
whereas,
equilibrium
quantity rises
from OQ to OQ1.
41. The effect of simultaneous decreases
in demand and increase in supply on
equilibrium price and equilibrium
quantity is analyzed in the following
three cases:
42. The new
equilibrium is
determined at
E1, equilibrium
quantity
remains the
same at OQ,
but equilibrium
price falls from
OP to Op1.
43. The new
equilibrium is
determined at
E1, equilibrium
quantity falls
from OQ to OQ1
and equilibrium
price falls from
OP to OP1.
44. The new
equilibrium is
determined at
E1, equilibrium
quantity rises
from OQ to OQ1
whereas,
equilibrium
price fall from
OP to OP1.
45. The effect of increase in demand and
decrease in supply on equilibrium
price and equilibrium quantity is
discussed in the following three
cases:
46. The new equilibrium
is determined at E1.
As the increase in
demand is
proportionately
equal to the
decreases in supply,
equilibrium
quantity remains
the same at OQ , but
equilibrium price
rises from OP to
OP1.
47. The new equilibrium
is determined at E1.
As the increase in
demand is
proportionately
more than the
decrease in supply,
equilibrium quantity
rises from OQ to OQ1
and equilibrium
price rises from OP
to OP1.
48. The new equilibrium
is determined at E1.
As the increase in
demand is
proportionately less
than the decrease in
supply, equilibrium
quantity fall from
OQ to OQ1 whereas,
equilibrium price
rises from OP to
OP1.
49. The effect on equilibrium price and
equilibrium quantity in the following
four cases:
Change in supply when Demand is
Perfectly Elastic
Change in Demand when Supply is
Perfectly Elastic
Change in Demand when Supply is
perfectly Inelastic
Change in Supply when Demand is
Perfectly Inelastic
50. When Supply is perfectly elastic, then
change in demand does not affect the
equilibrium price of the commodity. It only
changes the equilibrium quantity. Original
Equilibrium is determined at point E, when
the original demand curve DD and the
perfectly elastic supply curve SS intersects
each other. OQ is the equilibrium quantity
and OP is the equilibrium price.
51. Supply Curve SS is a
horizontal straight
line parallel to the X-
axis. Due to increase
in demand for the
product, the new
equilibrium is
established at E1.
Equilibrium quantity
rises from OQ to OQ1
but equilibrium price
remains same at OP as
supply is perfectly
elastic.
52. Supply Curve SS is a
horizontal straight
line parallel to the x-
axis. Due to decrease
in demand, the new
equilibrium is
established at E2.
Equilibrium quantity
falls from OQ to OQ2
but equilibrium price
remains the same at
Op as supply is
Perfectly elastic.
53. Original Equilibrium is determined
at point E, when the perfectly elastic
demand curve DD and the original
supply curve SS intersect each other.
OQ is the equilibrium quantity and
Op is the equilibrium price.
54. Demand Curve DD is a
horizontal straight line
parallel to the X-axis.
Due to increase in supply
for the product, the new
equilibrium is
established at E1.
Equilibrium quantity
rises from OQ to OQ1
but equilibrium price
remains the same at OP
as demand is perfectly
elastic.
55. Demand curve DD is a
horizontal straight
line parallel to the x-
axis. Due to decrease
in supply for the
product, the new
equilibrium is
established at E2.
Equilibrium quantity
falls from OQ to OQ2
but equilibrium price
remains same at OP
due to perfectly
elastic demand.
56. When Supply is perfectly inelastic,
then change in demand does not
affect the equilibrium quantity. It
only changes the equilibrium price.
The change may be either an
'Increase in Demand' or 'Decrease in
Demand'.
57. Supply curve SS is a
vertical straight line
parallel to the Y-axis
. Due to increase in
demand for the
product, the new
equilibrium is
established at E1.
Equilibrium price
rises from OP to OP1
but equilibrium
quantity remains the
same at OQ as supply
is perfectly inelastic.
58. Supply curve SS is a
vertical straight line
parallel to the Y-
axis. Due to decrease
in demand, the new
equilibrium is
established at E2.
Equilibrium price
falls from OP to OP2
but equilibrium
quantity remains the
same at OQ as the
supply is perfectly
inelastic
59. When demand is perfectly inelastic,
then change in supply does not
affect the equilibrium price. The
change may be either an 'Increase in
Supply' or 'Decrease in Supply'.
60. Demand curve DD is
a vertical straight
line parallel to the
Y-axis. Due to
increase in supply
for the product, the
new equilibrium is
established at point
E1. Equilibrium
price falls from OP
to OP1 but
equilibrium quantity
remains the same at
OQ as demand is
perfectly inelastic.
61. Demand curve DD is
a vertical straight
line parallel to the
Y-axis. Due to
decrease in supply
for the product, the
new equilibrium is
established at Point
E2. Equilibrium
price rises from OP
to OP2 but
equilibrium
quantity remains
the same at OQ as
demand is perfectly
inelastic.
63. It refers to fixing the maximum price
of a commodity at a lower level than
the equilibrium price.
64. The Equilibrium price of OP is
very high and many poor people
are unable to afford wheat at
this price.
As wheat is an essential
commodity, government
interferes and fixes the
maximum price(Known as Price
Ceiling) at OP1 which is less
than the equilibrium price OP.
At this controlled price(OP1),the
quantity demanded (OQD)
exceeds the quantity
supplied(OQs) by QsQD.
It creates a shortage of MN and
some consumers of wheat go
unsatisfied. To meet this excess
demand, government may
enforce the rationing system.
65. A black market is any market in
which the commodities are sold at a
price higher than the maximum price
fixed by the government.
66. Consumers have to stand in long
queues to buy goods from ration
shops. Sometimes, commodities are
not available in the ration shops or
goods are of inferior quality.
67. It refers to the minimum price(above
the equilibrium price), fixed by the
government, which the producers
must be paid for their produce.
68. Protect the producer’s
interest and to provide
incentive for further
production, government
declares OP2 as the minimum
price (Known as Price Floor)
which is more than the
equilibrium price of OP.
At this support price(OP2), the
quantity supplied (OQs)
exceeds the quantity
demanded (OQD) by QsQD.
This creates a situation of
surplus in the market which
is equivalent to MN in the
diagram. The excess supply
may be purchased by the
government either to increase
its buffer stocks or for
exports.
69. Under Minimum Wage Legislation,
the government aims to ensure that
wage rate of labour does not fall
below a particular level and
minimum wages are set above the
equilibrium wage level (as discussed
in case of price floor).