Bought the latest version of iOS a couple of months ago, just to know another version got released today? How frequently these versions change and phone models upgrade, right? Technology has brought us from landline phones to latest models of mobile phones. But did you ever wonder why there are such frequent upgrades in mobile versions? Technology is updated and upgraded rapidly to meet the market demands.
Market, for everyone, is a place where one can buy goods; but for students pursuing a course in economics, it is more like a region where buyers and sellers exchange goods. This is more like the concept of supply and demand from economics. If you need assistance in your coursework, Instant Assignment Help has the best economics coursework help services.
However, here’s how supply, demand, and equilibrium can be implemented in your coursework.
What is supply and demand?
Supply and demand is the relationship between the quantity of products, a producer tries to sell and the quantity, a consumer buys. Price of any commodity is determined by the interaction of this supply and demand.
Suppose there are two teams, ‘A’ and ‘B’. They are playing tug of war, and both are pulling a rope that has a book tied at the center. The book here shouldn’t touch the ground, while the teams are pulling each other. When the rope is finally in a position that it is horizontal to the ground and the book is hanging perpendicular to it, is known as the state of equilibrium. Here external factors also affect in bringing the rope to equilibrium, such as the level of ground, surface of the ground, the pressure of air, weight of the book, etc. Now, replace the team names ‘A’ and ‘B’ with ‘supply’ and ‘demand’ and ‘book’ with ‘price’. This gives an idea on how supply and demand are interrelated.
Here are the laws of supply and demand:
1.Law of supply
This law states, “When the price of goods or services increases, there is an increase in the supply of the quantity and vice-versa.”
Suppose you have a bakery where you sell cakes. As it was a festive season, you decided to raise the quantity you produce. So, you brought extra flour, extra cream ,and other such requirements for cake baking. Now, instead of 10 cakes, you baked 20. To meet with the extra 10 cakes’ expenses, you raised the price of cakes from $50 per piece to $75 where $25 is your profit that can help with your extra expenditure. So, this is how an increase in supply of goods increases the price of goods.
Suppose you are researching for your coursework. You refer to many sources to attain more knowledge. The more time and resources you spend to read, the more knowledge you gain about the subject. So, this is how an increase in the supply of resources increases the knowledge of the subject.
2.Law of demand
This law states, “As the price of goods or services increases, there is a decrease in the demand of the quantity and vice-versa.”
Suppose you want to purchase a cake. You saw that the cake, which you used to get for $50 is now raised to $75 which is a raise of $25. And you decide not to purchase it, because it is too expensive. Now this explains, how an increase in price leads to decrease in demand of the goods.
Suppose you are writing your coursework. The less organized you are, the more you need to spend time organizing and assembling everything. Now this explains, how your time for rework and proofreading can increase if you decrease the time for drafting and researching.
Here comes the role of equilibrium and the laws of equilibrium. There are basically two types of equilibrium:
This is when a force disrupts from the market, but after adjustments, the economy will move back to the initial equilibrium.
Consider the example of tug of war mentioned earlier. Now the force here is what is implied by both the teams that makes the book move from its initial equilibrium but it can be attained again.
Suppose, you found minor grammatical errors while proofreading your coursework, you can correct and get back to them. This way, the perfect coursework can be attained.
This is when the deviation pushes the market further away and the initial equilibrium is never attained.
Consider the example of tug of war mentioned earlier. Now the deviation here is when the rope from which the book was hanging, is broken and the book falls down. It cannot attain its initial equilibrium again.
Suppose, if it is a fault in your coursework structure or format, you need to redo everything that cannot get back to the original format. Here are do’s and don’ts for your coursework writing.
This is how you can bring equilibrium in your economic coursework. If you are facing any problem, Instant Assignment Help can provide you the best coursework help services. They also provide assistance in different subjects for students.