Demand and supply influences equilibrium price
Changes in both demand and supply of a commodity might or might not influence its equilibrium price. Describe.
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Answer: If demand and supply of a commodity change uniformly, and in similar direction there will be no effect on its price. On other hand, an uneven change in demand and supply will influence equilibrium price. Whenever demand rises more than supply, then equilibrium price will increase. On other hand, when supply rises more than demand, equilibrium price will down or fall.
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Which type of model is used by the economists to analyze competitive market?
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Total variable costs can be estimate as: (1) 0bcq1. (2) 0adq2. (3) 0Peq2. (4) aPed. (5) Cannot be measured within demonstrated figure. Discover Q & A Leading Solution Library Avail More Than 1453098 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1959389 Asked 3,689 Active Tutors 1453098 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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