ECO 550 WEEK 1 DISCUSSION - 40457

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olufunmilola

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Fundamental Economic Concepts" Please respond to the following:

1) •* From the scenario, examine the key factors affecting the demand for and the supply of a good or service. Distinguish between changes in demand and changes in the quantity demand. Indicate the factors that could lead to changes in demand / supply and changes in the quantity demanded / supplied. Determine the sets of factors that could lead to an increase in supply or demand on the one hand and a decrease in supply or demand on the other.
•From the e-Activity, examine the key factors that influence the supply and demand of the selected good or service. Propose two (2) methods in which organizations that provide the selected good or service may utilize this information. Provide a rationale for your response.


NOTE: I DID TWO DIFFERENT ANSWER FOR EACH QUESTION SO CHOOSE ONE THAT YOU LIKE

Solution Description

I did two discussions for each question just choose 1

From the scenario, examine the key factors affecting the demand for and the supply of a good or service.  Distinguish between changes in demand and changes in the quantity demand.  Indicate the factors that could lead to changes in demand/supply and changes in the quantity demanded/supplied.  Determine the sets of factors that could lead to an increase in suuply or demand on the one hand and a decrease in supply or demand on the other.  

There are many factors that could lead changes in the demand/supply of a product or service.  You have the price, income, prices of related goods, tastes of the consumers, expectations and the number of buyers.  With these combinations in place can determine the increase or decrease in the demand of a product or service.  If the consumer's income is increasing then they are more apt to buy more of a product or buy a product of a higher "quality"  and vise versa when it comes to consumer incomes.  Then you have those who will change their normal purchase to the competitive brand due to which ever one decreases in price or has the best deals at the time.  This can affect the demand on a product.  Tastes and preferable choice of a product can lead to and increase or decrease in demand on a certain product.  Then you have the number of buyers that are constantly and loyally purchasing the product or service can change up or down due to the other factors combined. 

From the e-Activity, examine the key factors that influence the supply and demand od the selected good or service.  Propose two methods in which organizations that provide the selected good or service may utilize this information.  

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