This assignment focuses on demand, supply, and equilibrium. Let’s start with the basics. Begin your essay by providing the following information.
Explain the difference between a movement along demand and supply curves and a shift of demand and supply curves.
What can cause the above situations? Provide an example for each.
Describe how equilibrium is found.
Describe how a shift of the demand or supply curve can affect equilibrium.
Now, select an industry with which you are familiar or one you would like to study. This industry will also be used in future assignments for this course.
After selecting your industry, identify a product or service that your chosen industry produces. Add the following information.
Define the current status of supply and demand for the product or service you identified.
Identify at least one factor that has caused the supply curve to shift for that product or service.
Identify at least one factor that has caused the demand curve to shift for that product or service.
Your essay must be a minimum of two pages, not counting the reference page. Be sure to include an introduction. Use a minimum of three peer-reviewed scholarly sources; at least one of these must come from the CSU Online Library. Information regarding peer-reviewed articles can be found in the tutorial Peer-Reviewed Articles.
All sources used, including the textbook, must be referenced. Adhere to APA Style when creating citations and references for this assignment. APA formatting, however, is not necessary.
For information concerning what an introduction is and includes, view the brief tutorial Introductions and Conclusions
Complete the unit homework questions below and submit them (direction of change for either supply or demand)
Predict the direction of change for either supply or demand in the following situations:
Several new companies enter the cell phone industry.
Consumers suddenly decide SUVs are unfashionable.
The U.S. surgeon general issues a report stating that tomatoes prevent colds.
Frost threatens to damage the coffee crop, and consumers expect the price to rise sharply in the future.
The price of tea falls. What is the effect on the coffee market?
The price of sugar rises. What is the effect on the coffee market?
Tobacco lobbyists convince Congress to remove the tax paid by sellers on each carton of cigarettes sold.
A new type of robot is invented that will pick peaches.
Nintendo anticipates that the future price of its games will fall much lower than the current price.
The U.S. Postal Service is facing increased competition from firms providing overnight delivery of packages and letters. Additional competition has emerged because communications can be sent by emails, fax machines, and text messages. What will be the effect of this competition on the market demand for mail delivered by the post office?
Consider this statement: “Government involvement in markets is inherently inefficient.” Do you agree or disagree? Explain.
Create a semiannual production plan for your new business idea, product, or service using notional demand and inventory data. This initial production plan is based on your market estimates of what you intend to sell and produce. The final paper is managing the project to implement your intended new product/service into the marketplace, but you have to create a production plan that is supported by your market forecasts, and that is the purpose of this assignment.
Prompt: The plan should replicate the techniques in the text and can be submitted in a basic tabular (spreadsheet) format. It must include the following:
Estimates of labor hours consumed
Estimated number of worker requirements considering a standard work week, current inventory levels, receipts of new inventory during each month, and varying demand levels for each month of production For service businesses that do not include inventory or raw goods for the assembly line, the inventory of the support materials/equipment or consumable materials can be used. Specifically, the following critical elements must be addressed:
Create a semiannual production plan using notional demand and inventory.
Estimate the labor hours consumed.
Estimate the number of worker requirements considering a standard work week, current inventory levels, receipts of new inventory during each month, and varying demand levels for each month of production.
Rubric Guidelines for Submission: This short paper should adhere to the following formatting requirements: it is submitted as a Word document, 1 to 2 pages (not including title and reference pages), double-spaced, using 12-point Times New Roman font and one-inch margins. All APA citations should reference the course text and at least two additional resources.
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interaction of supply and demand determines prices and output levels in markets. Prices and output levels change when either the demand curve or the supply curve shifts. Sometimes price and output both increase and decrease. Sometimes one increases while the other decreases.
Consider a situation where the price of a good rises when output increases. For example, lithium is used in rechargeable batteries for computers, phones, other electronic goods, and even certain cars. Demand for lithium was low as recently as the early 2000s. Since then, both the price of lithium and the production of lithium have more than doubled.
Start your discussion by responding to these questions:
What could explain the simultaneous increases in the price of lithium and the production of lithium? Use supply and demand curves to explain your answer.
Hint: Price and equilibrium quantity have both increased. Would a shift in the demand curve or a shift in the supply curve lead to this result?
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For this assignment you will have to solve some problems related to supply, demand and market prices:
1. The price of food increased during the past year:
a. Explain why the law of demand applies to food just as it does to all other goods and services.b. Explain how the substitution effect influences food purchases and provide some examples of substitutions that people might make when the price of food rises and other things remain the same.c. Explain how the income effect influences food purchases and provide some examples of the income effect that might occur when the price of food rises and other things remain the same.
2. Place the following goods and services into pairs of likely substitutes and pairs of likely complements. (You may use an item in more than one pair.)
The goods and services are: coal, oil, natural gas, wheat, corn, rye, pasta, pizza, sausage, skateboard, roller blades, video game, laptop, iPod, cell phone, text message, email, phone call, voice mail
3. In 2008, the price of corn increased by 35 percent and some cotton farmers in Texas stopped growing cotton and started to grow corn:
a. Does this fact illustrate the law of demand orthe law of supply? Explain your answer.b. Why would a cotton farmer grow corn?
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For this assignment you will have to solve some problems related to supply, demand and market prices:
1. The price of food increased during the past year:
a. Explain why the law of demand applies to food just as it does to all other goods and services.b. Explain how the substitution effect influences food purchases and provide some examples of substitutions that people might make when the price of food rises and other things remain the same.c. Explain how the income effect influences food purchases and provide some examples of the income effect that might occur when the price of food rises and other things remain the same.
2. Place the following goods and services into pairs of likely substitutes and pairs of likely complements. (You may use an item in more than one pair.)
The goods and services are: coal, oil, natural gas, wheat, corn, rye, pasta, pizza, sausage, skateboard, roller blades, video game, laptop, iPod, cell phone, text message, email, phone call, voice mail
3. In 2008, the price of corn increased by 35 percent and some cotton farmers in Texas stopped growing cotton and started to grow corn:
a. Does this fact illustrate the law of demand orthe law of supply? Explain your answer.b. Why would a cotton farmer grow corn?
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Define aggregate demand and expenditures in your own words.
How are aggregate demand and aggregate expenditures related?
Classmate 1
Aggregate demand (AD) is the summation of demand for all finished goods and services along all price points. Aggregate expenditure (AE) is the summation of all spending levels for the aforementioned goods and services. AE combines the spending of the consumption function ( C ), investments ( I ), government spending ( G ), and net exports (X – M). Equilibrium is said to have been reached when “the total value of goods and services produced [real GDP (Y)] is precisely equal to the total spending for these goods and services [aggregate expenditures (AE)]” (Tucker, 2019, p. 509).
Aggregate demand and aggregate expenditure appear to be related. We find that as income increases (or decreases), our marginal propensity to consume increases (or decreases), and thus the consumption function increases (or decreases). The consumption function is one of the primary elements in calculating the aggregate expenditure. Its increase or decrease has a direct effect on spending levels for goods and services. When AE is below equilibrium, it is in a state of inventory depletion, in which businesses must hire more workers to increase capacity and output. Above equilibrium, there is an excess of inventory accumulated, which causes businesses to slow production and possibly reduce labor. Tucker notes that “any initial change in spending by the government, households, firms, or foreigners creates a chain reaction of further spending, which causes a greater cumulative change in aggregate expenditures and real GDP” (p. 515).
Classmate 2
Both aggregate demand and expenditure play a key role in measuring economic strength and outlook for a country. There are some key differences between the two but also some synergies. I would define aggregate demand as the sum or total spending of all goods and services in a period of time at a given price. This consists of all consumer goods, capital goods (factories and equipment), exports, imports, and government spending programs. The variables are all considered equal as long as they trade at the same market value. Aggregate demand may also be defined as a schedule or curve that shows the total quantity of goods and services demanded at different price levels. I would define aggregate expenditure as the sum of all expenditures made in an economy on consumption, gross investment, government purchases and net exports. It’s important to note that this represents the current value. Some other key takeaways for aggregate expenditure include:
The aggregate expenditure is one of the methods that is used to calculate the total sum of all the economic activities in an economy, also known as the gross domestic product ( GDP ).
When there is excess supply over the expenditure, there is a reduction in either the prices or the quantity of the output which reduces the total output (GDP) of the economy.
When there is an excess of expenditure over supply, there is excess demand which leads to an increase in prices or output (higher GDP).
Now for the relationship between aggregate demand and expenditure, the change in aggregate output demanded depends on how much the aggregate expenditure line shifts, not on which spending component causes the shift. Aggregate expenditure line is relationship tracing, for a given price level, spending at each level of income, or real GDP; the total of C + I + G + (X-M) at each level of income, or real GDP
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Assessment -Project Report: respond to the following questions in your brief project report. Refer to the course assessment document and the handout that I posted on the VLE (i.e., Guidelines for Assessment 2) for the format of your report and page and typeface restrictions. Several studies have been conducted in the literature about cross-national income elasticities of demand. Please answer the following questions using both applicable economic concepts from our class and empirical evidence from the literature:
1) Briefly define income elasticity of demand.
2) What can we conclude from the empirical evidence about the income elasticities of demand for health care services across countries?
3) Do you believe better health care is available in the United Arab Emirates than in other developed nations? What indicators would you use to support your answer?
Please make sure to review the following two resources on APA style of citations before you submit your Assessment 2-Project Report assignment. I hope you will find them helpful.
Focus on income elasticity of demand in UAE’shealthcare
The rise of individual incomes and countries’ GDPs has seen individuals, organizations and countries spend more on healthcare (World Health Organization, 2014);a tendency of income elasticity of demand. What is causing this tendency and is healthcare an inferior, normal or luxurious product? Is thisincome elasticity of demand the same within a country and across countries? How does this tendency in the United Arab Emirates (UAE) compare to the rest of the world, especially developed countries?
This essay investigates the above questions, giving recommendations on the way forward for healthcare expenditure in UAE.
Background
Income elasticity of demand is a ratio measurement of how the demand for a product is affected by the change in a people’s income, ceteris paribus. The ratio is calculated as the percentage change in demand to the percentage change in income. For example, if the demand for a product increases by 30% because incomes increase by 10% then the income elasticity of demand is 3 (30%/10%), with such a product being viewed as superior or luxurious because it has a positive income elasticity of demand greater than 1. If it is a positive ratio that is less than one, then this would be a necessity product. Notably, most healthcare services throughout the world consistently fall under this category(Folland and Goodman, 2012). If there was no change in demand because of change in income (zero ratio), then that would be a sticky product such as salt. Inferior products have a negative income elasticity of demand with an increase in income leading to a decrease in demand because of people changing to superior or luxurious products.
Income, priceand cross elasticities of demand show the economic performance of an industry or country, predict consumption trends and inform investors. This is because these elasticities are dependent on market segments as determined by prices, incomes and demographics.
Elasticities of demand aremostly evident when increase in household income leads to purchasing new products that match the new income bracket or when increase in prices lead to less demand. In the health industry, this is reflected by people seeking better healthcare services when they get more incomes or decreased demand for healthcare when prices increase(Ternopil State Medical University, undated). However, healthcare provision is subject to diminishing marginal productivity and diminishing marginal utility with each additional unit of healthcare consumption and additional improvement in health lea…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….. cross-national income elasticities of demand ……………
Issues of retention and attrition underpin workforce supply and demand. What are some of the factors that support registered nurses to keep them practising within the health care profession?
Healthcare: The Factors That Support Registered Nurses to Keep Them Practising Within the Health Care
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Introduction
The high nurse demand, attrition and the aging nurse population are among the factors that contribute to the shortage of nurses in the United States. The shortage of nurses in the US is predicted to be more severe and the available traditional strategies that have long been implemented by the employers are seen as a short-term solution to the problem. Despite the huge demand for the services of nurses in other countries, a number of factors still support and keep registered nurses working in the country.
The Factors That Support Registered Nurses to Keep Them Practising Within the Health Care
One of the primary reasons for huge nurse turnover is the work environment and the remuneration packages. Many efforts have been made and there has been gradual increase in the annual salary of the nurses in the country since 1980s (Brown, Fraser, Wong, Muise, & Cummings, 2012). Most of the nurses feel that the huge workload and poor work environment, exasperated by their managers/supervisors make many of them to quit their jobs (Nevidjon & Erickson, 2001). However, the improved compensation packages have seen the annual salary increment for the nurses and this has played a key role in the nurse retention.
In addition, numerous strategies have been put in place in order to ensure more nurse students are recruited (Nevidjon & Erickson, 2001). Although this seems as a solution to the nurse shortage, it serves as a solution to huge nurse turnover. The nurse shortage in the country has placed huge workload on the registered nurses and recruiting more nurse students increases the number of available nurses, which reduces the workload and eventually reducing shortage and turnover among the nurses. Furthermore, increase in recruitment helps to mitigate nurses’ shortage that result from retiring nurses and those lost due to other factors such as attrition. A good example is the recruitment strategy in San Diego, where about six hospitals have committed funds in a drive termed as “Nurses Now”, which aims to attract more nurse students. Finally, there improvement in the working environm…………………………………………………………………………………………………….
