Marketing Equilibrium
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Marketing Equilibrating Process Paper
Marinique Price
University of Phoenix
November 15, 2010
ECO/561- Economics
Paul Updike
In today’s economy, is very prevalent to understand the decision to purchase one item over another item. To supply a certain product over another is also an important concept. “Markets bring together buyers (“demanders”) and sellers (“suppliers”), and they exist in many forms” (McConnel, Brue, & Flynn, 2009, p. 46 ). In this paper, the economic concepts of demand, supply and market equilibrium in relationship with real-world examples will be discussed.
“Demand is a schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time; other things equal” (McConnel, Brue, & Flynn, 2009, p. 46 ). For example, the demand for V-tech electronic toys for children may be in high demand, because many parents are involve in their child’s education. Educational toys are important because the parents want their children to advance to a higher level of learning. As the price of V-tech educational toys decrease the demand for it will increase. Many consumers will be willing to buy the educational toys at a lower price, but the child’s learning ability will increase. “ A fundamental characteristic of demand is this: Other things equal, as price falls, the quantity demanded rises, and as the price rises, the quantity demanded falls, this is considered to be the law of demand.
“Supply is a schedule or curve showing the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period” (McConnel, Brue, &...
Marinique Price
University of Phoenix
November 15, 2010
ECO/561- Economics
Paul Updike
In today’s economy, is very prevalent to understand the decision to purchase one item over another item. To supply a certain product over another is also an important concept. “Markets bring together buyers (“demanders”) and sellers (“suppliers”), and they exist in many forms” (McConnel, Brue, & Flynn, 2009, p. 46 ). In this paper, the economic concepts of demand, supply and market equilibrium in relationship with real-world examples will be discussed.
“Demand is a schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices during a specified period of time; other things equal” (McConnel, Brue, & Flynn, 2009, p. 46 ). For example, the demand for V-tech electronic toys for children may be in high demand, because many parents are involve in their child’s education. Educational toys are important because the parents want their children to advance to a higher level of learning. As the price of V-tech educational toys decrease the demand for it will increase. Many consumers will be willing to buy the educational toys at a lower price, but the child’s learning ability will increase. “ A fundamental characteristic of demand is this: Other things equal, as price falls, the quantity demanded rises, and as the price rises, the quantity demanded falls, this is considered to be the law of demand.
“Supply is a schedule or curve showing the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specific period” (McConnel, Brue, &...