Supply and Demand
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Supply and Demand Paper
Supply and Demand Paper
In this paper, you will read about supply and demand. The good that I have experienced purchasing and have chosen to explore is the washing machine. I will explain the factors that affect the supply and demand of this good. I will explain factors that could cause possible changes in supply and demand. I will determine at least two substitutes there may be for the washing machine. I will determine at least two compliments there may be for the washing machine. I will also explain how the necessity of the washing machine impacts price elasticity.
Four types of washing machines are supplied. They include household, semi-commercial, commercial, and industrial. When shopping for a washing machine there are many suppliers and options available. The producers include Samsung, Frigidaire, Maytag, Whirlpool, GE, LG, and Electrolux, “just to name a few.” According to [ (Stahel, 1992) ], the Electrolux is currently number one supplier among commercial washing machines.
The factors that could cause possible changes in supply and demand are numerous. Many variables can cause changes in supply and demand. I will start by exploring factors that can change the demand of washing machines. Income could be a factor. A rise in income would increase the demand. If an individual had increased income then he or she would have the money to spend on a new washer. Washing machines would be considered a normal good because if income decreased then the demand would decrease. I think that if one would consider a substitute for a washing machine, which would be a laundry mat, the Laundromat could be considered an inferior good. Therefore, if the price increased for washing machines the demand would decrease. However, the demand for Laundromats would increase. Another factor that could cause changes in the demand for washing machines would be the price of related goods. A compliment of washing machines would be dryers. If the price of...
Supply and Demand Paper
In this paper, you will read about supply and demand. The good that I have experienced purchasing and have chosen to explore is the washing machine. I will explain the factors that affect the supply and demand of this good. I will explain factors that could cause possible changes in supply and demand. I will determine at least two substitutes there may be for the washing machine. I will determine at least two compliments there may be for the washing machine. I will also explain how the necessity of the washing machine impacts price elasticity.
Four types of washing machines are supplied. They include household, semi-commercial, commercial, and industrial. When shopping for a washing machine there are many suppliers and options available. The producers include Samsung, Frigidaire, Maytag, Whirlpool, GE, LG, and Electrolux, “just to name a few.” According to [ (Stahel, 1992) ], the Electrolux is currently number one supplier among commercial washing machines.
The factors that could cause possible changes in supply and demand are numerous. Many variables can cause changes in supply and demand. I will start by exploring factors that can change the demand of washing machines. Income could be a factor. A rise in income would increase the demand. If an individual had increased income then he or she would have the money to spend on a new washer. Washing machines would be considered a normal good because if income decreased then the demand would decrease. I think that if one would consider a substitute for a washing machine, which would be a laundry mat, the Laundromat could be considered an inferior good. Therefore, if the price increased for washing machines the demand would decrease. However, the demand for Laundromats would increase. Another factor that could cause changes in the demand for washing machines would be the price of related goods. A compliment of washing machines would be dryers. If the price of...