Wk 1- Ind Assig
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- Date Submitted: 01/31/2011 04:01 PM
- Pages: 3
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CERTIFICATE OF ORIGINALITY:
I certify that the attached paper is our original work. I am familiar with and acknowledge our responsibilities which are part of the University of Phoenix Student Code of academic Integrity. I affirm that any section of the paper which has been submitted previously is attributed and cited as such, and that this paper has not been submitted by anyone else. I have identified the sources of all information whether quoted verbatim or paraphrased, all images, and all quotations with citations and reference listings. Along with citations and reference listings, I have used quotation marks to identify quotations of fewer than 40 words and have used block indentation for quotations of 40 or more words. Nothing in this assignment violates copyright, trademark, or other intellectual property laws. I further agree that my name typed on the line below is intended to have, and shall have, the same validity as our handwritten signatures.
Students’ signature (names typed here is equivalent to a signature):
Elsa Suazo
Market Equilibrating Process Paper
Elsa Suazo
ECO 561 - ECONOMICS
David Francom
Market equilibrium is where the supply of an item is exactly equal to its demand. Since there is neither surplus nor shortage in the market, there is no intrinsic tendency for the price of the item to change. Finding equilibrium in the market is the same as finding equilibrium in our daily lives. Before you can find equilibrium it is important to understand the demand and supply of a product. Natural disasters or manmade disasters can lead to increase the necessity of a product. A shortage drives the cost of goods up while surpluses drive the cost of goods down; therefore, finding the balance in the process is market equilibrium.
I think that a good example of a market equilibrium commodity would be the price of gasoline. Currently a barrel of oil is around $89 USD, this increase in the price of the barrel has affected the price of...
I certify that the attached paper is our original work. I am familiar with and acknowledge our responsibilities which are part of the University of Phoenix Student Code of academic Integrity. I affirm that any section of the paper which has been submitted previously is attributed and cited as such, and that this paper has not been submitted by anyone else. I have identified the sources of all information whether quoted verbatim or paraphrased, all images, and all quotations with citations and reference listings. Along with citations and reference listings, I have used quotation marks to identify quotations of fewer than 40 words and have used block indentation for quotations of 40 or more words. Nothing in this assignment violates copyright, trademark, or other intellectual property laws. I further agree that my name typed on the line below is intended to have, and shall have, the same validity as our handwritten signatures.
Students’ signature (names typed here is equivalent to a signature):
Elsa Suazo
Market Equilibrating Process Paper
Elsa Suazo
ECO 561 - ECONOMICS
David Francom
Market equilibrium is where the supply of an item is exactly equal to its demand. Since there is neither surplus nor shortage in the market, there is no intrinsic tendency for the price of the item to change. Finding equilibrium in the market is the same as finding equilibrium in our daily lives. Before you can find equilibrium it is important to understand the demand and supply of a product. Natural disasters or manmade disasters can lead to increase the necessity of a product. A shortage drives the cost of goods up while surpluses drive the cost of goods down; therefore, finding the balance in the process is market equilibrium.
I think that a good example of a market equilibrium commodity would be the price of gasoline. Currently a barrel of oil is around $89 USD, this increase in the price of the barrel has affected the price of...