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Economics today is a matter of importance because it is not only limited to the governments and the countries anymore. Since the end of communalism, Economics has been as important for every individual as it has been for any economic expert. Economics helps governments to drive, liquidate, and generate money. It is how the businesses grow, the markets expand and individuals thrive.
But wait, as interesting as it may sound, a degree in economics doesn’t come without the burden of writing copious amounts of assignments every semester. Not only these assignments are redundant, time-consuming and a big social life destroyer, but it gets frustrating to the bone when you have to conduct exhaustive research for the literature and reference every source in a particular format in your assignment file. Even then, you would have to make sure that all the criteria mentioned in the marking rubric are followed. This is exactly why you would need a professional assignment writing service like ours. So stop searching for “Economics assignment help online” cause you have already found it!
Let’s Discuss Some Essential Concept of Economics
One can not possibly study economics without understanding the fundus of Demand, Supply, and Equilibrium. Specifically, professors in Arab universities frame questions from these concepts. So if you have been searching for “Economics assignment help UAE”, the below-mentioned information is for you.
What is demand?
Demand is a term used by economists to simply refer to measuring the need for a commodity, or service amongst consumers that are willing to pay for it. Demand is directly regulated by wants and needs even though a customer may be able to differentiate between their own needs or wants, economists see them as one and the same thing. It all boils down to the ability to pay, as your ability to pay decreases, you contribute less towards the demand of a commodity because you no longer buy it. Thus, demand is also directly regulated by people able to pay.
A buyer buys a commodity at a specific price. The total number of units of a commodity that gets sold at a particular price is known as quantity demanded. This quantity almost decreases every time with an increase in price. On the contrary, a drop in price always increases demand.
For example, when prices of gasoline rise, the demand for gasoline tends to reduce as the consumers try to deploy tactics to consume less of it. Consumers might shift choose carpooling and public transport more often or some consumers may even trade their gasoline cars for the electric ones. This phenomenon of reduction in demand with an increase in price is popularly known as the law of demand.
You can see from the demand graph that as the price(Denoted by Y-axis) the sales/demand for gasoline (Denoted by X-axis) decreases. This graph is also an example of the demand curve.
For economists, supply is not nearly the same as the quantity that is supplied to the market. In economic terms, supply referees to the relationship between the number of goods supplied for a range of prices. When economics refers to the supply curve and concludes that the supply for a particular good is short then the supply is analogous to the curve and the quantity supplied is analogous to the particular point on the curve.
Supply Demand Equilibrium
Equilibrium is the ideal state where one can observe demand and supply balancing each other which eventually stabilizes the prices in the market. In a general trend, over-supply translates to reduced prices, which eventually results in higher demand. Thus, equilibrium may shift from time to time.
In the figure, we can observe that equilibrium is achieved at 1.40 USD per gallon of the fuel. Equilibrium of supply quantity can be noted as 600 million gallons of fuel.
Demand supply forms a common topic to ask in an economics assignment. Our experts that provide economics assignment help online have well-versed knowledge with the subject and know how to frame meticulous solutions to the questions. You can get your queries answered instantly or even ask them to do your assignment for you.
What are Oligopoly, Monopoly, and Perfect Competition?
An Oligopoly is a type of market where small groups of sellers primarily dominate the industry. Oligopolies can exist due to numerous factors that reduce market competition. This type of market eventually leads to higher prices and a seller has driven the supply-demand of the product. The existing player gains control over the industry and may make it hard for a new player to enter the market. There is not a defined number that could define the maximum number of sellers in an oligopoly market, but as a general rule, the numbers are considered low enough that competition stays at bay and activities of one seller doesn’t significantly affect the profits of another.
It is a structure to describe the market where the sellers and buyers are in huge amounts and all the sellers are selling more or less the same thing with zero or very insignificantly less distinguishable features. Hence in this market, every seller’s product is prone to vulnerability as substitutes and alternatives exist very conveniently.
It usually takes little investment to enter the market and to exit it, sellers have the flexibility to enter and exit the market. It also implies that, if a company has undergone huge losses in this industry, then the company is free to leave the market and is not really bound to stay in the market by external factors.
Perfect competition is just an ideal model and doesn’t really exist in the real world, even though there are arguably similar products in the market like in agriculture. Individual sellers find a way to distinguish their products from the others, for eg, in the agriculture market, a farmer may sell non-GMO products, or organic products, which would make its products significantly distinguishable and has features unique to the seller.
Monopoly is a word derived from words Mono, meaning singular or one and Poly meaning power, or control. Thus referring to the power and control in the hands of a singular. In the market terms, it can be seen as exactly opposite to the perfect competition market where the sellers had little to no control over the prices of the products and the market. Monopoly, on the other hand, enjoys much greater control over pricing, quantity, availability, and the consumer base.
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