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Supply and demand schedules show the relationship between the cost of a product, and how much of it is needed and how much is supplied.
There are three types of elasticity for both supply and demand: elastic, inelastic, unitary elastic. Elasticity is defined in soft terms as "how sensitive a consumer/producer is to a change in price."
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Supply and demand shifters are factors that the move the curve on the supply and demand curve. These factors affect the amount of product that is supplied and demanded.
Complementary and substitute goods are products that are linked in some way with another. Complementary goods are related to one another and substitute goods are used to replace one another.
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The Law of Supply and Law of Demand clarifies the connection between price and quantity from the producer and consumer's viewpoint. Economists worldwide use the laws of supply and demand.
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