Market Dynamics (Mathematics & Economics Other)

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Identify a good you commonly use or would like to use. Explain at least three factors that would result in a shift in the demand curve for that good and three factors that would result in a shift in the supply curve for that good. Describe the effect on equilibrium price and quantity of each factor and how those changes would affect your life. Finally, explain how the shifts in demand and supply are different from movements along the demand curve or movements along the supply curve and why the distinction is important.
Your journal entry must be at least 200 words in length. No references or citations are necessary.

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Market Dynamics
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Market Dynamics
One good that I commonly consume are video games DVDs. Three factors that would result in the shift of the demand curve are as under:
Income: Decline in the income of consumers will affect their purchasing power. Since games are not a necessity good, demand for this consumer product is likely to be highly price-elastic. The rise in income will cause the curve (denoting shrunk demand) to shift to the left and vice versa.
Tastes and Preferences: As the consumers shift to new sources of entertainment, the demand may shrink with curve shifting to the left.
Expectations: Ability of game-developers to keep the gamers hooked is directly relating to the moves of the demand curve.
Three factors to affect the supply include as under:
Demand for online video games: As the consumers increasingly shift to ...

Updated on January 26, 2024

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Market Dynamics (Mathematics & Economics Other)

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