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Literally equilibrium means a balance condition among different factors; these factors may be deferred on the basis of subject. Here the subject is economics and factors are price, demand and supply. Demands are requirement of goods in a desired price and supply is to meet that requirement by supplying those goods in that desired price. There are lots of byers with their lots of demands and so with suppliers to meet their demands.
In a balance market condition, market demands for a specific product in a specific price fulfilled by the suppliers through proper supply of that product. And this balance condition for market termed as equilibrium of demand and supply. Who are studding economics must learn this subject topic properly for doing their assignment. Students, still if you face problems then you must get in touch with 24x7assignmenthelp.com for having the best Equilibrium of Demand and Supply assignment help.
A fair idea about this topic
It is inevitable that the quantity that is demanded for a specific product and the quantity that is supplied are functions of the product price. To identify the equilibrium position we take a graphical representation where ‘x’ axis denotes the quantity demanded and the ‘y’ axis denotes the relevant price amount. In this graph, where a supply curve and corresponding demand curve intersect each other; that point is referred as equilibrium point. If you are not confident enough about a graphical presentation then you may ask for an expert assistance from our Equilibrium of Demand and Supply homework help team
Demand curve denotes different quantities of product which are affordable to buyers in the market in different price and it depends on other related factors. The determining factors of demand are:
- Number of genuine customers
- Individual’s earnings
- Their requirement
- Their choice and test
- Price rate of other similar products
Customer’s future planning for expenditure and budget
Supply curve shows the different amounts of product that are supplied in a market in different price rate. Except price rate, supply curve changes with the change of few other factors too. Those determining factors of supply are:
- Number of potential supplier
- Manufacturing cost
- Supplier’s future planning to sell in better price.
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