https://padlet.com/helen_rowe/1m211m8ue6b1 Market Equilibrium practice en-us 2016-08-04 20:30:30 UTC 2025-11-15 10:36:30 UTC hello@padlet.com Donald_Trump https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569000 There has been an increase in demand for beef caused by an increase in the price of pork, which is a substitute good for beef (D->D2), leading to a shortage at old Pe. Therefore, consumers will bid up the price to P' and equilibrium quantity will increase from Q to Q'  
Grade Awarded M5]]> 2016-08-04 22:59:39 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569000 regan_judd1 https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569169 The price of beef has increased (p - p1) causing demand to shift to the right which is an increase(d-d1). This as a result of lamb increasing in price. As consumers of lamb are less willing and able to purchase this product they turn to beef, as it is a substitute to lamb. At the original price (p), there is a shortage of beef as consumers are more willing to buy the beef as lamb is now relatively more expensive. As a result of this shortage consumers bid up the price, resulting in the price increasing from p - p1. As the price increases from p-p1, quantity demanded decreases from d-d1 as like the law of demand states as price increase, quantiy demanded decreases ceteris paribus and vice versa.
Grade Awarded M6]]> 2016-08-04 23:05:09 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569169 https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569191 The price of lamb has just increased causing consumers to stop buying lamb and start to buy substitutes such as beef. a substitute is a good you can use in place of another  good. As consumers start to buy more beef, suppliers will raise the price as the law of supply states that as the price of a good or service increases, quantity supplied will also increase ceteris paribus. there has been an increase in demand from D to D' and suppliers can not supply as much beef at the lower price which creates a shortage. suppliers will raise the price in order to reach a new equilibrium from P to P'.
Grade Awarded M5 - your explanations are good just the order is a little confused. See today's PowerPoint slide #12 with the correct sequence for an explanation.]]> 2016-08-04 23:06:01 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569191 https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569197 as the price of the substitute increases, consumers buy less of it and buy more beef instead. As there is a higher demand for beef, it shifts to the right (D-D')
Ther was a shortage of beef at P, so consumers bid up the price which meant P increased to P'. 
With the change of price, the quantity supplied increased ceteris paribus. 
Grade Awarded A4 - a great start you needed to discuss equilibrium quantity not quantity supplied.]]> 2016-08-04 23:06:06 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569197 https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569239 The pice of lamb has gone up so that consumers stop buying lamb and start buying substitutes such as  beef. This creates an increase in demand with the demand curve rising from D to D2. This means the price and quantity demanded go up.  The beef market then increases from P to P'.  The price for beef also rises a little because the demand is much higher so the man selling it might as well get more bang for his buck. This also causes the equilibrium quantity to change or go up. At the same time the price rises from P to P'. This means the amount supplied must go up to cope with the amount of demand for beef.

sorry i repeated myself a bit.
Grade Awarded A4 - try to use appropriate Economics terminology e.g. 'profitability' rather than 'bang for buck'.]]> 2016-08-04 23:07:47 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569239 todd_renton https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569335 The price of lamb has increased which has resulted in an increase in demand for beef. this is because Beef and Lamb are substitutes which are goods that can be used in place of each other. this has resulted in the demand for beef increasing from D to D'. Consumers are buying beef because it is relatively more affordable than lamb. this means that they are more willing and able to purchase beef. this means that the gap between income and expenses is increasing. As the consumers buy more beef there was a shortage at P. This resulted in the consumers bidding up the price to P' in order for an equilibrium to be reached. As the price of lamb is high there will be a surplus. in response to a surplus the producers will lower the price in order to reach an equilibrium price/quantity. 
Grade Awarded A4 - you were going fantastically well until the last sentence. There is no surplus! Also if you had of mentioned the changed in price and quantity with reference to the graph this could easily have been an M6.]]> 2016-08-04 23:09:25 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569335 https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569367 A substitute is a good that can be used in place of another. The relationship between pork and beef are substitutes because they can be used in place of each other. The price of pork has increase and as a result the demand for beef has increased from D to D1. Because of the increase in the price of the pork, the quantity demanded for beef has increase from Q to Q1 as consumers are more willing and able to purchase beef. As a result of the increase in demand for beef there is a shortage for beef because there is more quantity demanded than quantity supplied. Consumers then bid up the price in order to not miss out. The law of demand states that as quantity demanded decrease, price increases, ceteris paribus and visa versa. .........
Grade Awarded M5 - don't talk about the quantity demanded for beef increasing from Q to Q1. First off you should have explained that demand for beef has increased from D to D1 then at the old equilibrium price 'P' there is a shortage ...

]]> 2016-08-04 23:10:21 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569367 jordan_cornes https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569421 There has been an increase in price and increase in quantity supplied. There has been an increase in demand because of an increase in the price of lamb. Lamb is a substitute good. A substitute good is a good that can be used in place of another good in this case beef. With the increase in demand from D-D2, consumers are willing to bid up the price. Price has increased from P - P' and subsequently a new equilibrium is created at a quantity of Q' which has increased from Q.  The reason that demand for beef has increased is probably due to an increase in price by a substitute product like lamb. 
Grade Awarded M5 - your first sentence is redundant, remove it.]]> 2016-08-04 23:11:34 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569421 aaron_sorensen https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569475 due to the price of pork increasing, demand for beef has increased from d to d'. due to them being substitutes which means they can be used instead of each other. This causes a shift in the demand curve to the right. consumers prefer beef because  it is more affordable for consumers rather than pork. this leads to a shortage in beef which means that consumers bid up the price for p to p'
Grade awarded A4 - what you have got is awesome but there just isn't enough of an explanation to support it.

]]> 2016-08-04 23:12:37 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569475 duke_wallace https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569479 The price of beef has increased as a substitute of beef e.g. lamb, chicken has gone up in price therefore the consumers buy less of that and look to beef this causes the quantity demanded for beef to go up the higher demand (D – D’) shifts to the right  the shortage a P forced the beef suppliers increase p-p’. This change of price means Q-Q’ is forced to shift to the right.
Grade Awarded A3]]> 2016-08-04 23:12:41 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117569479 nathan_sands https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117570007 There has been an increase in the price of lamb, which is a substitute good, this has led to an increase in demand for Beef.  A substitute good is a good that can be used in place of another good.  The demand for beef has increased from D to D2.  Consumers buy beef as it is more affordable, that is consumers are more willing and able to buy beef at each and every price.  At Pe, there has been a shortage of beef.  Consumers have responded to this by bidding up the price in order to obtain stock.  Price has increased from P-P1.  As price increases, quantity demanded increases, ceteris paribus. Equilibrium quantity has increased from Qe to Q1, which becomes the new equilibrium quantity.
Grade Awarded M6 - look at your explanation for LoD. Excellence grade required reference to affordability and profitability.

]]> 2016-08-04 23:19:53 UTC https://padlet.com/helen_rowe/1m211m8ue6b1/wish/117570007