Market Equilibrium by Acquille Richards https://padlet.com/acquillerg/dsjoh4krfqg By Acquille Richards-George en-us 2017-04-12 15:29:31 UTC 2024-06-02 17:33:07 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Lightdecrease.png Market Equilibrium By Acquille Richards-George acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166144720 Market Equilibrium is the point of where supply and demand meet each other. There is a price that is chosen in which buyers are willing to buy at and sellers are willing to produce at. In other words its the perfect balance.

]]> 2017-04-12 18:19:27 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166144720 Welcome. acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166146935 On this website you will learn;
• How to read a supply & demand chart/schedule
• What Equilibrium is
• How Equilibrium is beneficial
• What is supply
• What is demand
• The difference between surplus and shortage
• How consumers react to equilibrium, surplus and shortage
• How to find the market price
• Market Equilibrium equation
• Surplus
• Shortage


]]> 2017-04-12 18:28:44 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166146935 Video#2 What is Supply acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166156972 This video talks about Supply, So basically the video breaks it down as a Producer is one company that stands alone. But a group of producers in a market is called and Industry. Now supply is the amount of goods that a producer or an industry is willing to sell at a certain price. As the price of the supply increases then the Quantity of the supplied increases. The higher the price unit the greater the outcome of profit is. In the equilibrium market without the supply, the demand cannot be met.]]> 2017-04-12 19:22:56 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166156972 Video#1 What is Market Equilibrium acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166157372 This video talks about Equilibrium, and what it is. Consumers and producers react differently to price changes depending on whether the price goes up or the price goes down, Higher prices lead to more supply and a decrease in demand and Lower prices lead to less supply and increase in demand. But somewhere between the ups and downs there is a spot where they meet. That is called the equilibrium; the equilibrium is the spot where the supply and demand meet.]]> 2017-04-12 19:25:17 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166157372 Video#3 What is Demand acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166157732 The Demand plays another role in the Equilibrium market. Without the demand there is no need for the supply. The demand is a schedule or curve that shows the quantities of a product purchased at many different prices. It shows you the pattern of consumers follow when they are willing to purchase. Because of the demand of products this opens up a competitive market, a competitive market is where many buyers and even sellers offer the same product. As the price falls for any product then the demand goes up and as the price rises the demand goes down. ]]> 2017-04-12 19:27:39 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166157732 Picture #2, Chart acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166187946 This is the Supply and Demand chart where you can figure out the equilibrium price. The y axis will always be the price and the x axis will always be the quantity demanded. While supply goes up demand goes down but there is a interception of where the price will figure out how much everything should be sold for while maintaining the perfect quantity of demand and supply]]> 2017-04-13 02:02:18 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166187946 Website #1, How equilibrium is beneficial acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166188548 The equilibrium price benefits the whole market. It is the only price where the plans of consumers and producers agree. At any other price the quantity demanded is not the quantity supplied. If everybody is being satisfied with a certain price then the market will be doing well. ]]> 2017-04-13 02:12:22 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166188548 Website#2 Bringing Supply & Demand Together acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166189254 This talks about what happens if there is too much shortage or too much surplus, the companies must eliminate it. To charge a surplus the price must be charged at a price higher than the equilibrium and higher than what buyers will buy it for. Also what can cause the changes in an equilibrium, changes in the demand curve or supply curve can change the whole balance of the equilibrium.]]> 2017-04-13 02:23:21 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166189254 Website #3, Milk Surplus acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166189646 Another role that plays in the equilibrium market is Surplus. Surplus is a state when the supply is higher than the demand, therefore making the product obsolete and leading in lost of profit. In this case Canadian dairy farmers have a surplus of skim milk due to the demand for butter and cream. If there is no demand for skim milk then they have to get rid of it. Ontario farmers produced over 5.4million liters of milk and 800,000 liters had to get disposed of. This is a prime example of when there is too much supply and not enough demand.]]> 2017-04-13 02:29:28 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166189646 Picture#1, Shortage acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166189912 In this picture the producers are apologizing on the increase of the price of eggs due to a shortage. The demand for eggs is high but there was not enough supply.]]> 2017-04-13 02:33:44 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166189912 Picture #3, Equilibrium equation acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166190933 This chart shows the formula for supply and demand. On the left and right sides you can see the price decreasing and the numbers increasing but they both meet at 30-10, meaning Quantity demanded is 10 and Quantity supplied is 10 for a price of 30 therefore the equilibrium is 30-10]]> 2017-04-13 02:46:34 UTC https://padlet.com/acquillerg/dsjoh4krfqg/wish/166190933 Reflection acquillerg https://padlet.com/acquillerg/dsjoh4krfqg/wish/166195057 1.     I learned that equilibrium is really important and we don’t realize how hard it is to find it, a lot of consumers always ask why is this that price and why isn’t it this but studying this really made me understand.
 
2.     Sometimes when I would go shopping for clothes I wouldn’t understand why they wouldn’t have my size, XL, its because the demand for XL isn’t as high as it is for M so they don’t have a lot of supply for it thus escaping a surplus. So when they do have the XL the equilibrium is the proper price it is sold at.
 
3.     I found the corresponding of supply and demand, shortage and surplus interesting because it makes sense. If its not demanded then you don’t need it so being careful of ordering too many things when theres not enough demand causes surplus. Also its vice versa with supply, if the demand is too high and there is not enough supply there becomes a shortage and then prices may increase.
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