Watkins - 2

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Ivy Tech Community College, Indianapolis *

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538

Subject

Economics

Date

May 7, 2024

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pptx

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4

Uploaded by tomika71 on coursehero.com

2.4 Assignment Supply and Demand Tomika T Watkins Indiana Wesleyan University ECO-310-01G Econ Principles for Managers I have read and understand the plagiarism policy as outlined in the IWU Catalog relating to the IWU Honesty/Cheating Policy. By affixing this statement to the title page of my paper, I certify that I have not cheated or plagiarized in the process of completing this assignment. I also certify that the work submitted is original work specific for this course and to my program. If it is found that cheating and/or plagiarism did take place in the writing of this paper, I understand the possible consequences of the act/s, which could include expulsion from Indiana Wesleyan University.
. The Law of Supply and Demand is a relationship between the seller and the buyer. This relationship shortly stated ; price of a product and the willingness of the customer who will buy or sell it. Definition Demand Supply Supply is the readiness and volume of manufacturers who make products and services to take to markets. Supply relates to a specified cost or the sum given at higher prices which will generate increased revenue and profits Demand is the amount of a good that customers are ready and able to purchase at many prices during a period. The relationship between cost and amount wanted increase the price of a good or service and vice versa. Price Signals Supply Pricing signal for supply informs the customers or manufacturers if the price of a products should or should not be increased. Demand Pricing signal for demand is when the price of a product or services increase, the demand for it decreases which causes an reverse reaction. Supply and Demand
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