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- 1 How much did you pay for those bannanas?
- 2How so cheap?
- only $1.50
- 2 Because right now is the growing season for bannanas which means the supply increases
- 2 what are other examples of this?
- 1 The price drops so the store can sell all the bannanas . When its not banna season the supply goes down and prices go up. That is supply and demand
- When the demand for housing is high but the supply is low leads to the price going up. During the summer more people travel so the price for plane tickets may go up
- OK. so what exactly is the definiton of law of supply and the law of demand
- The law of supply shows that the higher price will make producers supply a higher amount to the market. This is to make revonue.The law of demand states that at a higher price connsumers will demand a lower quantity/amount of the good
- Alright, so what is Elastic demand and inelastic demand ?
- Elastic demand refers to the change in demand when there is a change in another factor such as price . Inelastic demand takes place when the demand for a prodcut doesnt change as much as the price does. for ex. if price rises 25% but demand only goes down 2% that prodcuts demand is inelastic
- Thanks Now i understand. Can you also let me know 3 factors that influence demand.
- It can depend on sevreal factors such as prodcut price, buying power, and utility
- Thanks, now i know the influence of demand. Lastly can i know about the factors of supply
- Thank you for teaching me all this
- There are 6 factors affecting supply:- cost of production-number of products- future prices-Disaters and Emergencies -Goverment- Technology
- No problem, Now you know.
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