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Economics

I want to answer the following question to incorporate in my paper with about 150 to 200 words and at least two references, one from Colander: Economics,Seventh Edition.

Using the following professional information:

I currently work as a Assistant Director of Admissions (college recruiter) for an online university, enrolling students in Associates,Bachelor, and Masters degrees, holding the position of top 5 salespersons in the company.

In your professional, provide an example of supply and demand and how a shift in either caused a significant change in price and/or the quantity demanded. Elaborate. Be sure to correctly use the terms "demand", "quantity demanded", "supply", and "quantity supplied", as defined in the text by Colander.

I also want to answer the next 2 question for another paper, I need about 150 to 200 words per question with one reference each.
Question #1: Give an example of a good or service for which price ceilings exist or have been discussed in the media. What are the arguments for the price ceiling in your example? Using the concepts of supply and demand, identify the likely consequences on the market from the price ceiling.

Question #2: Give an example of a good or service for which price floors exist. What are the arguments for the price floor in your example? How is the price floor maintained (i.e., what prevents the price from falling)? Using the concepts of supply and demand, identify the likely consequences on the market from the price floor.

Solution Preview

The response address the queries posted in 1055 words with references.

//First of all, we will discuss the supply and demand and then we will discuss the change in price and the quantity demanded due to shift in supply or demand. We will discuss it through an example. I am taking a general example to elaborate it; you are free to use other example for your professionals.

Demand and Supply

The law of demand explains that the change in the prices (increase or decrease) causes the change in quantity demanded. The quantity demanded increases or decreases as the price of the commodity decreases or increases but other things should remain constant. On the other hand, an increase in demand causes an increase in prices as suppliers want to gain more profits (Colander, 2008). The demand and the shift in quantity demanded or price can be understood from the following example -

Price
Quantity Demanded

5
20

10
15

15
10

20
5

The above example explains that an increase in the prices will cause a decrease in the quantity demanded. On the other hand, the supplier will also increase the prices as the demand of the quantity will increase.

//Above, we discussed demand and the change in prices and quantity demanded due to change in demand. Now as per the direction, we will discuss the supply and quantity supplied. We will also discuss the change in prices or the quantity demanded due to the change in supply.

The law of supply defines that the change in quantity supplied due to change in prices of commodity. An increase in the prices causes the increase in the quantity supplied and vice ...

Solution Summary

The response address the queries posted in 1055 words with references

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