LAW OF SUPPLY - CASE STUDY / INFORMATION
Iphone 5th generation that came out recently was breathtaking. When it was released, many people lined up in front of most the Apple stores to wait for the arrival of the phone. Therefore, a large amount has been sold when the prices were maintaining very high. After a certain period of time, most people has an Iphone nowadays and therefore, demand and prices has fall.
When the demand of a consumer is high, the production and prices will be high as well to gain the total revenue conversely. When the demand is low and the prices of goods falls, the production rate will fall as well. In conclusion, production and prices have a positive relation. They always have some factors that influence example the state of technology , the prices of other goods , the prices of factors of production.
The quantity supplied of a good is depends of the prices of good itself
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When the demand of a consumer is high, the production and prices will be high as well to gain the total revenue conversely. When the demand is low and the prices of goods falls, the production rate will fall as well. In conclusion, production and prices have a positive relation. They always have some factors that influence example the state of technology , the prices of other goods , the prices of factors of production.
The quantity supplied of a good is depends of the prices of good itself
Do you know that ?? goods only have values when people demand for it ~
Resources: http://www.investopedia.com/terms/l/lawofsupply.asp
http://www.curriculumlink.org/econ/materials/sdlaws.html
hey cool post!
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