Economics for Business (Assignment)
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Added on 2020-11-23
Economics for Business (Assignment)
Added on 2020-11-23
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ECONOMICS FORBUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31.Implicating supply and demand to identify price determination of eggs in the UK.................32. Identifying economic policies for government to reduce consumption of “recreationaldrugs”...........................................................................................................................................6CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThe supply and demand play main tole in analyzing the ability of businesses inperforming operations in the market. Thus, consumer preferences create demand whichaddressing their requirements creates appropriate supply for the products. It has the impacts inmarginal benefits of consumption and produced quantities due to changes in operationalactivities. In the present report there will be discussion based on the UK economic policiesrelevant with determining prices as per demand and supply as well as suggestion relevant withreduction in consumption of recreational drugs. It will also highlight the factor which are mainlyaffecting market failure and operational variations in trade practices.MAIN BODY1.Implicating supply and demand to identify price determination of eggs in the UKThe main economic foundation of economy is supply and demand. For understandingsupply and demand analysis it is very important for considering supply and demand onindividual aspect. There is presence of different factors which shift demand and supply as well.In relation with having changes in the prices and operational practices on which it can be saidthat there are various factors which influence the demand and supply and which have impacts ofchanges in prices for the particular commodity. Considering the competition stated in the marketon which there are various individuals or entities which brings the reforms in the prices. It can besaid that the prices bring the incentives to both producer and buyers. Encouraging the rise inproduction is due to rise in prices for the commodities. Similarly, if the commodities are lessconsumed by the buyers that it will affect the prices to be reduce and also discouraging for theproducer to produce such commodities (Lagoa-Varela, Alvarez-García and BoedoVilabella,2018).Demand and Supply relationship:Considering the equilibrium of the market on which at a point where demands and supplyfor a particular commodity meets and brings balance in each operation. Time and situation of theoccurrence of such condition is when the consumer and producer are agreed on the effectiveprice and quantity of the commodities on their satisfaction level. Thus, satisfaction to both the
individual brings the equality in the demand and supply. Thus, the raise in demands in the marketon which producers are capable of producing unit of same proportion will be helpful in bringingthe equilibrium in market. Therefore, as per considering the Eggs production and its supply inthe UK market which have influences due to production level and demands stated in the market.Illustration 1: Supply and demandcurve(Source: Drydakis and et. al.,2018)In addition, it can be said that the impacts of prices are based on consumer preferencesand which are interrelated with the whole process of demand and supply. Thus, the behavioralfactor will be main element which determines the consumption of commodities as well as itsutilization in various operations. However, there have been various factors which are affectingthe prices of Eggs in UK market such as:Product Quality: Considering the qualities of products which may have influences ofvarious factors such as not an appropriate quality of Eggs, disease relevant with Eggs as well ascurrent infections. However, here consumer have demanded to have commodities on the fixecriteria and satisfactory level of the goods are being required by them. Moreover, it will be amain factor which have influences in the prices of eggs in UK (Azevedo and Leshno, 2016).Legislations: Influences of various laws and regulations which brings obstacles andbarriers in the trade practices of the entities. Thus, variation of such changes will have positive aswell as negative impacts in the rise of various insecurities. However, in relation with ascertainingthe business performed by Egg industries on which there have been various laws and regulation
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