FUNDAMENTALS OF ECONOMICS Using diagrams, explain what happens to Coursework

FUNDAMENTALS OF ECONOMICS Using diagrams, explain what happens to PRICE and QUANTITY when Demand increases and Supply increases, and when Supply falls and Demand increases - Coursework Example The diagram below shows the supply and demand curve for good X and the equilibrium price and quantity. In diagram above, the quantity of supply and demand are equal at price 50. If the supply and demand curve won't move, the market price of Good X will not change. If the demand for good X will increase, the demand curve will shift to the right or will exhibit an outward shift. An increase in demand will cause a movement along the supply curve which will result to the rise of equilibrium quantity and price. With the new demand curve, supply and demand of good X equals to 5 at price 60. Price and quantity both increased. This means that an increase in the demand of good X made firms in the market to sell good X at a higher price. However, an increase in supply will show another different result. This is shown in Figure 3. With the new demand and supply curve, D2 and S2, the quantity of good X decreased to about 3.75 units while the price increased by about 78 units. This just proves the law of demand that as the price of good X increases, the quantity demanded decreases. There are a lot of reasons that can cause an increase in demand and supply. ... There are a lot of reasons that can cause an increase in demand and supply. Increase in demand can be caused by increase in the consumer's income or wealth, rise in the price of substitutes, fall in the interest rate, and fall in the price of complements. An increase in supply, on the other hand, can be caused by cheaper cost of production, government subsidies, improvement in production technology, and the entry of new suppliers to the market ("AS Markets and Market Systems"). On the other hand, a decrease in supply has a different effect. This is shown in the figure below. Figure 4. Decrease in supply 80 S 70 S2 60 Price of Good X 50 40 30 20 10 D1 0 1 2 3 4 5 6 7 Quantity of Good X If the demand curve will remain the same and the supply curve shifts downward, the price of good X will decrease to 40 units while the quantity of good X will increase to approximately 4.75. Again, this conforms to the law of demand. Decrease in the price of good X resulted to an increase in the demand for it. This means that more people will be willing to consume good X because of its lower price. However, the picture will not be the same if the demand curve increases and the supply curve decreases. This is shown in Figure 5. Figure 5. Decrease in supply and increase in demand 80 S1 70 S2 60 Price of Good X 50 40 30 20 D2 10 D1 0 1 2 3 4 5 6 7 Quantity of Good X As you can see, there is a decrease in supply and increase in demand. This resulted to a decrease in price form 50 to approximately 42 units and an increase in the quantity of

Ethics in Health Management Essay Example | Topics and Well Written Essays - 500 words

Ethics in Health Management - Essay Example b. Ideals: justice, beneficence, receptance, loving kindness and compassion. If the lady is not taken good care of then she might end up succumbing to the illness due to lack of medical care. Living in an untidy house combined with poor feeding might also raise the risks of her being infected by other diseases. Lack of care may make feel ignored and that the family does not recognize her as being one of them. My situation is that of my 89 years old aunt who lives alone and has no other family around her. She lives in a distant town from where I stay, and that makes it hard for me to monitor her condition. I pay her a visit and to my disappointment find her house in a mess and all I do is worry about her wellbeing and security. The other thing that troubles me is that she has a medical condition, and I fear that she might no longer be able to control her diabetic condition, as she may not remember to go for medical check-ups, as it is required for her. In most cases, the elderly have been marginalized hence lacking the needed health care services entitled for the aged. Sometimes funds that are secured to help the aged are withdrawn: citing lack of compliance or self-care (Caroselli, 2003; Metell and Moo, 1998). This is unethical. In this case, I have the obligation of ensuring that she accesses the rightful medical care she deserves, and she stays in a clean organised environment. Despite the fact that she already declined being taken an institution of the aged, it seems that it would be the only rightful thing to do, and would be for her own bosom, because of her medical condition. In the institution, the required level of attention would be given to her, and a medical expert would be available in case her medical condition got worse. She would also have company from age mates, unlike, if she was transferred to a younger persons place, hence she would not get as bored. This has already triggered