Non-determinates Prices Of Sup :: essays research papers

Most people that are common shoppers have encountered a situation where the product that they were seeking to buy was not available. It is very easy to see that certain products do have an ample supply due to many reasons. Other than the price of that product, there are six major non-determinate factors of supply. These factors are: Number of Sellers, Technology, Resource Prices, Taxes and Subsides, Expectations of Producers, and Price of other goods the Firm could Produce. With these factors and the demand of the product, the supply of a product can be determined, and a price can be set.   Ã‚  Ã‚  Ã‚  Ã‚  The number of sellers can be one of the most determining factors of the supply of a product. The concept is very easy to understand. If there are more sellers, that is more stores and manufactures, there will be a larger amount of supply of a certain product. On the other hand, if there are a small number of sellers then there will be little supply of the product. When considering the price of a product, if there are more sellers then there will be more competition; therefore, the price will be at a low cost for the buyers. The sellers will not make a large profit. Moreover, when there is a small amount of sellers then the price can be higher for the buyers. This means the sellers will make a larger amount of profit. For example; there are more sellers for a Toyota Carmry, then there are for Dodge Vipers.   Ã‚  Ã‚  Ã‚  Ã‚  This world has experienced a huge technological advancement. Our knowledge in inventing new technologies has allowed us to become more efficient in the production of products. Also, we have been able to develop many new and better products for the buyers. Technology can do two things to the supply of a product. First, it can drive the price down due to more production of a certain product. With technology, production of a certain product has become cheaper and more efficient. The second thing that technology has done is decline the supply of certain product. With the production of new and better products, older products have become less used and not produced as much. A good example of how technology has effected this world is the invention and production of CD’s. In today’s world most Americans own a CD player and have gotten ride of the record player. Non-determinates Prices Of Sup :: essays research papers Most people that are common shoppers have encountered a situation where the product that they were seeking to buy was not available. It is very easy to see that certain products do have an ample supply due to many reasons. Other than the price of that product, there are six major non-determinate factors of supply. These factors are: Number of Sellers, Technology, Resource Prices, Taxes and Subsides, Expectations of Producers, and Price of other goods the Firm could Produce. With these factors and the demand of the product, the supply of a product can be determined, and a price can be set.   Ã‚  Ã‚  Ã‚  Ã‚  The number of sellers can be one of the most determining factors of the supply of a product. The concept is very easy to understand. If there are more sellers, that is more stores and manufactures, there will be a larger amount of supply of a certain product. On the other hand, if there are a small number of sellers then there will be little supply of the product. When considering the price of a product, if there are more sellers then there will be more competition; therefore, the price will be at a low cost for the buyers. The sellers will not make a large profit. Moreover, when there is a small amount of sellers then the price can be higher for the buyers. This means the sellers will make a larger amount of profit. For example; there are more sellers for a Toyota Carmry, then there are for Dodge Vipers.   Ã‚  Ã‚  Ã‚  Ã‚  This world has experienced a huge technological advancement. Our knowledge in inventing new technologies has allowed us to become more efficient in the production of products. Also, we have been able to develop many new and better products for the buyers. Technology can do two things to the supply of a product. First, it can drive the price down due to more production of a certain product. With technology, production of a certain product has become cheaper and more efficient. The second thing that technology has done is decline the supply of certain product. With the production of new and better products, older products have become less used and not produced as much. A good example of how technology has effected this world is the invention and production of CD’s. In today’s world most Americans own a CD player and have gotten ride of the record player.