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University of the Cumberlands Managerial Economics Essay
- IN ORDER TO RECEIVE CREDIT FOR THIS ASSIGNMENT DEMAND AND SUPPLY CURVES, EQUILIBRIUM POINTS, AND CHANGES IN PRICES AND QUANTIES DEMANDED MUST BE CLEARLY SHOWN, LABELLED, AND DESCRIBED.Using shifts in supply and demand curves, illustrate and describe a change in the specific industry in which your firm operates – if you are not currently employed you may use a specific industry you would like to work in. The change may arise from a change in costs, entry/exit of firms, a change in consumer tastes, a change in the Macroeconomy, a change in interest rates, or a change in exchange rates. Label the axes, and state the geographic, product, and time dimensions of the demand and supply curves you are drawing. Explain what happened to industry price and quantity by making specific references to the demand and supply curves. If more than one change occurred, then decompose the change into smaller pieces so that your explanation has a step-by-step character to it. (Hint and warning: Demand and supply curves are used at the industry level, not at the firm level.) Describe how your company could profitably use the analysis.
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