Access over 20 million homework & study documents

search

ECO 365 Identify a good or service with which you are familiar. What factors have contributed

Type

Homework

Rating

Showing Page:
1/1
Identify a good or service with which you are familiar. What factors have contributed to
changes in the supply of and demand for that good or service? What was the effect on the
equilibrium price and quantity? How do you expect changes in the micro economy and
macro economy to affect future supply of and demand for that good or service? Do you
expect the equilibrium price to increase or decrease as a result?
The good or service that I am familiar with is electricity since it is a major thing that almost
everyone uses. This service is used all day everyday and if for some reason that this service
would stop, that would cause a lot of problems in the daily routines that everyone and my self
have to deal with. Electricity is a good and a service because when the customer receives it then
it is a good. When the electric company supplies it then it is a service
The factors that have contributed to the changes of how electricity is used and supplied are the
prices and the demand of what is needed. The more that is demanded means that the price will go
up. The affect on the equilibrium price is that no matter how high the price goes up you have to
pay it because almost everyone needs electricity in his or her everyday lives.
I believe that the change in micro economy and macro economy will have an affect on the future
supply and demand of electricity because it is always going to be in demand no matter how you
look at it. I also believe that the price will increase because the demand will increase.

Sign up to view the full document!

lock_open Sign Up
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Awesome! Perfect study aid.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4