Polk State College
The first common theme that all 3 chapters share is the market and its analysis. It also establishes the understanding of supply, demand, quantity, price, surplus and shortages as well as its positive and negative effects. The second theme that they share is the method that has to be used in order to calculate and measure those terms. The third theme that they share is how much gain or loss is someone willing to take.
All of those 3 themes are broken down into 3 chapters. The first chapter talks about Supply and Demand, the second talks about Elasticity and the third chapter talks about Welfare Analysis. In order to calculate and measure those terms and curves that they share, it has to be defined first and that is what the Supply and Demand chapter does as a whole. The most common terms that all 3 chapters shares are, Market price and Market quantity. As stated in the Chapter 4, Market price is, “the prevailing price for a specific good or service at a particular time in a given market.” (Goodwin, Harris, Nelson, Roach, Torras, 2014a) On the other hand, Market Quantity is, “the number of units of a specific good or service sold in a giving market during a particular period.” (Goodwin, et al, 2014a) By understanding these two terms, it can help us in understanding how a curve works, which then help us on how to calculate and measures quantity later in Chapter 5. Surplus and Shortage is the next term that all 3 chapter shares. Surplus happens when the quantity supplied is greater than the quantity demanded. On the other side, Shortage happens when the quantity demanded is higher than the quantity supply.
All 3 chapters also share few positives as well as ...
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...y $1.41 not $1.42. If an individual were willing to pay $1.10 for a cup of coffee, the other person would receive a consumer surplus of $0.31. (Goodwin, et al, 2014c) On the other side, chapter 4 also gives an example of a coffee supply. For example, if the price of a coffee were $0.80 per cup, only 400 cups would be supplied per week, but if that price rises up to $1.00 per cups, then the cups that have to be supplied would also rise up to 600. This is called the change in the quantity supplied. (Goodwin, et al, 2014a)
From the understanding of supply, demand, quantity, price, surplus and shortages as well as its positive and negative effects to the method that has to be used in order to calculate and measurements to how much gain or loss is someone willing to take, those were the few examples as well as the themes that were shared all throughout those 3 chapters.
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