Top Essay Writers
Our top essay writers are handpicked for their degree qualification, talent and freelance know-how. Each one brings deep expertise in their chosen subjects and a solid track record in academic writing.
Simply fill out the order form with your paper’s instructions in a few easy steps. This quick process ensures you’ll be matched with an expert writer who
Can meet your papers' specific grading rubric needs. Find the best write my essay assistance for your assignments- Affordable, plagiarism-free, and on time!
Posted: September 30th, 2021
According to one of the microeconomic textbook from Oxford demand & supply is the basis of economic of pricing that the prices are determined using the demand and supply concept. In other words, the demand and supply system is to show the dependence of demand and supply on price.
This session is the description of what is demand in economics. Joseph and Kamil (1996) stated that demand is the rate at which consumers want to buy a product. There is difference between demand and want, according to Oxford microeconomics textbook (2008, p.28) want is meant to have a desire or a wish for something while demand is the desire or need of customers for goods and services which they want to buy or use. When the product price that is high in the market, the demand will be low. When the product price is low in the market then the demand will be high as many consumers will be able to purchase the product if the product price is low.
We hear “Can you write in APA or MLA?” all the time—and the answer’s a big yes, plus way more! Our writers are wizards with every style—APA, MLA, Harvard, Chicago, Turabian, you name it—delivering flawless formatting tailored to your assignment. Whether it’s a tricky in-text citation or a perfectly styled reference list, they’ve got the skills to make your paper academically spot-on.
Law of demand is to explain that when higher the price of a good, the lower is the quantity demanded for that good. When the price is lower down, the quantity demanded is higher. Besides that, law of demand also explains there will be a negative or an inverse relationship between price and quantity demanded.
Oxford microeconomics textbook (2008, p.28) stated that every individual and society practices the law of demand. Peoples will always buy more goods when the goods of the price is reduced. For example people will definitely buy more goods in a mega sales confirm to the normal season of the sale. This statement can clearly relates to on October 2, 2014 government increased the petrol and diesel price by 20 cent per liter as in line with the federal government’s subsidy rationalization policy. The new retail price of RON95 will be RM2.30 and diesel will be RM2.20 per liter. When government increase the petrol and diesel price by 20 cent, definitely there are a lot of Malaysian consumers struggle with the price of it.
Determinants of demand can be defined as when there is changes in price, quantity demanded will change. It is a movement along the same demand curve and when the factors other than price changes, demand curve will shift. Below are the information of the determinants of demand.
– Substitute goods: Substitute goods is define as the goods can be replace by another goods. For example, coffee and tea, chicken and pork and many others goods that can find a similar replacement.
Yes, completely! They’re a valid tool for getting sample papers to boost your own writing skills, and there’s nothing shady about that. Use them right—like a study guide or a model to learn from—and they’re a smart, ethical way to level up your grades without breaking any rules.
– Complementary goods: Complementary goods are those goods that are used in conjunction with another good
Matt Johnson (2014) define supply as the total quantity of a product or service that the marketplace can offer. The quantity supplied is the amount of a product or service that the suppliers will be supply willingly with a given price. According to Oxford microeconomics textbook (2008, p.40) supply is defined as the ability and willingness to sell a specific quantities of the goods in a given period of time at particular price, everything else held constant.
Under Oxford microeconomics textbook (2008, p.41) stated “Other things being equal, law of supply states that higher the price of a good, higher is the quantity supplied for that good and lower the price, lower the quantity supplied.” It is stated that the law of supply is a positive or a direct relationship between the price and the quantity that is supplied. Goods that sold by the seller will want to gain more profit, that’s why goods are normally sell more at a higher price.
Prices start at $10 per page for undergrad work and go up to $21 for advanced levels, depending on urgency and any extras you toss in. Deadlines range from a lightning-fast 3 hours to a chill 14 days—plenty of wiggle room there! Plus, if you’re ordering big, you’ll snag 5-10% off, making it easier on your wallet while still getting top-notch quality.
Determinants of supply can be define as when there is factors and price of the good is constant, there will be change in supply. Below are the factors and how it can shift the supply curve.
This is the case study that shows on 2nd October 2014, government have increased the price of petrol and diesel to 20 cents per liter as in line with the federal government’s subsidy rationalization policy. The new retail price of RON95 will be RM2.30 and diesel for RM2.20 per liter. The assignment will now explains how does the changes will affect the demand and supply on Malaysian consumers.
As law of demand already explained determinants of demand can be define as when there is changes in price, quantity demanded will change. When government increase the price of petrol and diesel, definitely the demand towards petrol will decrease as it determinates the income of consumers is affected. Petrol price plays a big role towards the market, when price of petrol increase which means the market or society will be facing the increasing of inflation. Inflation occurs when petrol price increase it is because production line will need to increase their prices as well to cover up the petrol cost by delivering the products.
According to a statement from DAP Malaysia, “The government must realize that allowing the increase of fuel prices will create two- prong negative impacts. Firstly, it will cost more for car users and this will definitely affect a large section of the consumers, as a big population of Malaysian society owns a car. Furthermore, the price hike in fuel will have cascading effects and lead to increase of prices of other goods and services and thus contributing to inflation in our economy.Secondly, the higher cost of fuel will increase the overall operating cost of doing business in Malaysia.”
Nope—your secret’s locked down tight. We encrypt all your data with top-tier security, and every paper’s crafted fresh just for you, run through originality checks to prove it’s one-of-a-kind. No one—professors, classmates, or anyone—will ever know you teamed up with us, guaranteed.
Supply of petrol will not be a problem in Malaysia although the government increased the price of petrol. People will still need to have petrol for their cars. Therefore the supply of petrol will remain stable as there is a statement from the PKR secretary general ”Because the people are still paying prices higher than the market prices for unsubsidized fuel.”
The graph above is the demand and supply curve of the petrol as the demand of petrol will decrease as government do not make any changes for the petrol price. Kindly refer below for the symbol terms.
S = Supply
Not even a little—our writers are real-deal experts with degrees, crafting every paper by hand with care and know-how. No AI shortcuts here; it’s all human skill, backed by thorough research and double-checked for uniqueness. You’re getting authentic work that stands out for all the right reasons.
D = Demand
P 0 & 1 = Price equilibrium
Q 0 & 1 = Quantities demanded
Government also increase the diesel price for 20 cent per liter, the total amount of diesel is now RM2.20. The demand of diesel is same with the demand of petrol, price increase and demand will decrease eventually. The only thing that affected by the price of diesel is the production from the manufacturers as they will need to increase the price of production to cover up the production cost.
Our writers are Ph.D.-level pros who live for nailing the details—think deep research and razor-sharp arguments. We pair that with top plagiarism tools, free revisions to tweak anything you need, and fast turnarounds that don’t skimp on quality. Your research paper won’t just shine—it’ll set the bar.
The supply of diesel will be maintain the same as the supply of petrol, government will not face problem in Malaysia although the government increased the price of diesel. Manufacturers will still needed diesel for production cost, therefore the total damage will only bare by consumers.
The graph above is the demand and supply curve of the petrol as the demand of diesel will decrease as government do not make any changes for the diesel price. Kindly refer below for the symbol terms.
S = Supply
You’re in good hands with degree-holding pros—many rocking Master’s or higher—who’ve crushed our tough vetting tests in writing and their fields. They’re your partners in this, hitting tight deadlines and academic standards with ease, all while tailoring every essay to your exact needs. No matter the topic, they’ve got the chops to make it stellar.
D = Demand
P 0 & 1 = Price equilibrium
Q 0 & 1 = Quantities demanded
After the knowing of the effect of increasing petrol and diesel, Malaysia government should consider decreasing the price to a reasonable price where consumers are able to afford the price. Price of petrol and diesel increase will cause the inflation rate increase in Malaysia. Malaysia is needed to be remained competitive in the eyes of foreign investors.
100%—we promise! Every paper’s written fresh from scratch—no AI, no copying—just solid research and proper citations from our expert writers. You can even request a plagiarism report to see it’s 95%+ unique, giving you total confidence it’s submission-ready and one-of-a-kind.
Elasticity in economics is important because it is a important concept to be mastered in order to apply the concept to the households, businesses and researchers as it is vital and very applicable in the daily life. Elasticity is the measurement of the magnitude of responsiveness of any variable such as quantity demanded or quantity supplied to the change to the determinants factor such as price and income. According to Oxford microeconomics textbook (2008, p.87) the value of elasticity can be measure by the graph below:
Below are the table of the types of elasticity:
The price of elasticity of demand is to measure on how much the quantity demanded of a good responds to a change in price of the good. According to Economics Online, price elasticity of demand shows the relationship between price and quantity demanded and provides a precise calculation of the effect of a change in price on the quantity demanded.
Yep—APA, Turabian, IEEE, Chicago, MLA, whatever you throw at us! Our writers nail every detail of your chosen style, matching your guidelines down to the last comma and period. It’s all about making sure your paper fits academic expectations perfectly, no sweat.
To calculate the price elasticity of demand between two points on a demand curve, we will need a formula to calculate. Refer the graph below for the formula of calculating price elasticity of demand.
There are also 5 types of the demand curve exist in price elasticity of demand that shown in Oxford microeconomics textbook (2008, p.89).
We can crank out a killer paper in 24 hours—quality locked in, no shortcuts. Just set your deadline when you order, and our pros will hustle to deliver, even if you’re racing the clock. Perfect for those last-minute crunches without compromising on the good stuff.
The price elasticity of supply is the measurement on how much the quantity that supplied for the good responds to a change in the price of the good that computed as the percentage change in quantity that is supplied divided by the percentage of changes in price.
To calculate the price elasticity of supply between two points on a supply curve, we will need a formula to calculate. Refer the graph below for the formula of calculating price elasticity of supply.
Price elasticity of supply =
For sure! Our writers with advanced degrees dive into any topic—think quantum physics or medieval lit—with deep research and clear, sharp writing. They’ll tailor it to your academic level, ensuring it’s thorough yet easy to follow, no matter how tricky the subject gets.
There are also 5 types of the supply curve exist in price elasticity of supply that shown in Oxford microeconomics textbook (2008, p.95).
Send us your draft and tell us your goals—we’ll refine it, tightening arguments and boosting clarity while keeping your unique voice intact. Our editors work fast, delivering pro-level results that make your paper pop, whether it’s a light touch-up or a deeper rework.
Cross elasticity of supply is the measurement on how much the quantity demanded of a good responds to a change in the price of another good where it will computed as the percentage change in quantity demanded of goods A divided by the percentage change in the price of goods B.
Yes—we’ve got your back! We’ll brainstorm fresh, workable ideas tailored to your assignment, picking ones that spark interest and fit the scope. You choose the winner, and we’ll turn it into a standout paper that’s all yours.
Below is the formula of cross price elasticity
Cross price elasticity of demand =
According to the statement of economics export (Mike Mofatt, 2015) “The cross-price elasticity of demand is used to see how sensitive the demand for a good is to a price change of another good”. The high positive of the cross price elasticity will let us know that if the price of the good goes up and the demand for the other good goes up as well. A negative tells us just the opposite, that an increase in the price of one good causes a drop in the demand for the other good. A small value (either negative or positive) tells us that there is little relation between the two goods.
Below are the interpretation of the degree of elasticity:
Definition: Both goods are require to be paired up and related
Example: Pizza & Coke, A good pizza store that serves great pizza will generates demand for the drinks as well.
Definition: They are substitutes goods when there is price increase on the good and cause the demand increase for the good of others.
Yep—need changes fast? We’ll jump on your paper and polish it up in hours, fixing whatever needs tweaking so it’s ready to submit with zero stress. Just let us know what’s off, and we’ll make it right, pronto.
Example: Replacing an iPhone 6 with a Samsung Note 4 will be better than replacing the iPhone 6 with a Samsung tablet.
Definition: The price of the good will not affect the demand for another good.
Example: Ferrari, even if the price increase it will not related to the demand for another good. It has its own target market.
Income elasticity of demand is define as the measurement of how much the quantity demanded of the good responds to the changes of consumer income and computed as the percentage of change in quantity demanded divided by the percentage change in income.
Below is the calculation of income elasticity
Income elasticity of demand =
Sure thing! We’ll whip up a clear outline to map out your paper’s flow—key points, structure, all of it—so you can sign off before we dive in. It’s a handy way to keep everything aligned with your vision from the start.
According to the statement of economics export (Mike Mofatt, 2015) “Income elasticity of demand is used to see how sensitive the demand for a good is to an income change.” When there is high income elasticity, it will be sensitive to the demand for a good is to income changes. A very high income elasticity shows that the consumer’s income goes up and consumers will buy a great deal more of that good. A very low price elasticity implies just the opposite, that changes in a consumer’s income has little influence on demand.
Below are the interpretation of the coefficient of income elasticity:
Coefficient of Income Elasticity |
Degree of Elasticity |
Types of Good |
Ey = 0 |
Perfectly Inelastic |
Necessity goods |
Ey > 0 |
Elastic |
Luxury goods |
0 < Ey < 1 |
Inelastic |
Normal goods |
Ey < 0 |
Negative elastic |
Inferior goods |
Table 1: Oxford microeconomics (2008, p.94)
With all the research that has been done, elasticity do play a important role in economics with the measurement of responsiveness towards one determinant to the change in one of the determinant’s factor.
With the research of doing this assignment I get to learn about the characteristics of useful economics information such as demand & supply, law of demand & supply, determinants of demand & supply. Each of the characteristic of the economics information also will determine the usefulness.
Through this assignment, I have know about the information of elasticity. There are four types of elasticity such as price elasticity of demand, price elasticity of supply, cross price elasticity & income elasticity. I also learnt to how to draw different types of demand curve.
Tags: Academic Paper Assistance, Assignment Help Australia, Cheap Essay Writing Service, Dissertation Writing ServicesYou Want The Best Grades and That’s What We Deliver
Our top essay writers are handpicked for their degree qualification, talent and freelance know-how. Each one brings deep expertise in their chosen subjects and a solid track record in academic writing.
We offer the lowest possible pricing for each research paper while still providing the best writers;no compromise on quality. Our costs are fair and reasonable to college students compared to other custom writing services.
You’ll never get a paper from us with plagiarism or that robotic AI feel. We carefully research, write, cite and check every final draft before sending it your way.