This Is A Case Study Of Economic About The Relationship Of The Economic And Software

1137 words - 5 pages

Question 1AExpected relationship between the demand of software and the own price of software:This is an indirect relationship between the price of software and the quantity demand. A fall in price will cause the demand for software to expand while a rise in price will cause the demand for it to contract. The own price of the software has the affection to the demand of software. Customer usually would look at the price of the product before they do any purchases, and they always to buy the product if the price is reasonable for them or else they are not going to buy it unless they really want it badly. In the other word, as price gets higher, people want less of a particular product.The ...view middle of the document...

Inferior goods have a negative income elasticity of demand. Demand falls as income rises. In a recession the demand for inferior products might actually grow.The relationship between the demand of software and the advertising:Advertising is a way of introducing more details about the product. Consumers need to know what they are buying and make sure its suit for them. Good advertising will increase the quantity of demand.BExpected relationship between the supply of software and the own price of software:Price plays a central role in economics, especially microeconomics and the study of markets. The supply price is the minimum price that sellers are willing and able to accept for a given quantity of a good. While sellers might be willing and able to accept more than the supply price for a given quantity, they are not willing and able to accept less. The supply curve is a plot of the supply price for each quantityExpected relationship between the supply of software and research and development:The prices paid for the use of labor, capital, land, and entrepreneurship affect production cost and the ability to supply a good. If resource prices increase, then production cost is higher and the sellers are inclined to offer less of the good for sale. If resource prices decrease, then production cost is lower and the sellers are inclined to offer more of the good for saleExpected relationship between the supply of software and production costs:The opportunity cost of using labor, capital, land, and entrepreneurship in the production of goods and services. The price received by a seller must be high enough to cover production cost. The law of supply is based on the proposition that production cost increases with an increase in the quantity produced and supplied.Production cost is important to the supply side of the market. Sellers base supply decisions on the cost of production. In that production cost generally increases as more of a good is production, the supply price also tends to rise with the quantity supplied.Question 2 Diagram of...

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