Demand, Supply and Market Equilibrium Research Paper

Demand, Supply and Market Equilibrium - Research Paper Example The next thing is the connection between the law of diminishing marginal utility and the law of demand. The article describes the law of diminishing marginal utility that every additional unit brings lower satisfaction than the previous one. Therefore, every additional unit is given a lower price. Thus it is connected with the law of demand that the lower the price the higher the quantity demanded. Demand is defined as the willingness and ability of a consumer to buy a product. It is inversely related to price. When the price of good increases, its demand decreases and vice versa. The quantity of a good the consumer is willing to buy at specific prices is called a demand schedule. It shows how demand changes with the price. The graphical presentation of a demand schedule is called a demand curve. Utility is relevant to our course as we need to know about utility of a product to clear our views about what people pursue and pay for. Demand and its connection with the law of diminishing utility is also significant as we need to know about demand to see what people want and how much they want of a specific commodity and thus decide how it can be supplied. (Schafermeyer, 2000) Now the price change only changes the quantity demanded of a product but there are certain factors that change the entire demand of a product. ... In addition to that, the number of consumers is also directly proportional to demand. Consumer tastes and preferences have a strong impact on the demand as well. A good might be cheaper but the consumer may reject it if it doesn’t suit him. Moreover, if consumers expect the price to rise, they buy more of the existing stock and thus the demand increases. When the demand increases, the curve shifts towards the right and when it falls it shifts towards the left. The factors affecting the demand are a part of the learning requirement of our course as they change a force that controls the market. (Schafermeyer, 2000) The article defines Supply as the willingness and ability of a firm to produce a good at given price in a certain time period. Like demand, supply also has a relation with price but it is a direct one instead of an indirect one. When the price of a good rises, its supply rises. The quantity of a good supplied at a range of prices is called a supply schedule. The graph ical presentation of the supply schedule is called supply curve. The supply curve and its basics are also significant according to the syllabus as the second force controlling the market. (Schafermeyer, 2000) Apart from price, the cost of production also affects the supply. If the production costs are high then the producers will be reluctant to produce the good to avoid losses at lower prices. The number of sellers in a market also determines how much quantity will be supplied. Furthermore, the price of related goods also affects the supply of an object as the producers will shift to the good with a higher price. Lastly, if a seller expects the price to go up in some time then he will reduce the supply and wait for the right time to

Public Safety and Privacy Analysis Essay Example | Topics and Well Written Essays - 1500 words - 1

Public Safety and Privacy Analysis - Essay Example Back in the 1970's the Supreme Court tackled in the case of Roe v. Wade the issues of pregnancy and even abortion as private matters (Chaiten, 2004). Today, however, the shift is on making the aspects of private realm as pertinent concerns of the state, especially when it comes to the issue of public safety. In the case of People v. Samson, the court ruled upon the rights of a parolee. The facts of the case focus on the encounter between the parolee and a police officer. It was September 6, 2002 police officer Alex Rohleder, while patrolling, saw and recognized the parolee Donald Curtis Samson whom he heard from his colleagues as having 'a parolee at large warrant.' Rohleder approached and inquired. Samson declared that he was then 'in good standing with his parole agent.' All the same, police officer Rohleder decided to conduct a search and justified the said search by claiming that as a parolee, there is a need to make sure that Samson obeys the laws and rules. It is a mere privilege that Samson has been set out of prison and he will be discharged Samson if he has 'nothing illegal.' There is actually a condition on Samson's parole that grants any officer the right to search at any time whether or not there is a warrant. This is a valid condition and it is implemented to all parolees i n the State of California. The police officer found cigarette box and discovered a plastic bag with methamphetamine. Samson was arrested. Samson filed a motion to suppress evidence, but this was denied. He was convicted and sentenced to imprisonment. He appealed before the Court of Appeals which affirmed the validity of the parole search. Analysis There are some situations and events that people undergo at present that are claimed to justify the interference of the state into what used to be purely private matters. This can be attributed to the onset of globalization and the too many changes it has brought to the society. It is a fact that most of the crimes committed today are those that goes beyond what the public can right away see. Some people are molested, harmed and harassed, even if there is no physical contact because of the internet and computer technology. Also, the terrorism that the whole world was able to witness in September 11, 2001 has left many people constantly paranoid of their safety in the public and in their homes. Evidently, these events called for the sudden reshaping of state laws and policies. These also prompted the need to shift paradigms and for the state to pry into the private realm to reveal any bad intent that may cause damage to the public. To many people, the question still remains. Who shall delineate the line on what remains private and what is public when the need arises Who shall say that the government can intervene in most private decisions an individual or household shall make (Chaiten, 2004) How shall every private individual be assured that the rule of law will constantly be implemented and that the inquiry into the public realm is justified This cannot go unresolved as people have witnessed how tendency to abuses and prejudices can harm a small number of people out there. The State is inviolable. Its general principles lie in serving the people that constitute it. Yet, it remains as a mere legal concept. Its