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1. Why is knowledge about supply important?
2. Why does supply increases as the price increases?
3. How can we determine that there is supply in the market?
4. How does the change of supply affect your life?
5. How do you address the shortage of supply of your favorite products?
6. If you were a producer, how would you guarantee that there is always a sufficient supply of products?
7. Why should we consider the response of producers to price increases?
1. Why is knowledge about supply important?
2. Why does supply increases as the price increases?
3. How can we determine that there is supply in the market?
4. How does the change of supply affect your life?
5. How do you address the shortage of supply of your favorite products?
6. If you were a producer, how would you guarantee that there is always a sufficient supply of products?
7. Why should we consider the response of producers to price increases?
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Answer:
1. Supply and demand have an important relationship because together they determine the prices and quantities of most goods and services available in a given market. According to the principles of a market economy, the relationship between supply and demand balances out at a point in the future.
2. Supply in a market can be depicted as an upward-sloping supply curve that shows how the quantity supplied will respond to various prices over a period of time. Because businesses seek to increase revenue, when they expect to receive a higher price, they will produce more.
3. Supply levels are determined by price, which increases or decreases supply along the price curve, and non-price factors, which shifts the entire curve.
4. When demand exceeds supply, prices tend to rise. ... If there is a decrease in supply of goods and services while demand remains the same, prices tend to rise to a higher equilibrium price and a lower quantity of goods and services. The same inverse relationship holds for the demand for goods and services.
5. -Prioritize Critical Shortages by Supplier and Buyer and Identify the Root Causes.
-Optimize Your VMI Thresholds.
-Unlock your ERP.
-Collaborate With Your Suppliers.
-Increase Transparency, Accountability, and Ownership Among Your Buyers.
6. Appropriate stock levels underpin customers getting their products delivered in full on time. The ability to meet purchase requirements is important for customer retention. Understock – carrying too little stock can put a real dent in your DIFOT. Forecasting when you might have too little stock can be tricky.
7. The increase in price will cause the profits of producers to go up, motivating them to produce a greater quantity of the good