Microeconomic Assignment

What is demand?

Demand means the various quantities of a good that consumer willing to buy at the various prices at a given time. The law of demand states that the higher the price of a product, the lower the quantity demanded of the product and the lower the product of a product, the higher the quantity demanded. There are many factors that can affect the demand such as the price of related goods. Related goods fall into two categories first is substitute goods and second is complementary goods. Substitute goods are goods or services that can be used in place of another product or services.

 A normal demand curve will slope downward from left to right. Thus illustrates the ‘Law of demand’ which states that price and quantity are inversely related assuming other factors re constant / ceteris paribus

What is supply?

Supply means the ability and willingness to sell or produce a particular product or service in a given period of time at a particular price, ceteris paribus. The law of supply states that the higher the price of the product, the greater the quantity supplied of that product.

 A normal supply curve will slope downwards from left to right. This illustrate the ‘Law of supply’ which states the price and quantity are directly related

Question 1

Choose a supermarket and a grocery shop of your choice and do a research on what the factors that will affect the demand for their services.

History MYDIN was founded in 1918 by Mr. Gulam Hussein Jamal, Mr. Mydin father. They are stored in Penang was razed during World War II, they lost everything. However, strong determination, perseverance and faith to his son, one of Mr. Mydin Mohammed, recovery wholesale trade.

In 1957, he opened the first store, a store called wood country Mydin Jalan Tok Hakim Muhammad, Kota Bharu, Kelantan, and also sells toys and merchandise with their hard-earned money . With children who are close to help enterprises to expand their operations to Kuala...