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Economics - supply and demand , Essay

Ice-Campusades, my own ice cream parlour, in my college campus, selling all ice cream at a fixed price of $1.50. Even at the given price point, demand fluctuates on a daily basis. I have tried my best to analyse the fluctuations in using the concept of demand and supply. The first reason is the pocket money of college goers. During the start of the month the demand for ice creams is usually high as the students have received their pocket money and thus their purchasing power is high and have disposable income. As they month passes and comes to end, the demand falls. Students at this point of time try to conserve their pocket money for more important purposes. Ice cream at this point of time becomes luxury. The second reason for a fluctuation in demand of ice cream is negative reviews about ice cream in various magazines. A negative review about a product leads to fall in supply even though the price is constant. There has been reports of ice cream causing flu. Parents of students who study and live in the campus will advice them not consume ice cream due to high occurrence of flu. This will lead to a leftward shift in the demand curve at the price of $1.50. We can thus conclude that taste and preferences play a role in demand and supply. The third reason is an increase in the price of chocolate. Chocolate can be a substitute of ice cream and increase in price of chocolate can result to rise in demand for ice creams among students and that can cause rightward shift and a shortage of ice creams at the campus. Demand thus exceeds supply. This is the substitution effect.
Ice-Campusades, my own ice cream parlour, in my college campus, selling all ice cream at a fixed price of $1.50. Even at the given price point, demand fluctuates on a daily basis. I have tried my best to analyse the fluctuations in using the concept of demand and supply. The first reason is the pocket money of college goers.
Assignment ID
482858
Discipline
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CREATED ON
20 April 2018
COMPLETED ON
21 April 2018
Price
$30
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20 April 2018
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20 April 2018
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20 April 2018
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20 April 2018
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