Assignment On Equilibrium

365 words - 2 pages

Equilibrium is a "moving target" because of the constant fluctuation of supply and demand over time. Equilibrium is defined as: the point at which quantity demanded and quantity supplied are equal. Although this definition seems fairly simple, many people tend to overlook how supply and demand of a known product tends to be migratory and is never constant.Equilibrium never seems to stay in one place for a many of reasons, one such reason is the cha ...view middle of the document...

Because of a high demand and its inelasticity, the Playstation 2 was first sold at an alarming 300 dollars and many stores sold out on the first day. However, as more and more people manage to obtain the Playstation 2, the demand for this gaming system began to drop and in order to prevent an excess supply, all of the stores that sold this electronic had reduce the price in order to achieve equilibrium. Nowadays, the Sony Playstation 2 is sold of 150 dollars and supply for it is stable.However, prices are not the only factors in which equilibrium tends to move. A fall in supply can also greatly affect the equilibrium of a product in the market. An example could be the rise and fall of Pokemon cards around 5 years ago. When first released, the cards were considered a "must have," and demand for these cards skyrocketed. Because of the demand being so lofty, the current supply of these cards couldn't keep up. So because of the shortage of these cards, equilibrium had to be adjusted to satisfy the needs for the consumers and the suppliers as well.Equilibrium can be controlled by smart decisions and precise planning for the future.. Although there are many factors in equilibrium, as long as you consider all of the major factors, profit is just around the corner.


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