Supply and demand

 

 

In the real world, functions are mathematical representations of input-output situations. A vending machine is one such example. The input is the money combined with the selected button. The output is the product.

Here is another example: The formula for converting a temperature from Fahrenheit to Celsius is a function expressed as:

C = (5/9)*(F – 32), where F is the Fahrenheit temperature and C is the Celsius temperature.

If it is 77 degrees Fahrenheit in Phoenix Arizona, then what is the equivalent temperature on the Celsius thermometer?

Our input is 77.

C = (5/9)*(77 – 32)

C = (5/9)*(45)

C = 25

The equivalent temperature is 25 degrees Celsius.

To complete the Discussion activity, please do the following:

Choose your own function or choose from the list below and then provide a unique example of a function and evaluate the function for a specific input (like the example above).

Arm length is a function of height.

The circumference of a circle is a function of diameter.

The height of a tree is a function of its age.

The length of person’s shadow on the ground is a function of his or her height.

Weekly salary is a function of the hourly pay rate and the number of hours worked.

Compound interest is a function of initial investment, interest rate, and time.

Supply and demand: As price goes up, demand goes down.

 

Supply and demand

After reading about supply and demand, given stories on the news, articles in the newspapers or online, and what you have experienced in retail locations, what examples of supply and demand shifters have you seen resulting from the pandemic? What is causing an increase or decrease in supply or demand? Give specific examples of goods and services with one example for a supply shifter and one example of a demand shifter. Make sure to support your thoughts / analysis (you can use the textbook), and cite your source(s) using the APA format.

Supply and demand

Coffee suppliers have been dealing with shortage due to coffee leaf rust and drought. Therefore, there are some changes in supply and demand of this product, people is starting consuming tea as a substitute.

How would you illustrate this change graphically in terms of supply and demand ? Describe it.