DEMAND AND SUPPLY EXAM

Question 1

a).The effects of the 2010 earthquake in Chile led to the decline of the county’s GDP by 4.5 percent. These affected the supply of coppers in the world market because of many reasons. In the first half of the year, there was a massive decline though there was a slight increase in the second half of the year due to Chile’s reconstruction efforts. The factor that led to the deterioration of Chile’s copper supply in the market includes potential instability of the sector in terms of macroeconomics since the new government has to make changes on budget appropriation to reconstruct infrastructure and offer subsidies. Also, the administration had to give tax reliefs and credit facilities; hence it affected the market dynamics.

b) Due to the shortage of copper in the market price in the copper market across the world increased. There was a decline in copper supply since there was a rise in inflation, which led to increased local demand and rising prices of copper in the world market. In the effort to maintain external supply, exports decreases in 2010; hence coppers attracted high prices compared to the previous year. Since there low balance payments in 2010, it led to an increase in exchange rates in the market.
C) Depending on the shifts of demand and supply of coppers in the market from consideration from the above cases, it could be possible that the price would reduce because of the following. In cases of the considerable decline of exchange rates, the monetary authority could intervene and give tax reliefs and credit facilities to enhance reconstruction hence increase supply in the market, thus decrease of copper price in the market. Another scenario that could lead to price decrease is the country’s growing extensive program to reconstruct production infrastructure leading to the growth of GDP hence increases supply and appropriate exchange rates.
d) The rice of price in the market would make the demand of aluminum increase since it is an alternative. The cross-price elasticity demand would be favorable since aluminum would be a good substitute, from the above cases due to the effect decrease of copper supply; there could be increased demand for aluminum hence leads to the increased price of aluminum in the world market. In cross-price elasticity demand curves shift, making the demand curves constant, thus makings price changes in the market.
e) Looking at the market power of copper producers in the market and projecting their profitability in the future, there is an excellent relationship between profitability and supply. Some producers in the market might collaborate tactfully to dominate the market hence high profitability in the future. Concentration by some firms in the coppers producing powers only benefits the established producers compared to small ones, thus reducing their profitability eventually.

Question 2

an I) The price elasticity demands affect the online sales of smartphones sold by Xiaomi since the profits and losses among customers could shift the requirements of smartphones hence the reduction of online transactions. In case of a change in prices of the smartphones, demand elasticity would move negatively, resulting from declining sales. The sales would shift in a negative curve in cases of price changes and demands.

ii) In the fact of many Chinese companies venture into the Singapore market and start selling smartphones; it could increase competition hence affect the price elasticity demand of Xiaomi. In a market with many firms offering the same products leads to price competition. So in order Xiaomi to maintain its market base, it must use the strategy of market differentiation.

B i) in the near-monopoly market, it is essential to keep up the emerging trend and technology. In the above case of Eastman Kodak company, there was free and exist of many companies on camera film since you can make huge profits that are not consistent if properly managed could lead to a collapse in the future in the event of a decline. In other cases, the emergence of new companies leads to competition in the market-leading to losses. In the rise of new firms and not being consistent with prices since there is no price control. In the increase in competition in the camera, the film did not differentiate their products to continue being ahead in the market.

ii) There are many disadvantages of a firm monopolizing the market since there is no completion; the sellers determine the prices only without considering other market factors. These monopoly leads to adverse effects like exploitation of customers since the power to supply and determinant the costs are determined by only a few people in the supply chain. The quality of goods in a monopoly market is most likely to be compromised as the producer may have greedy to save costs of production to make more profits. In most monopoly markets, there are unethical trade practices since the established firms may use unfair means to create barriers for new entrants into the market. Mostly oust firms that bring competition in the market.

Question 3

a)The country X above has desirable patterns of GDP predict investment since the prices in the market could remain stable in the period. The X country has the potential to remain competitive in the international market since it can make their exports to be expensive, thus creating an equilibrium of the countries’ payments. Since the GDP is on a definite curve, it enhances desirable levels of inflation, which stabilizes the lending and borrowing. The economics of the country X could continue to be on a trajectory trend since firms have high profitability since fewer resources are appropriated to mitigating inflation effects. Inflation and economic growth since the growth of the GDP of country X make its exchange rates hence makes its exports expensive. There are many short and long time gains of growth since it increases employment rates making a country ahead in competition in international trade.

3b) Appropriateness of monetary policy used during high inflation in the Venezuelan government may reduce inflation in the coming days. It has designed plans that can change the supply of money and credit facilities. The policies set by the Venezuelan government target the government fund rate, which determines the price at which Venezuelan banks borrow and lend money, which could reduce the pressure of inflation. The government has designed policies that control national treasury bills and securities to mitigate the effects of inflation and financial crisis in the long term. The Venezuelan governments determine the interest rates and spending since these spending could influence the exchange rates with other countries hence making its currency stable thus mitigating the effects of inflation from the previous years

Question 4

Malaysia’s use of the contractionary fiscal policy was effective in mitigating economic recession because it increases the magnitude of increased demand since it increases the expenditure of the central government or, in some cases, reduced taxes. The government in the time of recession enlarged consumption since it cut individual income taxes, thus making less cash income in the hands of people than the government, thus reducing inflation. The policy also achieved enormous achievements during the Malaysian recession since it increases government investments since they grow after-tax gains through minimizing business taxes hence managed the money circulation and increased exchange rates.

International trade is a tool for economic growth and has helped countries like China and Malaysia to achieve economic growth and to make a presence in the world markets. Malaysia and China have become a global economy as a result of international trade to increases skills in their labor forces and achieving stable political systems. International Trade as an open border of these countries in the era of globalization. These countries have made a high flow of cash since it promotes local industries’ production to increase employment, which has led to growth in their gross domestic production rates. It has led to the advancement of technology and increased their domestic production, thus economic growth. Learning through doing in china has developed science and innovations that have improved the status of science and technological gains. Due to trade in the international stages, these countries can achieve higher economic growth compared to their counterparts who do not engage. It is an engine of development as production leads to the development of a highly skilled labor force that could drive countries to GDP growth.

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