Article 1– Supply and Demand: Why Markets Tick
Name of the resource – Finance & Development, 2017
Type of resource – Government Site
Name of the author / publisher – Irena Asmundson
Main findings – The change in Price can take place for several reasons such as technology consumer preference, weather conditions. However the rate of change of demand is dependent on sensitive/insensitive of the changes in price.
Usefulness- Consideration of market changes
Reliability – Compliance with International Monetary Fund
Bias – The website regularly updates its information
Currency – Updated on July 29, 2017
Strengths and/or weaknesses – The weakness has been assessed with Complications from the distinguished features
Article 2 - What is the effect of price inelasticity on demand?
Name of the resource – Investopedia, 2015
Type of resource – Commercial site
Name of the author / publisher – Investopedia
Main findings – It has been discerned that price inelasticity has been conducive for the performance of the business. It offers the firms with the various types of the flexibility factors as per the change in demand. In case of price-inelastic goods or services a small change in the quantity demanded has been seen with percentage change in price. This consideration is seen to be having significant impact on the businesses and affects demand and total revenue. In case the goods are inelastic the quantity demanded wouldn't offset the decrease in price. This will result in lower revenue. If the prices of the inelastic goods are increased, there will be an increase in the total revenue and lead to lower amount of quantity demanded. The business dealing in price-inelastic goods are better equipped for profit maximization and better protected against downturns.
Usefulness- Consideration of substitute products
Reliability – Realisable e-learning source
Bias – The website regularly updates its information
Currency – Last updated on January 29, 2015 — 9:31 AM EST
Strengths- Consideration for luxury and ordinary products.
Weakness- No consideration for Giffen goods
Article 3 - The research on the impact of the changes of commodity price level in the world commodity exchanges on variation of general price level
Name of the resource – Economics-sociology.eu, 2017
Type of resource – Journalistic Site
Name of the author / publisher – Mie?inskien? and Lapinskait?
Main findings – The main intention of the study is to investigate the influence of the changes pertaining to the commodity price level. The main objective of the research is to analyse the commodity price level in the world commodity exchanges. The main result of the study has been seen with the changing price level in Lithuania is dependent on the changes of commodity prices in world commodity exchanges. This has been mainly in terms of prices of Aluminium, cocoa, coal and oil.
Usefulness – The study is based on global level
Reliability – Accredited by Economics & Sociology, Vol. 7, No 4, 2014
Bias – Consideration of recent issues in economic development
Currency – Journal published in 2015
Strengths and/or weaknesses – The changes in demand for price around the world
Article 4 - The effects of Price on Demand
Name of the resource –Ahmad et al., 2014
Type of resource – Journal
Name of the author / publisher –Main findings
Main findings – The study has revealed that when the change in price is restricted to the partial blockage of energy used and the demand of the consumers responding to the average price and reporting to the marginal price. Since several empirical evidence has shown the practical significance the change in the demand has been application due to several other factors.
Usefulness – The implementation has been conducive in the energy sector
Reliability – The study has been accredited by National Research Council
Bias – Consideration of the recent changes
Currency – Publication date is 2014
Strengths and/or weaknesses – The main weakness is non consideration sectors other than energy
Article 5- Impacts of Price Changes on Consumer Surplus
Name of the resource – Impacts of Price Changes on Consumer Surplus, 2016
Type of resource – Commercial Site
Name of the author / publisher – Boundles.com
Main findings – The study has revealed that the increase in price will lead to a decreased amount of consumer surplus. It has been further discerned that there will be an increase in the consumer surplus in case there is benefit from the lower price which exceeds the costs from the shortage. The consumer surplus is always seen to be decreasing in nature in case the binding of the price floor in a market above the equilibrium price. Price helps in the defining the consumer surplus and the demand, when the price is pareto optimal or is seen to be at equilibrium.
Usefulness – Determination of price change and consumer surplus
Reliability - The website regularly updates its information
Bias – It has updated the versions and this is based on version 5
Currency – Published in 2017
Strengths and/or weaknesses –The strength has been seen in terms of determination of consumer surplu
Ahmad, A.S., Hassan, M.Y., Abdullah, M.P., Rahman, H.A., Hussin, F., Abdullah, H. and Saidur, R., 2014. A review on applications of ANN and SVM for building electrical energy consumption forecasting. Renewable and Sustainable Energy Reviews, 33, pp.102-109.
Economics-sociology.eu. (2017). [online] Available at: https://www.economics-sociology.eu/files/09_71_Miecinskiene_Lapinskaite.pdf [Accessed 17 Aug. 2017].
Finance & Development | F&D. (2017). Finance & Development. [online] Available at: https://www.imf.org/external/pubs/ft/fandd/basics/suppdem.htm [Accessed 17 Aug. 2017].
Impacts of Price Changes on Consumer Surplus. (2016). Boundless, [online] p. Available at: https://www.boundless.com/economics/textbooks/boundless-economics-textbook/economic-surplus-4/consumer-surplus-50/impacts-of-price-changes-on-consumer-surplus-193-12291/ [Accessed 17 Aug. 2017].
Investopedia. (2015). What is the effect of price inelasticity on demand?. [online] Available at: https://www.investopedia.com/ask/answers/012915/what-effect-price-inelasticity-demand.asp [Accessed 17 Aug. 2017].