Introduction to economics. Mathematics & Economics Essay (Essay Sample)
The paper required the writer to define the relationship between demand and supply in economics using graphical presentationssource..
Running Head: INTRODUCTION TO ECONOMICS
Topic: Introduction to Economics
Taxi drivers are assuming that an increase in demand of their service will cause an increase in price. When more customers need taxi services, then the price charged should rise (Boyes & Melvin, 2012). This will help in regulating the demand for taxi services by lowering the demand. The determinant of elasticity, in this case, is the quantity demand for taxi services in Australia. This assumption of taxi drivers is correct. In economics, an increase in the demand of a product leads to an increase in the price. This is the law of demand. However, an assumption of an increase in price occurs when holding other factors constant. In this scenario, they may include fuel prices, taste, and preferences, weather conditions, among others. In the graph below, as the demand increases, the price also increases.
One method in which the government can increase the uptake of the vaccine is through the use of a subsidy (Boyes & Melvin, 2012). A consumer subsidy helps in lowering the actual cost of a product. Part of the cost is paid by the government and the other part by consumers. Influenza vaccine subsidy will reduce the cost of the vaccine and, thus, encourage uptake by consumers.
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