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Complete the table below by filling the Qd and Qs1 columns
P(#)| Qd | Qs1| Qs2
1 | 50 | 35 | 50
2 | 40 | 40 | 60
3 | 30 | 45 | 70
Present the table in a graph, Click Here for the table graph. https://i.imgur.com/2l6jgOB.jpg
Excess supply over demand.
(i) How to produce
(ii) When to produce.
(iii) For whom to produce
(iv) What to produce
how to produce. This is referred to as technique of production. Every society should take decision on how it will use the scarce resources to produce goods efficiently and effectively.
(ii) For whom to produce. This problem relates to distribution. A society should determine how its products should be distributed among the various components in an effective way.
(iii) What to produce. One of the major problems of economic is what goods and services to produce and in what quantities. This problems arises from the fact that human wants are unlimited but the resources are scarce.
(iv) When to produce. This problem related to the efficient use of resources. Are the resources being fully utilised or some of them lying idle. Every society tries to allocate resource efficiently to produce the highest production level at the least positive cost
Economic planning is a deliberate and conscious effort on the part of government to give meaningful direction to the economy by guiding and coordinating public policies towards efficient allocation of resources in order to ensure growth and development.
Reasons for economic planing.
(i) To promote growth and development. Planing takes place to ensure that the e economy is able to achieve sustained growth and accelerated development.
(ii) To ensure productivity. Government through planning helps to mobilize scarce resources needed for production. This has helped to increase the Level of productivity.
(iii) To reduce rural urban migration. Planning are major tools by which government try to reduce rural and urban imbalances. Products to develop the rural areas are imbedded in the plans.
(iv) To strengthen market mechanism. If the market mechanism is not perfect, the government can introduce policies to remove such imperfections. To mobilise and utilise resources to overcome such problems is a major reason for development planning.
(v) To achieve economic self sufficient. A deliberate and conscious effort to give control and directions to any economy is aimed at achieving self reliance and sufficiency. Goods imported can now be produced locally.
(i) In perfectly competition market there are no selling cost because products are homogeneous while in monopolistic competition there are selling cost because of differentiation of products.
(ii) Perfectly competition demand curve is perfectly elastic while demand curve is elastic and slope downward in monopolistic. Competition
(iii) In the long run firms are of the optimum size in perfectly competition while firms are less than optimum in monopolistic competition.
(i) Free movement of factors of production
(ii) Consumers satisfaction will be maximized
(iii) Full employment of all resources
(iv) Free operations of market forces
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