又回到来宿舍这里 好想念家里

其实呆在家 即使也是喜欢呆在房间

那个感觉也是不一样的

喜欢听见爸爸妈妈说话的声音

听见妈妈说起人家的八卦

爸爸就会说妈妈很八 呵呵

在家里的感觉就是很舒服

很安静 这种感觉很久没有试过 ♥

回到家就会感觉自己还是很小噢

家人说 无论我们多少岁

在他们心里面我们还是他们的孩子

爸爸那天还好笑

站在我隔壁 然后问我

多久没有长高了?

yiiiii 难道爸爸想我比他高噢???

爸爸永远都是我的巨人不好吗 ^ ^

今晚的月亮还是圆圆亮亮的

昨天他本来说和我去看月亮噢

但是当时真的好累好想睡觉噢 > <

哈哈 可是人家比较喜欢看星星

觉得自己还是真的小气鬼

不知道为什么这次回来看到他的纹身真的是会有点不开心

之前明明都没有什么感觉

怎么时间越久就越在意了

觉得 好像一样自己很喜欢的东西

却被标签了别人的名字

感觉好像不属于我的

说不怕 其实心里还是会有点恐惧

因为那么幸福的时候还是也有过

却还是不能维持

时间的问题还是人的性格问题?

有些问题 或许到我生命结束的那一刻我也永远不会知道答案

就好像 我不知道曾经的那个他

有没有真的爱过我

时间久了 就连那个名字

我也不想再说

从他的名字 我改口变成了那个人

我不再说 要迫自己去忘记

因为这是一个教训 不可以让自己忘记的

回家的这几天

真的很开心

放松了很多

读书的压力暂时摆在一边

明天早上8点车

要回去seremban了

继续为我的Final Exam 加油

虽然这次回家的确没有怎样读到书

但是没有关系啦 要相信自己平时的实力!!!

刚收拾完东西 心情还有点重

我不想离开我的家

呜呜

已经有点睡意了

却还在迫自己睁开眼皮

呵呵

觉得自己好幸福

觉得我的生活很完整了

都是满满的爱心 没有空白了

虽然偶尔还会觉得

其实他是不是那个可以陪我走到最后的人?

我不再浪费我的时间 在一个不爱我的人身上

我不再等了 难道还会是我的错?

不懂得珍惜的人 到以后总会有一天感到后悔 感到遗憾

http://www.youtube.com/watch?v=bo_bOqus9Rk

可怜的阴天

不要让我的心情那么糟好吗

有好多好多的不满

却都没有地方可以说

怎么那么想家

明明可以回家的 为什么不回家

我真的是笨蛋

一直都在做傻事

一直都那么不成熟

真正的愛
是接受 不是忍受
是支持 不是支配
是慰問 不是質問
真正的愛 要道謝也要道歉
要體貼 也要體諒
要認錯 也好改錯
真正的愛
不是彼此凝視 而是共同沿著同一方向望去

其實 
愛不是尋找一個完美的人
而是 
要學會用完美的眼光 欣賞一個並不完美的人

今天看完了那本书

小标题是:

你真的了解你的吸血鬼男友吗?
他满嘴甜言蜜语,但其实他没有那么喜欢你!
他和你约会,也打电话跟你聊天,但他其实没有那么喜欢你!

写得蛮好的 用另一个角度来解释男女之间的关系

其实爱情有很多个阶段

一起久 不代表是真的很爱

也或许只是在拖延 不知道怎样开口?

也有些情况 或许是到最后会觉得厌烦会腻?

我都不懂我和我的男友 是处在哪一个阶段

一开始 就不对劲

不对劲 不对劲 !

也开始觉得 时常都是自己主动联系

而得到的结果是  ◤ 我很累 ◢

记得他以前也是这样的

但是我也不想怪他

他说过 他只是个普通人

不是什么铁人 是需要休息需要睡觉

所以到后来我渐渐地发现自己原来是如此地不重要

因为我总是被排在后面

总是说 以后的我们会有很多时间

希望彼此为了彼此的未来努力

We have all the time in the future.

真的是这样吗?

呵呵 很明显是没有噢 我和他的故事从一个问号到了句号了

而现在的这段恋情 我不懂是不是在走着相同的路

害怕受伤的两个人为什么还要一起

如果彼此都不能治愈彼此 那就是没有用

因为他总是说没有勇气

我觉得很累 很受伤

因为那种受伤的感觉回来了

不是因为以前的他 而是对象换了

这不是一个好事

因为这样只证明我走回同一条路

像当初一样。。。

我会怨恨当初的自己为什么不能忍受那一切的一切

而导致结束。。。

因为只要乖乖地不出声不埋怨就好了

呵 果然我还是那种幼稚的性格

其实一直以来我也都是好好的

虽然没有心跳的感觉

但是 没有心跳就没有心痛的感觉不是更好吗

我可以更爱我的家人 我的朋友

今天是雨天

发生什么事情了

怎么好像很多人都很 MOODY

弄得我也变得怪怪的

自己身边的人都不开心

自己却帮不到什么

很无奈

今天睁开眼睛的第一个感觉

就是告诉自己

今天的我要过得开心 :3

今天和朋友去逛书店

买了几本书

其中一本是说

其实幸运是可以去培养的
可靠我们自己去增加它发生的几率

就好像 在我们的生活里面

有许许多多微小的事情

平平淡淡的 也是幸福

要自己去发现每一天发生在你身边的小确幸

微小 但确切的幸福

其实现在的我很幸福

我不知道我的男友是不是也是那么想

因为我只要想起他 就会觉得很幸福

我很感恩 世界那么大

我们还能相遇 只希望彼此能牵着彼此的手走到最后

偶尔的一些小插曲 是能为平淡的生活增添一些生气

但是常常这样 我觉得那只是一种伤害

幸福就是 不管他在不在身邊 想起他心就甜滋滋

感觉最近是恋爱的季节

身边的人都一对一双的

之前不知道是不是因为自己单身

那个感觉也就是死沉沉的

自己所看到的 也就是负面的东西

好像很多人失恋酱

但是

现在像是雨天过后

太阳出来的样子 

我看到的都是大家幸福的样子

自己也觉得很开心 ^-^

很想念我那个嘴巴坏坏的男朋友

最近不是我先睡觉要不就是没有时候聊天

可是今天下午他为了陪我聊多一下而迟去做工

内疚 内疚 (＞﹏＜)

(但是心里是十分十分十分开心的)

o(∩_∩)o 

有时候很怕

不能把自己的快乐带给别人

反而会使别人触到伤处

就好像有时候会说起自己开心的事

说得太兴奋

而没有想到会令别人想起一些不好的回忆

有时候还真的很神经大条

(°ο°)~

(+﹏+)~ 今天午觉睡得饱饱的

因为身体很累

左手臂果然酸了

因为今天Orientation day 玩的其中一个游戏弄到的

也还好 senior想要的目的做到了

就是要我们认识新朋友 要有交流

但是我觉得平时也是很难见的噢

大家科系不同

放假时间也不同

但是也很开心认识到很多新朋友啦

有些性格静静 有些性格大咧咧的

那个性格大咧咧的蛮好笑的 xD

然后那个叫锋男生也不错 蛮会体贴女生的

但是他就很好笑咯 一直跑厕所 明明都没有喝到水

大家都是身体湿到可怜 (┬＿┬)

那些游戏根本就不是没有打算给人赢的

一直受惩罚惩罚 过分过分(＞﹏＜)

现在才知道表面仁慈的才是最恐怖的 ⊙﹏⊙

有一个我最接受不到的就是要贴着纸张跑

那个只有我们一组那样 简直太过分啦

早上还有那么多人在City Park

那个最丢脸的

觉得其他惩罚就还Ok

但是就不要伤害人家的自尊心咯 (┬＿┬)

真的有受伤的感觉

但是之后的都还好

我亲爱的室友都没有欺负我 ^-^

幸福

是你想着一个人的同时

你想的人也在想你

这个感觉真的很棒对不对 ?

突然想起很多事情

想起第一次见面的我们

呵呵 虽然第一个的感觉真的不是很好

但是不知道为什么心脏就是会莫名地跳

他第一次送我回家的感觉

会觉得有点奇怪又开心

到现在 我们一起了50天

彼此不能见面

远距离的感情

因为有对方的关心而觉得心里满满

很感谢他

填满了我的心

虽然受伤过

但也痊愈了

虽然最近的我们变得不多话

因为彼此都累吧 ?

有时候就算没有话说也希望能陪着对方

是这样的心情吗?

以前总说放不下的

不能忘记的

不能不去在乎的

我都放下了

即使会害怕会再次被骗

再次受伤

但是因为对方是你

我相信你

相信你说的

我们会幸福的 ♥

这个假期我不能回家

不能见到他 自己心里也有点失落

那是因为知道自己也不能专心念书

不能回家 也不能见到家人朋友

心里是真的难受

所以因为这样 自己也要好好努力 (＞﹏＜)

期待回家的日子 ♥

This is my ATTACHMENT for my last IT project in SEM 1.Example of my spreadsheet works.Can take as a REFERENCES. It is based on the financial accounting (Final Account).

Example of spreadsheet.

PROMPT:

When you print the spreadsheet work.Ensure the size is change to A4

 size. But mine one is cut by using the EasyCapture (Software).And then insert it into the word processing. Because many of my classmate facing the problem when print out the spreadsheet.It cannot be resize and adjust since that we all doing the same things about the total sales in a year.The last data/column cannot included in the same page.Many of them need to cut it after print out the paper and paste it again.So,better u use the screen cutter ^-^ and take the picture then insert.

今天是 Blur Blur 的一天

还差点睡迟了

但是也是真的睡迟了

幸好今天他打电话给我 我还听到电话响

嘻嘻 谢谢我的男友

♥

o(>﹏<)o  但是觉得今天很 Blur

一直为同一件事跑来跑去

一大早

第一堂课就迟到了半个小时

第一次迟到酱过分

Ｓòrγy (╯﹏╰)

好尴尬噢 因为进课室的时候我嘴巴还塞住面包

全部望着我 (╯﹏╰)

然后上完第一堂课

就去了办公室填form

填第二学期的科目

觉得时间过得很快

那时刚开学

也是填一样的form

等考完FINAL 然后就放假

之后开学 SEM 2了

接下来的4个学期 应该也会过得很快吧

一直上课 赶功课

今天真的很Blur

交功课又交错

第一次去交assignment的时候

竟然放在第一楼的

老师的位子在第二楼

幸好我赶完Project 要今天交

去第二次才发现自己放错位子

然后硬着头皮跟那个Sir 拿回我的assignment

觉得很尴尬 (>﹏<)

那个Sir 还说我一定是新学生

呵呵 真的 (┬＿┬)

真的还记不清楚

之后自己去print 东西的时候

也是很Blur

回到宿舍才想到Uncle 算少我钱

又跑回下去给Uncle 

很不好意思啊 (╯﹏╰)

但是Uncle也说他人老了不记得那么多

Uncle ,sorry 啊 ,不是故意的 (＞﹏＜)

觉得自己很糊涂

今天都是一直跑来跑去

因为交功课也跑了几轮

因为见不到老师

还有要自己去找老师去考Arab文的口试

老师很好哦

可能知道我很差哦

都是给我简单的

刚好我都明白

我都可以说的

Kitabun Qalamun Majallatun Kamakun

嘻嘻 ^-^ 但是可惜咯

一到十我会背了哦 老师没有问 >.<

嘻嘻 谢谢老师的帮忙

这样的话就不用重读了 (>^ω^<)

今天是雨天

打雷的时候吓到全部人了

我觉得如果有老鼠的话也会吓到噢 xD

因为听其他朋友说她们房间有老鼠噢

但是我们还没有见过

朋友说老鼠可能怕了我

因为我是猫

哈哈 \(0^◇^0)/

今天有点伤心呢

我亲爱的弟弟不要跟我谈电话

哼哼 他说我很烦

之前明明说过我闷的话就打电话跟他吹水噢

现在叫我得空就睡觉

厚厚 >_<

然后妈妈也说不得空 >.<

然后爸爸跟我聊一下

爸爸最好了 ♥

但是爸爸也很讨厌

时常一打回去就说妈妈煮什么什么

说我喜欢吃的东西我没得吃

哼 (┬＿┬) I MISS Mummy

Umun Abun (＞﹏＜) !

我想我终于明白了

男生 在追你的时候

当你是宝 什么都ok 什么都可以

追到后 就不会珍惜

怎么我还是变成一个被人丢弃的玩具

是对我腻了吗

明明说过 不会像他那样对我

却还是那样

不陪我没有关系

你要休息我也让你休息了

现在到底怎么了

是我的错吗?

怎么那样对我?

怎么说些莫名其妙的话

说过不会再乱说话的

却还是那样 这样的关系我真的不会处理

我真的累了

谁没有受伤过

不要拿你的伤痕和我比 !

你自己伤过多少个女生你自己清楚

而我 真心付出的 都是那样对我的

我在乎了 就是我开始伤的时候

我说过我不想再信爱情的

是你 让我相信了 却让我更加绝望

男生 ! 总是做错又不认的

很幼稚

珍惜这两个字到底要多久才能学会

我已经跟你说过不能乱说话

再那么说话我就不会原谅你

要离开就离开 !

那么轻易把话说出来 我就要你负责

现在是3岁小孩子玩泥沙吗

到底当我是什么 (┬＿┬)

What I feel is 

YOU DUN CARE ABOUT ME 

you can control my emotion successfully

today feel like is hard to open my mouth

and to talk with others

feel like want to cry

but I know that I should be always thoughtful 

maybe you will not appreciate what you get

I feel SORRY to myself because I let my heart broke again

just because of a person 

JUDGE a person not by what he says but by what he does.

A moody day 

with more and more assignments

my life is busy too

I feel tired too

but hv I ignore U once ?

If so, better I love myself.

But unfortunately, I realize that 

Share my ECO assignment...not complete set with only my Introduction and the part of Supply. Sharing is caring, caring is loving ^_^ plz dun copy but juz for References

1.0   INTRODUCTION

            First and foremost, we study about the microeconomic. Economics may appear to be the study of complicated tables and charts, statistics and numbers, but, more specifically, it is the study of what constitutes rational human behavior in the endeavor to fulfill needs and wants.

Our group’s topic is concentrated on the law of demand and supply. Demand and supply is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. On the other hand, supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Therefore, price is a reflection of supply and demand. The relationship between demand and supply underline the forces behind the allocation of resources. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible. In this report, we can take a closer look at the law of demand and the law of supply.

3.0   SUPPLY

3.1    Definition & Law of Supply

            Supply plays a fundamental role in Economics. It can be defined as the ability and willingness to sell or produce a particular product and service in a given period of time at a particular price, ceteris paribus. It simply means "all things being equal". The phrase is often used in economic theory and modeling in order to indicate that a particular relationship between two quantities holds providing that nothing else changes.

            The ''law of supply'' states that the higher the price of a good or service, all other variables remaining the same, the greater the quantity is supplied. For example, if the price of chicken increases, the quantity of chicken supplied will increase since the seller will sell more to earn more profit. There are some assumptions for the law of supply. The other variables must be constant such as cost of production, the number of sellers, the price of related goods either complements or substitutes and the availability of other inputs remain unchanged.

            Next, supply schedules is a table or listing showing the exact quantities of a single type of good (or service) that potential sellers would offer to sell at each of a number of varying prices during some particular time period. Supply schedules may be drawn up to reflect the behavioral propensities of a single unique individual, household, or firm -- or, more frequently encountered in microeconomic analysis, composite supply schedules for the particular good may be derived by adding up all the supply schedules of the large number of individuals, households or firms that are active or potentially active as sellers in the market under consideration. Supply schedules represent a functional relationship between price and quantity supplied. It assumes that other supply determinants such as the state of technology, government policies and the price of related goods.

            With the supply schedule, we can construct a supply curve. A supply curve shows the relationship between the quantities supplied of a product and its price provided everything else is constant. Such a table is called a supply schedule, as shown in the following example:

     Supply Schedule

                                   

            By graphing this data, one obtains the supply curve as shown below:

                                    Supply Curve

                                     

            As with the demand curve, the convention of the supply curve is to display quantity supplied on the x-axis as the independent variable and price on the y-axis as the dependent variable. The law of supply states that the higher the price, the larger the quantity supplied, all other things constant. The law of supply is demonstrated by the upward slope of the supply curve. As with the demand curve, the supply curve often is approximated as a straight line to simplify analysis.

3.2    Shifts in Supply Curve

            While changes in price result in movement along the supply curve, changes in other relevant factors cause a shift in supply, that is, a shift of the supply curve to the left or right. Such a shift results in a change in quantity supplied for a given price level. If the change causes an increase in the quantity supplied at each price, the supply curve will shift to the right:

                                    Supply Curve Shift

                                   

            There are several factors that may cause a shift in a good’s supply curve. Some supply shifting factors include the price of other goods that is the supply of one good may decrease if the price of another good increases, causing producers to reallocate resources to produce larger quantities of the more profitable good, number of sellers that means more sellers result in more supply, shifting the supply curve to the right, prices of relevant inputs which is state that if the cost of resources used to produce a good increase, sellers will be less inclined to supply the same quantity at a given price, and the supply curve will shift the left, technology which is state that technological advances can increase the production efficiency shift the supply curve to the right, expectation by giving a situation with if sellers expect prices to increase, they may decrease the quantity currently supplied at a given price in order to be able to supply more when the price increases, resulting in a supply curve shift to the left.

Market consists of many individuals. Like market demand, market supply will also obtained by summing up the quantity supplied by all sellers at various price levels. Assuming there are only two sellers in the market, at the price of RM1 per unit, seller 1 is supplying 10 units and seller 2 supplying 5 units. Hence, market quantity supplied at RM1 per unit is 15 units and so on. Table 2.4 and Figure 2.12 illustrate how market supply curve is derived.

                                    Table 2.4 Derivation of Market Supply

Price (RM)	Quantity Supplied (Unit)		Market Supply (Unit)
	Seller 1	Seller 2
1	10	5	15
2	20	10	30
3	30	15	45
4	40	20	60
5	50	25	75

(a)  Supply Curve for Seller 1

(b)  Supply Curve for Seller 2

(c)  Market Supply Curve

3.3    Determinants of Supply

           

            Now we will discuss on supply determinants in more detail. First, the determinant of supply is the price of other goods. Correlation of goods in production process influences the supply of a particular good when a price change for related good occurs. Correlation of goods in production process can be divided into two which is substitutes in supply and complements in supply. Substitutes in supply refer to goods that can be produced to substitute the production of other goods without having to make significant changes in the production process. For example, the production of rice flour and glutinous rice flour can be done using the same machine. If the profit or price of a substitute good in the production increases, producer will shift production to that particular good and decrease the production of other goods. From the example of flour mentioned above, if the price of rice flour increases, producer will suspend the production of glutinous rice flour to be substituted with the production of rice flour, in order to gain current profit. Complements in supply refer to goods jointly produced in a production process. For example, in the process of producing petrol from crude oil, a few other products such as gas and diesel will also be yielded. If the price of petrol increases, increase in supply of petrol also causes the increase in supply of other products, and vice-versa.

Then, the other determinant is the change in production cost. Production cost

can change due to a few reasons including the change in price of production factors, change in technology, tax collection and subsidies provided by the government. Producers use a combination of production factors in the production process. The price of production factors is determined in the factors market. Change in the price of factors will influence production cost. Therefore, if the price of factors decreases, production cost will also decrease. This situation provides incentive to producers to increase production, even if there is no price increase for that particular good in the market. Hence, decrease in the price of factors will shift the supply curve to the right due to increase in supply.

            Changes in the government policy related to tax and subsidies will also influence the supply curve. When producers have to pay tax, production cost will increase, resulting in the left shift of the curve. On the other hand, subsidies given to producers will reduce the production cost and hence, shift the curve to the right. The discovery of new technologies that can reduce production cost will also shift the supply curve to the right.

            Next, the prediction of price can determine the supply. If producers are able to predict an increase in price of the goods produced, production will be increased and the supply curve will shift to the right. If price is predicted to decrease, production will also be decreased and the supply curve will shift to the left.

In addition, the number of producers will also influence the supply market.

Supply curve will shift to the right when there is an increase in the number of producers and vice-versa.

           

3.4 Changes in Quantity Supplied versus Change in Supply

            Like demand, the concept of supply and quantity supplied also differ. Change in quantity supplied occurs when there is a change in the price of the goods itself. Price of goods positively influences quantity supplied. Increase in price will increase the quantity supplied, and vice-versa. Change in goods supplied triggered by change in price will show movement along the same supply curve. Change in supply on the other hand, refers to shifts of the supply curve caused by changes in supply determinants. The determinants include production cost, predictions and price of other goods. Change in good supplied means movement along one supply curve, whereas change in supply is illustrated by the right or left shift of the curve.

                     

            Figure 2.10(a) illustrates the change in quantity supplied caused by the price variation of the goods itself. Increase in price will cause an increase in quantity supplied from point A to point B. Whereas decrease in quantity supplied caused by price decrease of the product itself is shown by the movement from point A to point C. Look at how movement takes place along the same curve. This is known as change in quantity supplied.

            Figure 2.10(b) on the other hand, shows the change in supply due to factors of supply determinants such as price of other goods, production cost, price prediction and number of producers. For example, increase in production cost will bring about decrease in supply and further causes the supply curve to shift to the left from point A in curve S₀ to point C in curve S₂. On the other hand, decrease in production cost will increase supply in the market and will shift the supply curve to the right (S_0®S₁). Observe that price is not a factor that changes supply, but changes are caused by other factors of supply determinants. This is illustrated by shifts in supply curve known as supply change.

3.5    Exceptional Supply

            The law of supply is a general statement. The exception occurs when the price of a products increases and the supply decrease. The exceptional supply curve is negatively slope. Normally, this happen in the supply of labour and this is known as the ‘Backward Bending Labour Supply Curve’. Supply of labour is defined as the number of hours or days a particular type of labour is offered for hire a different wage rates. The higher the wage rate, the longer the supply of labour hours will be. However, there may be exceptions to this rule (which is known as exceptional supply). The supply of labour can be affected by the work-leisure ratio as illustrated in the following diagram:

            A labour will spend 24 hours of his day either on work or on leisure. His non-working hours (earning income) will be considered his leisure time. The opportunity cost of working is to forgo the hours of leisure. An increase in wage rate may encourage substitution of leisure for work and encourages the workers to put in additional hours as his wages are higher now. This is called the substitution effect of an increase in wage rate. Supply of labour will shift upward to the right as shown in the diagram. Workers will increase their hours of work if wage rates are high. After a certain number of hours, workers are unwilling to substitute their leisure for work. Although higher wage rates may be offered, workers view their leisure as important. This is called the income effect of an increase in wage rate. The supply of labour curve does not upward throughout its entire length but begins to bend back on itself at one point. This is what we call as the ‘Backward Bending Supply Curve’.

            Based on the substitution effect, the higher the wage rate, the more people will economize on their non-market activities and increases their work hours. For example, if David is given additional pay on the extra hours he works, he will reduce his leisure and substitution them with work.

           

             According to the income effect, a higher income increases in demand for leisure. So, less time is spent on work and there is a decrease in the quantity of labour supplied. For example, if David has enough money, additional pay will not encourage him to increases his work hours above the normal 8 hours. He will wish to spend his money on leisure activities. Therefore, an increase in income will reduce the labour supplied.

3.6    Elasticity of Supply

            Price elasticity of supply measures the relationship between change in quantity supplied and a change in price. If supply is elastic, producers can increase output without a rise in cost or a time delay. If supply is inelastic, firms find it hard to change production in a given time period. The formula for price elasticity of supply is percentage change in quantity supplied divided by the percentage change in price. When Pes > 1, then supply is price elastic. When Pes < 1, then supply is price inelastic. When Pes = 0, supply is perfectly inelastic. When Pes = infinity, supply is perfectly elastic following a change in demand.

Based on supply, elasticity can take three forms that is elastic when the

quantity supplied is very sensitive to price, inelastic when the quantity supplied is not very sensitive to price and unitary elastic when the quantity supplied moves in lock-step with price change.

If the result of the elasticity calculation is greater than 1, the relationship is

said to be elastic. If the result of the elasticity calculation is less than 1, the relationship is said to be Inelastic. If the result of the Elasticity calculation is exactly 1, the relationship is said to be Unitary Elastic. When Supply is Elastic, price has a large impact on the supply for a good. Elastic Supply often reflects a longer period of time as Supply is often difficult to change in the short term as many production factors must be considered. Put simply, if a Producer can collect a large price for an item, they will supply more of it – as soon as they can. When Supply is Inelastic, price does not have a large impact on the supply for a good. Inelastic Supply generally reflects a short period of time as Supply is often difficult to change quickly as many production factors must be considered. Essentials, such as food, are generally inelastic. When Supply is Unitary Elastic, price and quantity demanded move in lock step. This indicates that the percentage change in the price of the good will equal the percentage change in the demand for the good.  This is a special case scenario.

3.7    Determinants of Price Elasticity of Supply

            There are some factors that affect price elasticity of supply. First, the spare production capacity is used to determine the price elasticity of supply. If there is plenty of spare capacity then a business should be able to increase its output without a rise in costs and therefore supply will be elastic in response to a change in demand. The supply of goods and services is often most elastic in a recession, when there is plenty of spare labour and capital resources available to step up output as the economy recovers.

Besides that, the stocks of finished products and components are another important determinant. If stocks of raw materials and finished products are at a high level then a firm is able to respond to a change in demand quickly by supplying these stocks onto the market - supply will be elastic. Conversely when stocks are low, dwindling supplies force prices higher and unless stocks can be replenished, supply will be inelastic in response to a change in demand.

The ease and cost of factor substitution also can be used to determine the price elasticity of supply. If both capital and labour resources are occupationally mobile then the elasticity of supply for a product is higher than if capital and labour cannot easily and quickly be switched.

On the other hand, time period involved in the production process is one of

the determinant of price elasticity of supply. Supply is more price elastic the longer the time period that a firm is allowed to adjust its production levels. In some agricultural markets for example, the momentary supply is fixed and is determined mainly by planting decisions made months before, and also climatic conditions, which affect the overall production yield.

4.0   CONCLUSION

                       

In this report, we learned about the supply and demand is an economic model of price determination in a market.

             The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy. Demand refers to how much of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price. The relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship.

It is important to understand the basics of the law of demand and supply, in order to understand the basics of economics. .Supply or demand model helps to explain how the market works and gives a greater understanding of actual market behaviour.   Therefore, analysis of this concept can be used to develop economic and business decisions and policies. The purpose of this assignment is to outline the basic elements of the model and discuss its usefulness in understanding actual behaviour in the market place.

5.0   REFERENCES

David N. Hyman, Modern Microeconomics: Analysis and Application. 3^rd ed. Irwin. 1993.

Karl E. Case and Ray C. Fair, Principles of Economics. 6^th ed. Pearson, Addison-Wesley, 2004.

Robert S. Pindyck and Daniel L. Rubinfeld, Microeconomics. 6^th ed. Eastern Economy edition, Prentice-Hall India. 2006.