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Economics and Tourism. Group Assessment - Essay Example

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The most famous law in economics is the law of demand and supply, which states that when the supply increases, the demand decreases, and when the supply decreases, the demand increases. This should be a guiding principal to Felix when raising the prices. He should consider if he…
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Economics and Tourism. Group Assessment
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Economic problems Impact of price increase on supply and demand. The most famous law in economics is the law of demand and supply, which states that when the supply increases, the demand decreases, and when the supply decreases, the demand increases. This should be a guiding principal to Felix when raising the prices. He should consider if he monopolises the market, which refers to a state in which a business gains the ability to raise prices or exclude competitors (Orbach 2012). This is by cutting down on the supply for a period to increase the demand for his produce by consumers. The cost of production should be minimized to increase profitability. Price elasticity should be considered as it shows the responsiveness of the quantity demanded of a good to change in its price (Ivan 1989).
Effects of minimum prices to the economy and producers.
The Government uses controls to fix prices of commodities and services offered to consumers. As, in this case, the minimum prices are set with the goal of preventing inflation (Mises 2009). This affects Felix since he cannot exceed the stated prices, but he can agree with the government to purchase the surplus produced. Minimum prices reduce inflation and prevent consumer exploitation, but it affects the supply of produce due to the inclining prices. High prices increase supply to the market. The extra supply creates competition with the additional demand to reach the equilibrium point.
References
Ivan, P. (1989). Price elasticity of demand , 1.
Mises, L. V. (2009). "The Government and the Autonomy of the Market". Human Acction , xxx.
Orbach, B. (2012). The Antitrust Curse of Bigness. Southern California Law Review , 2. Read More
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