ECO 100 Week 2 Discussion – The Law of Demand
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This week, we learned that the interaction of supply and demand
determines prices and output levels in markets. Prices and output levels
change when either the demand curve or the supply curve shifts.
Sometimes price and output both increase and decrease. Sometimes one
increases while the other decreases.
- Lithium is used in
rechargeable batteries for computers,?phones,?other electronic
goods,?and even certain cars.?Demand for lithium was low as recently as
the early?2000s.?Since then,?both the price of lithium and the
production of lithium have more than doubled. - Start your discussion by responding to these questions:
- What
could explain the simultaneous increases in the price of lithium and
the production of lithium??Use supply and demand curves to explain your
answer. - Hint:?Price and equilibrium quantity have both
increased. Would a shift in the demand curve or a shift in the supply
curve lead to this result?
- What
- Be sure to respond to classmate’s (Sheldena) posts below: Was their reasoning similar to yours?
- Hello Professor and Classmates! I think the reason for the increased
price of Lithium is due to the supply demand. The more something seem
to sell the more expensive the supply becomes. Lithium has also
increased because of the availability and demand. Customers are using
Lithium more now for power high performance electronics and electric
vehicles has caused shortage of these metal materials. Due to the
demand of Lithium, I don’t see the prices dropping if anything it will
continue to rise because of the high demand.
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