Supply and Demand in the steel industry Essay Example | Topics and Well Written Essays - 1250 words

Supply and Demand in the steel industry - Essay Example Demand and supply in a specific industry is perhaps one of the most debated and fundamental concepts in economics. In order for a market economy to function, it is critically important that producers should supply those goods and services that consumers want and are affordable to pay for them. In economic concepts, the term demand represents the willingness and ability of buyers to buy different quantities of a product or service, at different prices during a specific period of time (Arnold, 54). According to the basic theory of economics, people buy more quantities of a product or service at lower prices than at higher prices. The price and demand relation is well debated in the theories of economics. When price of a commodity decreases, it is assumed that consumers will buy more quantities of that product or service, and thus its demand increases. The term supply refers to the willingness and ability of producers to produce and sell different quantities of a goods or service at different prices for a specific period of time (Arnold, 66). According to economic theory of law of supply, the quantity supplied of a goods or service increases when its price increases. From the explanations given above, it is clear that demand and price is indirectly related whereas price and supply are directly related. There are many determinants of quantity supplied, but out of all the determinants, price plays pivotal role. The underlying assumption is that when the price of steel becomes high, selling steel become profitable and the quantity supplied, therefore, will be high. When it comes to the market, the interaction between supply and demand results one of the followings; excess supply, excess demand and equilibrium price or equilibrium quantity. Excess supply or ‘surplus’ is the conduction at which quantity supplied is greater than quantity demanded in the market. This excess supply occurs only when the price is above the equilibrium price.

Secret shopper (mystery shopper) Essay Example | Topics and Well Written Essays - 750 words

Secret shopper (mystery shopper) - Essay Example However, the purpose of this particular analysis will be compared to similar restaurants based upon the quality of the food that is offered and the quality of the services that were rendered during two distinct observed dining experiences. Further, the two experiences which will be detailed below are with respect to an experience that was had at a local Olive Garden and at a local Outback Steakhouse. Firstly, it must be stated that the actual pricing of the cuisine, whether for lunch or for dinner is more or less similar; with most dishes at both of these restaurants costing anywhere from $10-$18 per plate. However, even though the relative price differential is more or less the same, the similarities ultimately end there. The ambience of Outback Steakhouse is unique as compared to the ambulances several other restaurants that I had been to during my lifetime. Firstly, upon entering the steakhouse, the dining area is extraordinarily dimly lit; causing a situation in which an individual could likely stumble over any article on the floor that they might not otherwise see. Within the particular Outback Steakhouse that I went to, I was not greeted upon entering the front door. Instead, there was a rush of waiters and waitresses that brushed by me in a frantic struggle to serve the guests that had already been promised tables. Similarly, as I was waiting, I did not receive a nod or r ecognition that I would be seated anytime in the near future. Instead, it appeared to me that the wait staff was actively avoiding my glance. Eventually I was seated and there remainder of the dining experience proceeded as it should have. The take away that must be had from all of this is that the restaurant can only be measured based upon the two metrics that have thus far been stated. However, due to the fact that the dining experience that has been described fell flat on one of these, the likelihood of me