Olivia,
The Flu problem encountered in the state of Tennessee was tremendous, and I would not have liked being put into a situation of determining who could or who could not receive the vaccine. However, due to the shortage, everyone was not being given the privilege of choosing whether or not to have the vaccine because it was being held for high-risk patients. (Roberts, 2005). In addition, the demand is greater if the supply is more difficult to attain. This is a very good choice to compare the supply and demand of a product because it demonstrates how the demand was effected when the supply started dropping. The law of supply is described by stating that for a higher price a company is willing to produce more of a product (Sexton, 2013). Therefore, if a company is offered a lower price for a product, a smaller amount of the product will be produced, and, apparently, lower amounts of the vaccine were produced.
Therefore, when the demand began to increase, the supply showed a steady decline, which, in turn, shifted the supply curve to the left. I would rationalize that the shifter that determined the shift to the left, or negative shift, was caused by the change in the number of sellers, due to supplies running out and fewer distributors being available …show more content…
Therefore, an estimated guess is established, and considering that orders are also placed ahead of time, the production number could be increased in order to grant a buffer (Giri & Bardhan, 2015). However, if production is not sufficient, demand will not be satisfied, and a shortage of the product will be encountered. In addition, an equilibrium is reached when the supply and demand intersect, but with the case of the Flu vaccine, the intersection happened early in the season, which, in turn, created the shortage of the vaccine before the Flu season was in full
The Flu problem encountered in the state of Tennessee was tremendous, and I would not have liked being put into a situation of determining who could or who could not receive the vaccine. However, due to the shortage, everyone was not being given the privilege of choosing whether or not to have the vaccine because it was being held for high-risk patients. (Roberts, 2005). In addition, the demand is greater if the supply is more difficult to attain. This is a very good choice to compare the supply and demand of a product because it demonstrates how the demand was effected when the supply started dropping. The law of supply is described by stating that for a higher price a company is willing to produce more of a product (Sexton, 2013). Therefore, if a company is offered a lower price for a product, a smaller amount of the product will be produced, and, apparently, lower amounts of the vaccine were produced.
Therefore, when the demand began to increase, the supply showed a steady decline, which, in turn, shifted the supply curve to the left. I would rationalize that the shifter that determined the shift to the left, or negative shift, was caused by the change in the number of sellers, due to supplies running out and fewer distributors being available …show more content…
Therefore, an estimated guess is established, and considering that orders are also placed ahead of time, the production number could be increased in order to grant a buffer (Giri & Bardhan, 2015). However, if production is not sufficient, demand will not be satisfied, and a shortage of the product will be encountered. In addition, an equilibrium is reached when the supply and demand intersect, but with the case of the Flu vaccine, the intersection happened early in the season, which, in turn, created the shortage of the vaccine before the Flu season was in full