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Supply and Demand Discussion Question

JWI 515: Managerial Economics
Week 5 Lecture Notes
Supply and Demand
What It Means
This week, the course shifts from a focus on macroeconomics to an exploration of microeconomics.
While macroeconomic indicators reflect business trends, as well as the effects of government
regulation, at the national level, microeconomic indicators relate to business activities at the
regional and local levels. This lecture examines two key microeconomic indicators, Supply and
Demand, explaining how they reflect the relationship between the production decisions of the
sellers and the needs and preferences of the buyers in the marketplace.
A related topic that is also covered in this lecture is Market Equilibrium. This is defined as the point
where demand for and supply of a particular product or service meet. Just like supply and demand,
the point of equilibrium is constantly shifting and changing. We will explore how an understanding
of these changes and an ability to track the patterns of supply and demand in the marketplace for
your industry can benefit you as a business leader.
Why It Matters

Supply and Demand are key microeconomic indicators related to regional and local markets

Businesses must identify the point of market equilibrium to support their production plans

Understanding these concepts enables business leaders to make better strategic decisions
“Unconstrained buyers and sellers acting in their best interests
drive a market to equilibrium.”
Frakt & Piper
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further
distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.
JWI 515 – Week 5 Lecture Notes (1202)
Page 1 of 6
JWI 515: Managerial Economics
Week 5 Lecture Notes
SUPPLY AND DEMAND
All companies within an industry compete with each other, both in terms of sales and in terms of
research to develop profitable new products. Their sales are constrained by two key microeconomic factors: supply and demand. For example, cell phones require small quantities of silver
for certain components; therefore, production cannot exceed the supply of that quantity of silver. In
addition, overall sales in the industry cannot exceed the total consumer demand for cell phones.
This pattern of demand and supply applies to any product; it only changes when a company
creates a new process or product that satisfies the same consumer need, disrupting the whole
industry through this innovation.
Change in the Quantity Demanded
Demand is the quantity of a good or service that a consumer is willing and able to purchase at a
specific price. There is an inverse relationship between the product price and the quantity sold. For
example, the less an iPhone costs, the more phones people will want to buy at that price. This can
be shown visually as a demand curve, as illustrated in Figure 1.
Figure 1 depicts a change in the quantity demanded:
• When the price is $5, customers will demand
just ten units
• If the price drops to $2, customers will
demand nearly 40 units
Figure 1. Change in the quantity demanded
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further
distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.
JWI 515 – Week 5 Lecture Notes (1202)
Page 2 of 6
JWI 515: Managerial Economics
Week 5 Lecture Notes
A number of other factors, besides price, drive demand. Some examples of these factors are: the
number of buyers in the market; consumer tastes and preferences; consumer income levels; and
the prices of related goods and services. When these factors change, even with a stable price, the
demand for a product is affected, causing a positive or negative shift in demand, as shown below.
Figure 2 depicts a positive shift in the demand curve,
which is caused by favorable changes in factors (other
than price) that have an impact on demand.
When a positive shift in demand occurs, it means that
there is more demand for a given product than
previously seen.
Figure 2. Positive shift in demand
Change in the Quantity Supplied
Supply is the quantity of goods and services that producers are able to bring to market at a specific
price. The price of the product impacts the quantity brought to market. As the price consumers will
pay for a product increases, the business becomes willing to supply more of that product.
To understand the supply side, we will consider an example familiar to all of you: smartphones.
When these devices were first brought to market, they commanded a very high price. Therefore,
manufacturers were willing to supply plenty of smartphones, since they wanted to tap into that
lucrative new market. Eventually, the market became saturated and stores were flooded with
smartphones. This change, from the relative rarity of smartphones to a marketplace that was
flooded with them, resulted from a mix of market factors that led to a rapid increase in the quantity
supplied of this new and desirable consumer item.
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further
distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.
JWI 515 – Week 5 Lecture Notes (1202)
Page 3 of 6
JWI 515: Managerial Economics
Week 5 Lecture Notes
Figure 3 depicts a change in the quantity supplied:
• When the price is $1, suppliers will only
provide ten units
• If the price rises to $4, suppliers will provide
more than 50 units
Figure 3. Change in quantity supplied
Several other factors, besides price, drive supply. Some examples are: the number of sellers in the
market; expectations of producers; technological innovation; and the price of related goods and
services. If these factors change, despite stable prices, a positive or negative shift in supply occurs.
Figure 4 depicts a positive shift in the supply curve,
which is caused by favorable changes in factors other
than price that have an impact on supply.
When a positive shift in supply occurs, it means that
greater quantities of a product are manufactured and
brought to market than previously seen.
Figure 4. Positive shift in supply
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further
distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.
JWI 515 – Week 5 Lecture Notes (1202)
Page 4 of 6
JWI 515: Managerial Economics
Week 5 Lecture Notes
Since there are so many factors that affect the demand for a product, it is very difficult to chart all of
the relevant factors on one graph. Therefore, for the sake of simplicity, for purposes of research
and analysis, we generally assume that all other factors apart from price remain constant. This
allows us to isolate two major factors, price and quantity demanded, as shown in the charts
provided to illustrate concepts in this lecture.
MARKET EQUILIBRIUM
The point at which the demand and supply curves for a product intersect is the point at which the
quantity of a product offered for sale exactly matches the price at which consumers are willing to
buy the quantity supplied. This state of affairs is shown in the chart below, which contains both a
supply curve and a demand curve. The intersection point, where the demand and the supply
curves meet, is the point of market equilibrium.
In addition to the point of market equilibrium, this chart
shows two different types of disequilibrium that may
exist in the market. In both cases, there is a mismatch
between the quantity offered for sale and the quantity
that consumers are willing to buy:
• Above the point of market equilibrium, there is
a market surplus of the product or service
• Below the point of market equilibrium, there is
a shortage of the product or service
Figure 5. Intersection of supply and demand curves
A surplus reflects excess supply, meaning suppliers produce more goods than consumers are
willing to buy at a given price. When this happens, sellers must reduce prices to stimulate sales.
Car dealers with excess inventory, for example, will accept lower prices because they are
motivated to move cars off their lots before the end of the month or the year.
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further
distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.
JWI 515 – Week 5 Lecture Notes (1202)
Page 5 of 6
JWI 515: Managerial Economics
Week 5 Lecture Notes
A shortage reflects a demand for products greater than the supply available at a given price. In
this situation, consumers will pay more than the “regular” price to obtain the goods they want. This
phenomenon is often seen at Christmas, when demand for a “hot” new toy, phone, book, or piece
of clothing can outstrip the ability of manufacturers to supply the item in time for the holiday.
As you have discovered in this lecture, the markets function through a multidimensional interplay
of related economic factors, such as: costs and prices; supply and demand; inputs and output;
number of buyers and number of sellers; consumer confidence and producer expectations.
Supply and demand in the marketplace interact to create a dynamic and fast-moving process that
may seem chaotic, but beneath the surface the markets do, in fact, follow patterns described in
economics. As a business leader, when you understand the economic factors that shift supply
and demand, you are better prepared to watch and interpret market activity and to make strategy
decisions that position your company for competitive advantage.
Looking Ahead
In this lecture, you learned about two key microeconomic indicators, Supply and Demand, and
explored the relationship between price and quantity demanded. You also examined the concept of
Market Equilibrium and examined the way a market can cycle between periods of surplus and
shortage. You explored how an understanding of these microeconomic factors can help you as a
leader in business to make well-informed, tactical decisions for production and pricing at your
business, in support of strategies that will maximize your company’s competitive advantage.
Next week, the lecture will focus on competition, discussing different types of market structure and
examining their pros and cons for business entities and for consumers. In addition, you will learn
the meaning of the term, Price Discrimination, and explore a range of pricing practices that are
used by companies to maximize their sales and increase company revenue, by appealing to a
range of different target audiences.
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be copied, further
distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.
JWI 515 – Week 5 Lecture Notes (1202)
Page 6 of 6
To: Your Instructor
FROM: LaShundra Small
DATE: November 1, 2022
RE: – Managerial Economics 515 – Assignment #2 – Verizon Business Markets Executive
Brief
Introduction
Digital transformation in businesses continues to have huge impacts, and companies must thus
stay ahead of the curve as digital transformation spreads across industries and globally. Adapting
to digital acceleration necessitates organizations to develop and implement long-term technology
strategies. As a result, to increase efficiency, firms operating in the IT frameworks sector, such
as Verizon Business Markets (VBM), must take steps to take advantage of this gap by entering
new markets to increase and diversify the revenue streams.
Verizon Business Markets (VBM) was launched in 2017 as a unit of Verizon Communications
Inc., a multinational telecommunications corporation headquartered in the US. Verizon Business
Markets (VBM) is an IT services company specializing in a broad range of services such as data
security, FIOS (TV, Broadband, and voice services), IP networking, and more for both public
companies and the government. Verizon Business Markets (VBM) clients include educational,
healthcare, and government agencies (VBM, 1). Verizon’s home country is the US, and the
selected target country is South Africa. South Africa offers potential growth prospects for
Verizon because, in Africa, South Africa is one of the highest economies (Roux, 2). Also, South
Africa is a central international trade center; according to Africa Development Bank, having a
presence in South Africa offers opportunities for possible operations expansions into Eastern
Central and Southern African markets (African Development Bank Group, 3).
1
Researching the economic indicators in South Africa allows the management at VBM an
understanding of the country’s economic condition. It allows for an informed decision of
whether entering the market is viable.
South Africa’s Economic State
Overall Economic Health and Trends
South Africa’s GDP was $356.30 billion in 2018. The country’s GDP is projected to increase
from $299.74 billion in 2016 to $397.80 billion in 2017, $356.30 billion in 2018, and $418. 34
billion in 2021(Trading Economics, 4). This GDP statistic indicates that while the Covid-19
pandemic adversely impacted the South African economy, it is recovering well. With a predicted
1.4% annual growth rate, the South African economy appears to be healthy and recovering
positively. According to Statista, South Africa’s GDP is projected to reach $513. 41 billion by
2027. As the most significant and rapidly growing economy in Africa and ranked 31 of the major
economies globally in terms of GDP per capita, South Africa makes an ideal location to increase
Verizon’s IT services market (O’Neill, 5).
Key Indicators for Assessing South Africa’s Economic Condition
Using the GUIDES framework to evaluate South Africa’s economy further, Verizon will consider
three key indicators to explain the country’s economic condition, including GDP and Growth,
inflation and interest rate, and unemployment rates (Weinzierl, 6). As mentioned earlier, South
Africa’s GDP has experienced an increase from 2018’s $356.30 billion to $418.03 billion in 2021,
with the GDP projected to continue to increase in the future by 1.4% in 2022, with technology
accounting for more than 2% (Trading Economics, 4). The yearly unemployment rates are high,
averaging 27%. South Africa records the biggest unemployment rate in Africa and is one of the
top nations in unemployment rate globally (Trading Economics, 4). Finally, South Africa’s interest
2
rates were at a record low of 3.50% in 2020 from a high of 6.75% in 2018. The inflation rate
dropped to 3.8% in 2019 from 4.5% in 2018. The rate consistently declined to 3.21% in 2020
(O’Neill, 5). This indicates an increase in disposable income for things such as higher education
and saving, which is excellent news for VBM (Weinzierl, 6).
Business Cycle in Target Country
South Africa is in the early stages of its expansion business cycle. GDP is a primary
macroeconomic that measures national output and offers data on the condition of the national
economy (JWI515, 7). The corresponding Business Cycle for South Africa indicates the periodic
expansion and contraction of the economy. The PMI on innovations and technology is crucial for
VBM to observe and monitor in South Africa, as it is a primary indicator of how IT businesses
are performing (and an insight into the industry cycle). Moreover, using the causes of the
business cycle in South Africa, such as increases in productivity via economic drives like
investment and productivity (JWI515, 7), VBM can assess its position and strategy in South
Africa’s market.
Growth Implications
Part of VBM’s growth strategy includes growing internationally, growing via technology, and via
new services. The innovation and technology PMI reports an increased economy in South Africa,
and the country’s GDP annual growth demonstrate a healthy economy. With VBM’s strength in
its capacity to provide a broad range of services and products in the IT sector and investing in
cutting-edge R&D, South Africa’s public and government businesses and institutions provide an
untapped market for VBM. VBM also possesses the technical knowledge, services, and products
to grow in the IT business in South Africa’s market (VBM, 1).
3
Recommendation
Since South Africa has maintained its position as the most technologically advanced nation in
Africa, the recommendation is to enter the South African market, which indicates a sizable
market for IT services and products. VBM is a technology and innovation company that can
deliver high-quality and unique IT solutions to drive financial growth in South Africa’s market.
VBM should continue to flex its networks to stay ahead of the market gaps created by the
increasing demand for IT transformations in public and government businesses and institutions
in the African region. Entering South Africa will present VBM with an excellent prospect of
expanding into other regions of the continent, where according to the World Bank, Africa will be
the next frontier in the global economy (African Development Bank Group, 3).
As VBM enters the South African market, the management must track and monitor key
economic indicators, including GDP, CCI, and ease of Doing Business (Weinzierl, 6). GDP is
the primary indicator, tracking the country’s economic growth speed. Monitoring Consumer
Confidence Index can also help VBM understand the degree of optimism in clients. This
indicator is essential as it will give VBM an insight into South African customer spending
patterns and their general outlook on finances to clearly understand how this can impact the
country’s future economy. South Africa was ranked 82 globally in the Ease of Doing Business
ranking in 2018 and 2018 and 84 out of 190 countries in 2020 (Galal, 8). I chose this indicator
because, with a ranking of 84 compared to 2018, when it ranked 82, it indicates the increased
ease of doing business in South Africa.
Conclusion
This report aims to evaluate the economic state of a novel target market, South Africa, and
establish whether this market is a viable option for VBM. The top management level of business
4
cycle acumen and the dissemination of macroeconomic data is vital in differentiating the
company from its competitors (Henrik, 9). From the above analysis of the economic health and
forecast of South Africa’s economy, VBM’s entry into the South Africa IT products and services
market is a viable business strategy.
5
References
1. VBM. Enterprise Solutions. Verizon Business Markets. Retrieved From:
https://www.verizon.com/about/news/verizon-enterprise-solutions-verizon-business-markets1q-2017-highlights
2. Roux, A. (2022). Everyone’s Guide to the South African Economy 12th edition. Penguin Random
House South Africa.
3. African Development Bank Group. (2021, March 30). South Africa Economic Outlook. African
Development Bank – Building today, a better Africa tomorrow. Retrieved October 31, 2022, from
https://www.afdb.org/en/countries/southern-africa/south-africa/south-africa-economicoutlook
4. Trading Economics. (2021). South Africa GDP2022 data – 2023 forecast – 1960-2021 historical chart – news. South Africa GDP – 2022 Data – 2023 Forecast – 1960-2021 Historical – Chart – News.
Retrieved October 31, 2022, from https://tradingeconomics.com/south-africa/gdp
5. O’Neill, A. (2022, June 8). South Africa – gross domestic product (GDP) 2027. Statista. Retrieved
October 31, 2022, from https://www.statista.com/statistics/370513/gross-domestic-productgdp-in-south-africa/
6. Weinzierl, M., Schlefer, J., & Cullen, A. (2017). GUIDES: Insight Through Indicators. Harvard
Business School BGIE Unit Case, (710-044).
7. JWI515. 2022. Week 3 Lecture Notes. Leveraging Business Cycle
8. Galal, S. (2021, August 24). South Africa: Ease of doing business ranking 2011-2020. Statista.
Retrieved October 31, 2022, from https://www.statista.com/statistics/1256927/ease-of-doingbusiness-ranking-in-south-africa/
9. Jensen, Henrik, et al. “Leverage and deepening business-cycle skewness.” American Economic
Journal: Macroeconomics 12.1 (2020): 245-81.
6
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