Supply And Demand Essay, Research Paper

Economicss, supply and demand In the article we find that adolescents have the

oppertunity to be demanding about their wage in the babe sitting field,

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because the sum of baby-sitters today are scarce. The babysitting population,

adolescents, find themselves busy with school, portion clip occupations, and extracirricular

activity. Adolescents with drivers licences are even more scarce than those with

out, all in all, It & # 8217 ; s difficult to happen a baby-sitter. Timess have changed, merely 20

old ages ago there were 33 million kids who needed to be watched, and 39

million baby-sitters ( age 10 & # 8211 ; 19 ) , recent polls suggest that kids that need

to be watched raised 18 per centum to 39 million while babe Sitters dropped 5

per centum to 37 million. The rise in kids coupled with American households

passing more clip out so old ages ago, has allowed the baby-sitters to put their

monetary value with out haggeling. Baby Sitters are doing good over the federal lower limit

pay of $ 5.15 an hr because they are in demand, and scarce ; the baby-sitters

who train in CPR, service dinner, and thrust are the hardest to come by and can

demand the highest rewards. In this article we see many illustrations of supply and

damand and the powers of supply and demand. Babysitters are in demand, there is

an addition in the sum of kids who need to be watched yet there are

relativly few who choose to babysit from the allready decreased sum of the

baby-sitter work force. This gives the baby-sitter the advantage of a

noncompetitive work force, leting the babe Sitter to put the pric

vitamin E with out

bargaining. If we were to compare two different production possibility

frontiers, we would see a left displacement of the curve while demand for babe Sitters

rises, from 1980 to 1996. In economic science we concider this an rising prices, the sum

of resources ( baby-sitters ) decreased while the demand for them rose. This is what

we would concider the begining of an econic job because the resources are

scarce. This resulted in an addition of monetary value for that service. We besides see that

the most experient, oldest, responcible, and best trained baby-sitters set the

highest monetary values by up to 60 % from a “ novitiate ” sallery of $ 4 to a

“ expert ” sallery of $ 10 and consumers are willing to pay. A consumer

is willing to pay that excess $ 6 an hr for the piece of head they get when they

travel out and cognize that their kids are being go toing to in the best possible

manner, much like a consumer is willing to by name trade name merchandises for a higher

monetary value because they merely “ experience ” like its better. In the following two or

three old ages the work force of the baby-sitters will turn, and so will the figure

of people under the age of 10, this will demo a steady PPC with no marks of

alleviation for the consumer. This article shows the power of supply and demand. 20

old ages ago when kids under the age of 10 and babe Sitters age 10-19 were both

fewer, we saw more competition between the babe Sitters ensuing in monetary value

lessenings. Today with fewer babe Sitters, all with busy scheduals, and more

immature kids we see the damand addition ensuing in an addition of monetary value.


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