Tutor profile: Anuka R.
Grandma Nina's garden has the length of 12(m) and the Area of 48(m^2). Whats the area of my garden if it has the same perimeter as Nina's garden and the width of my garden is 3(m).
NINA' garden VS My Garden L=12m W = 3 A = L * W P(nina) = P(my garden) = 32 48 = 12 * W ( divide both sides by 12) P = 2 * (W+L) W = 4 32 = 2 * ( 3+L) ( DIVIDE BOTH SIDES BY 2) P(nina) = 2 * (L+W) = 16 = 3+L =2* (4+12) = 32 L = 16-3=13 AREA = 13 (m) * 3 (m) = 39 (m^2) THUS AREA OF MY GARDEN IS 39 SQUARED METERS.
Q1 ) 16XA^2 - B^4 = ?
Q1) WE NEED TO REMEMBER SOME FORMULAS A SQUARED MINUS B SQUARED EQUALS TO THE PRODUCT OF (A-B) AND (A+B) A^2 - B^2 = (A-B) * (A+B) I) 16A^2 IS SAME AS (4A)^2 ==> PROVE THAT BY MULTIPLYING 4A BY 4A . II) B ^ 4 IS SAME AS (B^2)^2 III) 16A^2-B^2 = (4A)^2 - (B^2)^2 = (4A - B^2) * (4A + B^2)
Let's think about how markets can equate demand and supply?! ( I'll use the example of specific skilled workers such as nurses to answer the above mentioned question). If there is a shortage of nurses in the economy, how will market forces lead to an elimination of nurse shortage? (We could ask the same question about any skilled worker)
In simple economic modelS we always have two sides - producers and consumers. Supply curve shows producers who supply goods and/or services, on the other hand, demand curve shows consumer side, people who want to purchase goods and services. In our labor market, suppliers are nurses ( they render services to hospitals, clinics, etc and GET PAID FOR IT) while consumers are hospitals, clinics, health care offices, since they want to purchase nurse services to serve their patients. IMPORTANT >> WHEN WE REFER TO EQUILIBRIUM PRICE AND QUANTITY WE ASSUME THAT ALL THE OTHER DETERMINANTS OF BOTH DEMAND AND SUPPLY ARE HELD CONSTANT. ECONOMISTS LOVE TO CREATE SIMPLISTIC MODELS WHERE THEY JUST IDENTIFY 1 OR 2 FACTORS THEY STUDY AND IGNORE EVERYTHING ELSE, THEY use this technique over and over again UNTIL THEY HOPEFULLY FIND SOME TYPE OF meaningful RELATIONSHIP WHICH WILL ALMOST ALWAYS BE TRUE AND THEY REFER TO THEM AS LAWS, SUCH AS, FOR INSTANCE, LAW OF SUPPLY AND DEMAND. > BACK TO OUR PROBLEM OF ELIMINATING SHORTAGE OF NURSES, the problem is clear => there is high demand for nurses ( clinics, hospitals etc require many more nurses) while demand is not catching up with supply ( suppliers in our example are nurses who render service and we do not have enough nurses in our hypothetical example) If the price of nurse services had to go up, more people would want to become nurses ( INCENTIVES MATTER! A LOT MORE FOR ECONOMISTS) so people who entered college or were undecided about career path now might think about becoming nurses, since it pays more than other jobs on average, ON THE OTHER HAND, IRONICALLY less hospitals, clinics and healthcare services will want to hire nurses because their services cost more now. Market Price will clear the shortage of nurses and with the right price where just enough nurses are willing to supply their service and there are just enough hospitals, clinics who want to purchase that service at that price the market will clear up, in other words THE SHORTAGE OF NURSES WILL DISAPPEAR (REMEMBER, THIS IS AN ECONOMIC MODEL, OF COURSE THERE ARE MANY OTHER FACTORS THAT FORCE PEOPLE TO DECIDE WHAT JOB TO TAKE AND FOR HOSPITALS TO HIRE PROSPECTIVE NURSES BUT THIS SIMPLE, ELEGANT MODEL DEMONSTRATES HOW EQUILIBRIUM MARKET PRICE CAN ELIMINATE ANY SHORTAGE OR SURPLUS).
needs and Anuka will reply soon.