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Supply and demand

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1 Supply and demand on Mon Dec 27, 2010 6:42 pm

Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers (at current price) will equal the quantity supplied by producers (at current price), resulting in an economic equilibrium of price and quantity.
The four basic laws of supply and demand are [1]
If demand increases and supply remains unchanged then higher equilibrium price and unchanged quantity.
If demand decreases and supply remains the same then lower equilibrium price and unchanged quantity.
If supply increases and demand remains unchanged then lower equilibrium price and higher quantity.
If supply decreases and demand remains the same then higher price and lower quantity.

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2 Re: Supply and demand on Mon Jan 10, 2011 5:14 pm

On January 29, 2010 the Quadrennial Defense Review Report stated that a nuclear aircraft carrier would be homeported at NAS Mayport. The action will help protect the fleet against a potential terror attack, accident or natural disaster, because all east coast aircraft carriers are currently based at Naval Station Norfolk, according to the report. West coast aircraft carriers are split between Naval Station San Diego and Naval Base Kitsap in Washington state. Robert Gates, Secretary of Defense stated, "Having a single (nuclear carrier) homeport has not been considered acceptable on the west coast and should not be considered acceptable on the east coast."[5] The decision was opposed by elected officials in Virgina,[6] who would lose 3,500 sailors and their dependents, $425 million in revenue each year, and most importantly, 6,000 support jobs.[7] The Hampton Roads Chamber of Commerce estimated the loss at 11,000 jobs and $650 million per year.[8] Infrastructure changes and facility construction at Mayport are estimated to take five years and cost over half a billion dollars. The 2011 budget commits $590 million during the fiscal years from 2011-2019, so a carrier may not move to Mayport until 2019.[7]

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