Supply And Demand, Understanding Economics

If you already run a business then you might have realized by now that even if you have trusted payday advances, nothing is more important than the chain of supply and demand. Supply refers to the quantity of as commodity that the seller is willing to sell at some particular price and demand refers to the quantity of a commodity that the customer is willing to buy at a certain price.

Supply and demand are absolutely interdependent and they are an integral part of economics. In fact, for determining the price, this model is used in the economic theory. Usually, on the basis of the interaction of supply and demand that takes place in the market, the prices of the commodities are determined. Whatever output comes, it is known as the equilibrium price which is like an agreement between the consumers and the producers.

Demand Curve

Factors like prices of the commodities, seasonal effects, preferences and incomes of a customer influence the quantity of a commodity demanded. Usually in economic analysis, all these factors remain constant except the prices of the commodities. Then the relation between the price levels and the maximum quantity which will be bought by customers are examined. This price quantity relation is usually represented on a curve which is called the demand curve. Mostly, this curve is downward sloping, which means that the consumers are willing to buy more of the commodity at a cheaper price.

Supply Curve

The quantity of a commodity depends on production technology, prices of substitute products, cost of labor and of course its availability. An economic analysis observes the relation between the prices and the quantity provided by the producer at each price keeping rest of the factors as constant. Usually, a supply curve is upward slopping which means that the producer is willing to sell more commodities at higher prices.

What I look for when staying in a hotel

We hope all of us stayed in hotels of various types and star ratings in our life. Its sometimes great experiences, while some other times, it’s annoying that we were never able to relax and enjoy our stay, due to many factors.

As a hotel, according to the star rating of the hotel, it’s important that you keep everything in mind and all types of guests who use your accommodation and amenities. If there is any mistake or odd thing, then you will lose the customer rating and the customer as well.

In the recent stay at one of the hotels, a 3-star one, we were very annoyed at the lighting system that was in place. The guest room lighting was pathetic, as we had to search for a small reading light switch for hours together and we finally cancelled our plan to read, due to the bad system of lighting. This has made us never to go back to the place, again, forever!
Such scenarios do happen with other hotels too. As guests, we really can’t remember and keep in mind the things that would be changed and would remain a standard across all hotel chains. Please read few tips to make your guest stay as pleasant as possible.

Adapt lighting to the hotel layout changes:

There is nothing wrong in changing for good, what we intend is that you change everything along! Yes, the old concept of individual spaces and rooms for various purposes have been replaced by one place for all purposes, at least few common ones, like the lobby taking up most of the things, be it a relaxing spot to the busiest ever meeting places.

So, change the lights accordingly, and enable every client in the place to have access to adjust their lighting according to their preferences, or be of help if they need.