资源描述
Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.The Market Forces of Supply and DemanduSupply and demand are the two words that economists use most often.uSupply and demand are the forces that make market economies work.uModern microeconomics is about supply,demand,and market equilibrium.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Markets uA market is a group of buyers and sellers of a particular good or service.uThe terms supply and demand refer to the behavior of people.as they interact with one another in markets.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Markets u Buyers determine demand.u Sellers determine supply.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Market Type:A Competitive MarketA competitive market is a market.with many buyers and sellers.that is not controlled by any one person.in which a narrow range of prices are established that buyers and sellers act upon.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Competition:Perfect and OtherwiseuProducts are the sameuNumerous buyers and sellers so that each has no influence over priceuBuyers and Sellers are price takersPerfect CompetitionHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Competition:Perfect and OtherwiseuMonopolyuOne seller,and seller controls priceuOligopolyuFew sellersuNot always aggressive competitionHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Competition:Perfect and OtherwiseuMonopolistic CompetitionuMany sellersuSlightly differentiated productsuEach seller may set price for its own productHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.DemandQuantity demanded is the amount of a good that buyers are willing and able to purchase.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Law of DemandThe law of demand states that there is an inverse relationship between price and quantity demanded.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Demand ScheduleThe demand schedule is a table that shows the relationship between the price of the good and the quantity demanded.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Demand ScheduleHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Determinants of DemanduMarket priceuConsumer incomeuPrices of related goodsuTastesuExpectationsHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Demand CurveThe demand curve is the downward-sloping line relating price to quantity demanded.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Demand Curve$3.002.502.001.501.000.502134 56789 101211Price of Ice-Cream ConeQuantity of Ice-Cream Cones0Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Ceteris ParibusCeteris paribus is a Latin phrase that means all variables other than the ones being studied are assumed to be constant.Literally,ceteris paribus means“other things being equal.”The demand curve slopes downward because,ceteris paribus,lower prices imply a greater quantity demanded!Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Market DemanduMarket demand refers to the sum of all individual demands for a particular good or service.uGraphically,individual demand curves are summed horizontally to obtain the market demand curve.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Determinants of DemanduMarket priceuConsumer incomeuPrices of related goodsuTastesuExpectationsHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Demanded versus Change in DemandChange in Quantity DemandeduMovement along the demand curve.uCaused by a change in the price of the product.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Changes in Quantity Demanded0D1Price of Cigarettes per PackNumber of Cigarettes Smoked per DayA tax that raises the price of cigarettes results in a movement along the demand curve.AC202.00$4.0012Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Demanded versus Change in DemandChange in DemanduA shift in the demand curve,either to the left or right.uCaused by a change in a determinant other than the price.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Changes in Demand0D1Price of Ice-Cream ConeQuantity of Ice-Cream ConesD3D2Increase in demandDecrease in demandHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Consumer IncomeuAs income increases the demand for a normal good will increase.uAs income increases the demand for an inferior good will decrease.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Consumer IncomeNormal Good$3.002.502.001.501.000.502134 56789 101211Price of Ice-Cream ConeQuantity of Ice-Cream Cones0Increasein demandAn increase in income.D1D2Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Consumer IncomeInferior Good$3.002.502.001.501.000.502134 56789 101211Price of Ice-Cream ConeQuantity of Ice-Cream Cones0Decreasein demandAn increase in income.D1D2Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Prices of Related GoodsSubstitutes&ComplementsuWhen a fall in the price of one good reduces the demand for another good,the two goods are called substitutes.uWhen a fall in the price of one good increases the demand for another good,the two goods are called complements.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Demanded versus Change in DemandVariables that Affect Quantity DemandedA Change in This Variable.PriceRepresents a movementalong the demand curveIncomeShifts the demand curvePrices of relatedgoodsShifts the demand curveTastesShifts the demand curveExpectationsShifts the demand curveNumber ofbuyersShifts the demand curveHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SupplyQuantity supplied is the amount of a good that sellers are willing and able to sell.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Law of SupplyThe law of supply states that there is a direct(positive)relationship between price and quantity supplied.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Determinants of SupplyuMarket priceuInput pricesuTechnologyuExpectations uNumber of producersHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply ScheduleThe supply schedule is a table that shows the relationship between the price of the good and the quantity supplied.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply ScheduleHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply CurveThe supply curve is the upward-sloping line relating price to quantity supplied.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply Curve$3.002.502.001.501.000.5021345 6789 101211Price of Ice-Cream ConeQuantity of Ice-Cream Cones0Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Market SupplyuMarket supply refers to the sum of all individual supplies for all sellers of a particular good or service.uGraphically,individual supply curves are summed horizontally to obtain the market supply curve.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Determinants of SupplyuMarket priceuInput pricesuTechnologyuExpectations uNumber of producersHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Supplied versus Change in SupplyChange in Quantity SupplieduMovement along the supply curve.uCaused by a change in the market price of the product.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Supplied1 5Price of Ice-Cream ConeQuantity of Ice-Cream Cones0S 1.00AC$3.00A rise in the price of ice cream cones results in a movement along the supply curve.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Supplied versus Change in SupplyChange in SupplyuA shift in the supply curve,either to the left or right.uCaused by a change in a determinant other than price.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in SupplyPrice of Ice-Cream ConeQuantity of Ice-Cream Cones0S1S2S3Increase in SupplyDecrease in SupplyHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Change in Quantity Supplied versus Change in SupplyHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply and Demand TogetherEquilibrium PriceuThe price that balances supply and demand.On a graph,it is the price at which the supply and demand curves intersect.Equilibrium QuantityuThe quantity that balances supply and demand.On a graph it is the quantity at which the supply and demand curves intersect.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Supply and Demand TogetherDemand ScheduleSupply ScheduleAt$2.00,the quantity demanded is equal to the quantity supplied!Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SupplyDemandPrice of Ice-Cream ConeQuantity of Ice-Cream ConesEquilibrium of Supply and Demand21345 6789 1012110$3.002.502.001.501.000.50EquilibriumHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Price of Ice-Cream ConeQuantity of Ice-Cream Cones21345 678 9 1012110$3.002.502.001.501.000.50SupplyDemandSurplusExcess SupplyHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SurplusWhen the price is above the equilibrium price,the quantity supplied exceeds the quantity demanded.There is excess supply or a surplus.Suppliers will lower the price to increase sales,thereby moving toward equilibrium.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Excess DemandQuantity ofIce-Cream ConesPrice ofIce-CreamCone$2.000123456789 10 11 12 13SupplyDemand$1.50ShortageHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.ShortageWhen the price is below the equilibrium price,the quantity demanded exceeds the quantity supplied.There is excess demand or a shortage.Suppliers will raise the price due to too many buyers chasing too few goods,thereby moving toward equilibrium.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Three Steps To Analyzing Changes in EquilibriumuDecide whether the event shifts the supply or demand curve(or both).uDecide whether the curve(s)shift(s)to the left or to the right.uExamine how the shift affects equilibrium price and quantity.How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.0007Quantity ofIce-Cream ConesSupplyInitialequilibriumD11.Hot weather increasesthe demand for ice cream.D22.resultingin a higherprice.$2.50103.and a higherquantity sold.New equilibriumHarcourt,Inc.items and derived items copyright 2019 by Harcourt,Inc.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Shifts in Curves versus Movements along CurvesuA shift in the supply curve is called a change in supply.uA movement along a fixed supply curve is called a change in quantity supplied.uA shift in the demand curve is called a change in demand.uA movement along a fixed demand curve is called a change in quantity demanded.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.S2How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.000123478 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS1101.An earthquake reducesthe supply of ice cream.Newequilibrium2.resultingin a higherprice.$2.503.and a lowerquantity sold.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.What Happens to Price and Quantity When Supply or Demand Shifts?Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SummaryuEconomists use the model of supply and demand to analyze competitive markets.uThe demand curve shows how the quantity of a good depends upon the price.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SummaryuAccording to the law of demand,as the price of a good rises,the quantity demanded falls.uIn addition to price,other determinants of quantity demanded include income,tastes,expectations,and the prices of complements and substitutes.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SummaryuThe supply curve shows how the quantity of a good supplied depends upon the price.uAccording to the law of supply,as the price of a good rises,the quantity supplied rises.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SummaryuIn addition to price,other determinants of quantity supplied include input prices,technology,and expectations.uMarket equilibrium is determined by the intersection of the supply and demand curves.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.SummaryuSupply and demand together determine the prices of the economys goods and services.uIn market economies,prices are the signals that guide the allocation of resources.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.Graphical ReviewHarcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.000710Quantity ofIce-Cream ConesSupplyInitialequilibriumD1Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.000710Quantity ofIce-Cream ConesSupplyInitialequilibriumD11.Hot weather increasesthe demand for ice cream.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.000710Quantity ofIce-Cream ConesSupplyInitialequilibriumD11.Hot weather increasesthe demand for ice cream.D2New equilibrium$2.50Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.000710Quantity ofIce-Cream ConesSupplyInitialequilibriumD11.Hot weather increasesthe demand for ice cream.D2New equilibrium2.resultingin a higherprice.$2.50How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.000710Quantity ofIce-Cream ConesSupplyInitialequilibriumD11.Hot weather increasesthe demand for ice cream.D2New equilibrium2.resultingin a higherprice.$2.503.and a higherquantity sold.Harcourt,Inc.items and derived items copyright 2019 by Harcourt,Inc.How an Increase in Demand Affects the EquilibriumPrice ofIce-CreamCone2.000710Quantity ofIce-Cream ConesSupplyInitialequilibriumD11.Hot weather increasesthe demand for ice cream.D2New equilibrium2.resultingin a higherprice.$2.503.and a higherquantity sold.Harcourt,Inc.items and derived items copyright 2019 by Harcourt,Inc.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.00012345678 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS110Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.00012345678 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS1101.An earthquake reducesthe supply of ice cream.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.00012345678 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS1101.An earthquake reducesthe supply of ice cream.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.00012345678 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS1101.An earthquake reducesthe supply of ice cream.Newequilibrium$2.50Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.00012345678 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS1101.An earthquake reducesthe supply of ice cream.Newequilibrium$2.502.resultingin a higherprice.Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.How a Decrease in Supply Affects the EquilibriumPrice ofIce-CreamCone2.000123478 911 12Quantity ofIce-Cream Cones13DemandInitial equilibriumS1101.An earthquake reducesthe supply of ice cream.Newequilibrium$2.502.resultingin a higherprice.3.and a lowerquantity sold.谢谢
展开阅读全文