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Supply and Demand Unit 4:  Microeconomics
I.  Demand
A.  Description ,[object Object],[object Object],PRICE As price goes down… DEMAND Quantity demanded goes up. PRICE As price goes up… DEMAND Quantity demanded goes down.
B.  Changes in Demand ,[object Object],[object Object]
[object Object],[object Object],[object Object]
[object Object]
5.  Population:  Population changes in age, goods demanded change.
6.  Tastes and advertising:  Waves of popularity & advertising will impact demand.
7.  Related goods:  Complements are goods that are bought together.
C.  Extreme Demand ,[object Object]
2.  Government may intervene with rationing
a.  WWII is an example of high demand, rationing rubber, fuel, nylon, etc.
b.  1970’s:  Gasoline rationing.
II.  Supply
A.  Description ,[object Object],[object Object],Prices go up… Supply goes up. Prices goes down… Supply goes down.
B.  Changes in Supply ,[object Object]
2.  Technology:  Efficiency in production will increase production and supply.
3.  Subsidy:  Government financial assistance for producers.
4.  Excise tax:  Tax on the production, distribution,  sale of product.
5.  Regulation:  Limits on the production will decrease supply.
III.  Supply and Demand Together
A.  Equilibrium Equilibrium Price Surplus Shortage Demand Supply Price Floor : Minimum Wage Price Ceiling:  Rent Control
B.  Elasticity ,[object Object]
1.  Elastic:  Items that are highly sensitive to price change.
2.  Inelastic:  Items that are not sensitive to price.
3.  Elasticity of supply:  Sensitivity of suppliers to price change.
a. Elastic:  Suppliers will be able to produce more or less of a product due to changes of prices in the market.
b.  Inelastic:  Suppliers will not be able to produce more or less of a product.
C.  Companies and Pricing ,[object Object]
1.  Fixed Costs :  Same monthly.
2.  Variable Costs:  Varies monthly.
3.  Fixed + Variable = Total
4.  Adding labor (more workers is not always good):
a.  At first, each additional worker increases output more. (Increasing Marginal Returns)
b.  Eventually output will still increase, but more slowly. (Diminishing marginal returns).
c.  Soon, production will drop with each worker added.  (Negative marginal returns).
IV.  Market Structure ,[object Object]
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Monopoly Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many Monopoly Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical Monopoly Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start Monopoly Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Monopoly Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive Some
Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy  to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold  Full Control City  Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive Some Auto, Cereal
D.  Perfect and Monopolistic Competition ,[object Object],[object Object],[object Object]
E.  Monopolies and Oligopoly ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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Unit 4 microeconomics general

  • 1. Supply and Demand Unit 4: Microeconomics
  • 3.
  • 4.
  • 5.
  • 6.
  • 7. 5. Population: Population changes in age, goods demanded change.
  • 8. 6. Tastes and advertising: Waves of popularity & advertising will impact demand.
  • 9. 7. Related goods: Complements are goods that are bought together.
  • 10.
  • 11. 2. Government may intervene with rationing
  • 12. a. WWII is an example of high demand, rationing rubber, fuel, nylon, etc.
  • 13. b. 1970’s: Gasoline rationing.
  • 15.
  • 16.
  • 17. 2. Technology: Efficiency in production will increase production and supply.
  • 18. 3. Subsidy: Government financial assistance for producers.
  • 19. 4. Excise tax: Tax on the production, distribution, sale of product.
  • 20. 5. Regulation: Limits on the production will decrease supply.
  • 21. III. Supply and Demand Together
  • 22. A. Equilibrium Equilibrium Price Surplus Shortage Demand Supply Price Floor : Minimum Wage Price Ceiling: Rent Control
  • 23.
  • 24. 1. Elastic: Items that are highly sensitive to price change.
  • 25. 2. Inelastic: Items that are not sensitive to price.
  • 26. 3. Elasticity of supply: Sensitivity of suppliers to price change.
  • 27. a. Elastic: Suppliers will be able to produce more or less of a product due to changes of prices in the market.
  • 28. b. Inelastic: Suppliers will not be able to produce more or less of a product.
  • 29.
  • 30. 1. Fixed Costs : Same monthly.
  • 31. 2. Variable Costs: Varies monthly.
  • 32. 3. Fixed + Variable = Total
  • 33. 4. Adding labor (more workers is not always good):
  • 34. a. At first, each additional worker increases output more. (Increasing Marginal Returns)
  • 35. b. Eventually output will still increase, but more slowly. (Diminishing marginal returns).
  • 36. c. Soon, production will drop with each worker added. (Negative marginal returns).
  • 37.
  • 38. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Monopoly Monopolistic Competition Oligopoly
  • 39. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many Monopoly Monopolistic Competition Oligopoly
  • 40. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical Monopoly Monopolistic Competition Oligopoly
  • 41. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start Monopoly Monopolistic Competition Oligopoly
  • 42. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Monopoly Monopolistic Competition Oligopoly
  • 43. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly Monopolistic Competition Oligopoly
  • 44. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Monopolistic Competition Oligopoly
  • 45. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Monopolistic Competition Oligopoly
  • 46. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Monopolistic Competition Oligopoly
  • 47. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control Monopolistic Competition Oligopoly
  • 48. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Oligopoly
  • 49. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Oligopoly
  • 50. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Oligopoly
  • 51. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Oligopoly
  • 52. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Oligopoly
  • 53. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly
  • 54. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few
  • 55. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes
  • 56. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive
  • 57. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive Some
  • 58. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive Some Auto, Cereal
  • 59.
  • 60.