Demand and Supply

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Lalit Pradhan

IB Economics by IB Tutor Lalit Pradhan

Education Business Economy & Finance

Market

Consumers Exchange Producers

Objective: Total Utility1 Maximization Total Profit2 Maximization

Demand Theory Supply Theory
(Consumers’ p.o.v.) (Producers’ p.o.v.)

Price
Mechanism

Equilibrium
Qd=Qs

Price Equilibrium Quantity Equilibrium
Market Price Quantity bought and sold
or traded

1
Utility = Satisfaction
2
Profit = Revenue-Costs

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