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Demand and Supply ,[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object]
Direct Demand and Derived Demand ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object]
Demand Schedule ,[object Object],[object Object],Prices  Quantity 4 28 8 15 12 5 16 1 20 0
[object Object],price quantity
[object Object],[object Object],[object Object],[object Object],[object Object]
Determinants of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Types of goods  ,[object Object],[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object]
Shift of the Demand Curve ,[object Object],price qty Here, the curve shifts due to an increase in income or an increase in price of a substitute good etc
[object Object],[object Object],A B
Supply  ,[object Object],[object Object]
[object Object],[object Object],price quantity 1 2 5 10 8 15 13 25 20 35
[object Object],qty price ,[object Object],[object Object],[object Object]
Determinants Of Supply ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
EQUILIBRIUM ,[object Object],[object Object],eqm p q s dem p
Market forces drive market to equilibrium ,[object Object],[object Object],[object Object]
Equilibrium in a Market Demand Price Supply 800 $3,000 2,900 1,150 $2,500 2,550 1,500 $2,000 2,200 1,850 $1,500 1,850 2,200 $1,000 1,500 2,550 $500 1,150 2,900 $0 0
Surplus and Shortage ,[object Object],[object Object],[object Object],[object Object]
Price Rationing ,[object Object],[object Object]
Alternative Price- Control Mechanisms ,[object Object],[object Object],[object Object],[object Object]
Elasticity ,[object Object],[object Object]
ELASTICITY ,[object Object]
Arc Elasticity ,[object Object],[object Object],[object Object]
Own Price Elasticity of Demand ,[object Object],[object Object]
Types of elasticities ,[object Object],[object Object]
Elasticity and slope Price  Quantity Demanded The demand curve can be a range of shapes each of which is associated with a different relationship between price and the quantity demanded.
Slope of the Demand Curve ,[object Object],[object Object],[object Object],Price Quantity Demand Q Q +   Q  Q P P+   P  P
Elasticity and slope
[object Object],[object Object],[object Object],[object Object],[object Object]
Linear Demand Curve: ,[object Object],Qty  E = infinity  e=lower segment/upper segment E=0 E=1
Determinants of Elasticity ,[object Object],[object Object],[object Object],[object Object],[object Object]
Cross-Price Elasticity ,[object Object],[object Object],[object Object]
Cross-price elasticity of demand ,[object Object]
Income elasticity of demand
Income Elasticity ,[object Object],[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Advertising Elasticity ,[object Object]
Elasticity and Total Revenue ,[object Object],[object Object],[object Object]
price revenue elasticity Increases increases E< 1 increases decreases E>1 decreases decreases E<1 decreases increases E>1 Increases/ decreases constant E=1
MARGINAL REVENUE  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
[object Object],QTY E=1 E=infinity MR E=0
Total revenue qty E = 1 Tr is max
Elasticity of Supply ,[object Object],[object Object],[object Object],[object Object],e s  =  % Δ Quantity Supplied ____________________ % Δ Price
Paradox of the Bumper harvest ,[object Object],[object Object],[object Object],[object Object]
Application of elasticity: ,[object Object],Supply after tax supply demand tax e1 eqm pt p1 p0

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Demand and Supply Functions, Elasticity, and Market Equilibrium

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  • 19. Equilibrium in a Market Demand Price Supply 800 $3,000 2,900 1,150 $2,500 2,550 1,500 $2,000 2,200 1,850 $1,500 1,850 2,200 $1,000 1,500 2,550 $500 1,150 2,900 $0 0
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  • 28. Elasticity and slope Price Quantity Demanded The demand curve can be a range of shapes each of which is associated with a different relationship between price and the quantity demanded.
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  • 41. price revenue elasticity Increases increases E< 1 increases decreases E>1 decreases decreases E<1 decreases increases E>1 Increases/ decreases constant E=1
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  • 44. Total revenue qty E = 1 Tr is max
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