Demand, Supply, Market Equilibrium Explained

Chapter Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object],3-

A Market ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],3-

Law of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],3-

Individual Demand P Q d $5 4 3 2 1 10 20 35 55 80 P Q D 3- 6 5 4 3 2 1 0 10 20 30 40 50 60 70 80 Quantity Demanded (bushels per week) Price (per bushel)

Determinants of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],3-

Determinants of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

Individual Demand 6 5 4 3 2 1 0 Quantity Demanded (bushels per week) Price (per bushel) P Q d $5 4 3 2 1 10 20 35 55 80 P Q D 1 2 4 6 8 10 12 14 16 18 D 2 D 3 3-

Individual Demand 6 5 4 3 2 1 0 Quantity Demanded (bushels per week) Price (per bushel) P Q d $5 4 3 2 1 10 20 35 55 80 P Q D 1 2 4 6 8 10 12 14 16 18 D 2 D 3 Change in Demand Change in Quantity Demanded 3-

Supply ,[object Object],[object Object],[object Object],[object Object],3-

Law of Supply ,[object Object],[object Object],[object Object],[object Object],3-

Individual Supply 6 5 4 3 2 1 0 Quantity Supplied (bushels per week) Price (per bushel) P Q s $5 4 3 2 1 60 50 35 20 5 P Q S 1 10 20 30 40 50 60 70 3-

Determinants of Supply ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

Individual Supply 6 5 4 3 2 1 0 Quantity Supplied (bushels per week) Price (per bushel) P Q s $5 4 3 2 1 60 50 35 20 5 P Q S 1 S 2 S 3 10 20 30 40 50 60 70 3-

Individual Supply 6 5 4 3 2 1 0 Quantity Supplied (bushels per week) Price (per bushel) P Q s $5 4 3 2 1 60 50 35 20 5 P Q S 1 S 2 S 3 10 20 30 40 50 60 70 Change in Quantity Supplied Change in Supply 3-

Market Equilibrium ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

Market Equilibrium 6 5 4 3 2 1 0 2 4 6 8 10 12 14 16 18 Bushels of Corn (thousands per week) Price (per bushel) P Q d $5 4 3 2 1 2,000 4,000 7,000 11,000 16,000 P Q s $5 4 3 2 1 12,000 10,000 7,000 4,000 1,000 7 3 D S $4 Price Floor 6,000 Bushel Surplus $2 Price Ceiling 7,000 Bushel Shortage 3-

Market Equilibrium ,[object Object],[object Object],[object Object],[object Object],[object Object],3-

Market Equilibrium ,[object Object],[object Object],[object Object],[object Object],Price Quantity ? ? ? ? 3-

Government-Set Prices ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

A Market for Human Organs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

A Market for Human Organs P Q S 2 S 1 D 1 P 1 P 0 Q 1 Q 2 Q 3 Supply of Organs At Price P 1 the Shortage is Reduced By Q 1 – Q 2 Demand for Organs 3-

Key Terms ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],3-

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