This document discusses supply and demand analysis. It begins by defining supply and demand as the market forces that make market economies work. Demand is determined by factors like price, income, tastes, and the prices of related goods. The law of demand states that quantity demanded falls when price rises. Supply is determined by factors like price and input prices. The law of supply states that quantity supplied rises when price rises. Equilibrium is reached when quantity supplied equals quantity demanded at the market clearing price, where the supply and demand curves intersect. The equilibrium price balances supply and demand in the market.
This document discusses the relationship between supply and demand in a free market economy. It defines supply as the amount a producer is willing to produce at different prices, and demand as an individual's need or desire for a good at a given price. Supply and demand graphs visually represent how supply and demand interact, with their intersection determining the equilibrium price and quantity. The relationship between supply and demand dictates what products are produced and at what prices, and sparks competition between businesses seeking to meet consumer needs and make a profit.
The document discusses demand and supply concepts including:
- Demand schedules and curves showing the relationship between price and quantity demanded
- Determinants of demand such as income, tastes, expectations, and prices of substitutes/complements
- The law of demand stating that quantity demanded is negatively related to price
- Shifts in demand curves from changes in determinants versus movements along a curve from price changes
- Similar concepts for supply curves and how they slope up due to increasing costs of production
- Equilibrium in markets where quantity demanded equals quantity supplied
This document covers key concepts in microeconomics including supply and demand, market structures, price controls, and normal versus inferior goods. It provides definitions and examples of demand, supply, price ceilings, price floors, buffer stocks, and different market models. Situations that cause supply to shift left and the effects of a drought on the corn market over time are also examined using supply and demand diagrams.
This document discusses the principles of supply and demand in economics. It explains that in a free market system, consumers decide which products and businesses succeed by choosing to purchase certain goods. Supply and demand interact to determine price: when demand is high and supply is low, price will rise, and when demand is low and supply is high, price will fall. The document outlines the laws of supply and demand and how equilibrium is reached when supply equals demand, benefiting both consumers and producers.
This document provides a summary of key concepts related to market demand and supply. It discusses the basic decision-making units in an economy, including firms that produce goods and households that consume them. It then covers the concepts of demand schedules and curves, the law of demand, and how shifts in demand versus movements along a demand curve. Similar concepts are presented for supply schedules and curves as well as the law of supply. The document also discusses how individual demand and supply combine to form market demand and supply and how equilibrium is reached in markets where quantity supplied equals quantity demanded.
The document defines key economic concepts related to markets, demand, supply, and market equilibrium. It provides definitions of demand, determinants of demand, demand curves, changes in demand versus changes in quantity demanded. Similarly, it defines supply, determinants of supply, supply curves, and changes in supply versus changes in quantity supplied. It then explains how market equilibrium is reached at the price where quantity demanded equals quantity supplied, and how equilibrium can be impacted by changes in demand or supply.
Price determination and simple applications AmiteshYadav7
The document discusses market equilibrium under perfect competition. It defines key concepts like demand, supply, market equilibrium, and how equilibrium price is determined by the intersection of market demand and supply. It describes how demand and supply curves can shift due to various factors, and how such shifts affect equilibrium price and quantity. Special cases involving perfectly elastic/inelastic demand and supply are also covered. The document provides examples of government policies like price ceilings, price floors, minimum wages and their impacts.
The document discusses the concepts of supply and demand. It states that as price increases, demand decreases, and as price decreases, demand increases. Conversely, as price increases, supply increases, and as price decreases, supply decreases. The document explains that consumers buy more of something when it is cheaper to minimize expenses and maximize utility, while producers sell more of something when the price is higher to minimize costs and maximize profits. The equilibrium price is reached where the quantity demanded equals the quantity supplied. [/SUMMARY]
This document discusses the relationship between supply and demand in a free market economy. It defines supply as the amount a producer is willing to produce at different prices, and demand as an individual's need or desire for a good at a given price. Supply and demand graphs visually represent how supply and demand interact, with their intersection determining the equilibrium price and quantity. The relationship between supply and demand dictates what products are produced and at what prices, and sparks competition between businesses seeking to meet consumer needs and make a profit.
The document discusses demand and supply concepts including:
- Demand schedules and curves showing the relationship between price and quantity demanded
- Determinants of demand such as income, tastes, expectations, and prices of substitutes/complements
- The law of demand stating that quantity demanded is negatively related to price
- Shifts in demand curves from changes in determinants versus movements along a curve from price changes
- Similar concepts for supply curves and how they slope up due to increasing costs of production
- Equilibrium in markets where quantity demanded equals quantity supplied
This document covers key concepts in microeconomics including supply and demand, market structures, price controls, and normal versus inferior goods. It provides definitions and examples of demand, supply, price ceilings, price floors, buffer stocks, and different market models. Situations that cause supply to shift left and the effects of a drought on the corn market over time are also examined using supply and demand diagrams.
This document discusses the principles of supply and demand in economics. It explains that in a free market system, consumers decide which products and businesses succeed by choosing to purchase certain goods. Supply and demand interact to determine price: when demand is high and supply is low, price will rise, and when demand is low and supply is high, price will fall. The document outlines the laws of supply and demand and how equilibrium is reached when supply equals demand, benefiting both consumers and producers.
This document provides a summary of key concepts related to market demand and supply. It discusses the basic decision-making units in an economy, including firms that produce goods and households that consume them. It then covers the concepts of demand schedules and curves, the law of demand, and how shifts in demand versus movements along a demand curve. Similar concepts are presented for supply schedules and curves as well as the law of supply. The document also discusses how individual demand and supply combine to form market demand and supply and how equilibrium is reached in markets where quantity supplied equals quantity demanded.
The document defines key economic concepts related to markets, demand, supply, and market equilibrium. It provides definitions of demand, determinants of demand, demand curves, changes in demand versus changes in quantity demanded. Similarly, it defines supply, determinants of supply, supply curves, and changes in supply versus changes in quantity supplied. It then explains how market equilibrium is reached at the price where quantity demanded equals quantity supplied, and how equilibrium can be impacted by changes in demand or supply.
Price determination and simple applications AmiteshYadav7
The document discusses market equilibrium under perfect competition. It defines key concepts like demand, supply, market equilibrium, and how equilibrium price is determined by the intersection of market demand and supply. It describes how demand and supply curves can shift due to various factors, and how such shifts affect equilibrium price and quantity. Special cases involving perfectly elastic/inelastic demand and supply are also covered. The document provides examples of government policies like price ceilings, price floors, minimum wages and their impacts.
The document discusses the concepts of supply and demand. It states that as price increases, demand decreases, and as price decreases, demand increases. Conversely, as price increases, supply increases, and as price decreases, supply decreases. The document explains that consumers buy more of something when it is cheaper to minimize expenses and maximize utility, while producers sell more of something when the price is higher to minimize costs and maximize profits. The equilibrium price is reached where the quantity demanded equals the quantity supplied. [/SUMMARY]
UNIT - III: SUPPLY ANALYSIS: Supply function - The Law of Supply - Elasticity of
Supply; PRODUCTION ANALYSIS: Production function - Production function with one &
two variables - Isoquants and Isocosts – Marginal Rate of Technical Substitution - Least cost
combination of inputs – Cobb-Douglas Production Function - Returns to Scale - Economies
of scale; COST ANALYSIS: Cost Concepts - Short Run vs. Long Run Costs; PROFITMANAGEMENT: Meaning of Profit – Role of Profit; BREAK - EVEN ANALYSIS:
Determination of Break Even Point (Simple Problems) – Assumptions –Managerial
Significance and limitations of Break - Even Analysis.
The document discusses supply and the law of supply. It defines supply as the willingness and ability of sellers to produce and offer different quantities of a good at different prices. The law of supply states that quantity supplied increases as price increases, and decreases as price decreases, resulting in a direct relationship between price and quantity supplied. Supply can be illustrated using supply schedules and supply curves, with the curve shifting right when supply increases and left when supply decreases. Factors that cause supply curves to shift include resource prices, technology, taxes, subsidies, quotas, number of sellers, expectations, and weather.
This document discusses key concepts related to demand, supply, and market equilibrium. It defines demand and supply curves, and explains how they interact to determine an equilibrium price and quantity in a market. Specifically, it explains that:
- Demand curves slope downward, representing an inverse relationship between price and quantity demanded. Supply curves slope upward, representing a positive relationship between price and quantity supplied.
- Changes in non-price factors like income, tastes, or costs can cause demand and supply curves to shift, changing the equilibrium price and quantity in the market.
- The intersection of supply and demand curves indicates the equilibrium price and quantity where the quantities supplied and demanded are equal.
Demand refers to how much of a good or service consumers are willing and able to purchase at different price levels. Quantity demanded is the total amount consumers want to buy at a given price. Market demand is the sum of all individual demands. Demand curves slope downward, showing an inverse relationship between price and quantity demanded. Supply refers to how much producers are willing to sell at different prices. Quantity supplied is the total amount producers want to sell at a given price. Market supply curves slope upward, showing a direct relationship between price and quantity supplied. Equilibrium occurs where quantity demanded equals quantity supplied, establishing the market price.
1. The document discusses the fundamentals of demand and supply, including defining demand with a demand curve, the determinants of demand, and the difference between a shift in demand versus movement along a demand curve.
2. It explains that a demand curve slopes downward due to the law of demand and the law of diminishing marginal utility - as price increases, quantity demanded decreases.
3. The main determinants of demand are price of the good, income, tastes, prices of substitutes and complements, and expectations about future prices and income. A change in a determinant causes the demand curve to shift, while a change in price results in movement along the
1) Supply refers to the quantity of a good that producers are willing to offer for sale at different prices over a period of time. It depends on factors like the price of the good, prices of related goods, technology, and costs of production.
2) Individual supply is the quantity offered by a single firm, while market supply is the total quantity offered by all firms in the market.
3) The law of supply states that, all else equal, the higher the price of a good, the greater the quantity producers will supply. Supply curves graphically represent the relationship between price and quantity supplied.
The document discusses the economic concepts of demand, supply, and market equilibrium. It defines demand as the quantity of a good or service consumers are willing and able to purchase at a given price. The main determinants of demand are price, income, tastes and preferences, and prices of related goods. Supply is defined as the maximum quantity of a good producers can offer. The main determinants of supply are costs of inputs, technology, and government taxes/subsidies. Market equilibrium occurs when quantity demanded equals quantity supplied, resulting in a balance between the opposing forces of consumers and producers.
This document discusses demand and supply from the perspective of firms and households. It defines firms as organizations that transform resources into products, and entrepreneurs as people who organize and manage firms. Households are the consuming units that demand goods and services. The circular flow diagram shows the connections between firms, households, input markets, and output markets. Demand is determined by price, income, wealth, tastes and preferences. The law of demand states that as price increases, quantity demanded decreases. A shift in demand occurs when a determinant of demand other than price changes, causing the demand curve to shift.
This document provides an overview of demand, supply, and market equilibrium. It defines key concepts such as firms, households, input and output markets, and the circular flow of the economy. It discusses the determinants of demand and supply, including price and income. It explains the laws of demand and supply, how demand and supply curves are derived, and how equilibrium is reached through market interactions between buyers and sellers.
Supply content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Intro to Supply
The Supply Curve
Why is the Supply Curve Upward Sloping?
Determinants of Supply
Joint Supply
Supply Demand and Equilibrium..
Market Exchange..
Law of Supply...
Law of Demand...
Laws of supply and demand versus the “theory of supply and demand”
Laws vs. Theory of Supply and Demand..
Different types of demand..
Market Supply ..
Demand Curve..
Supply Curve..
Market Equilibrium..
Elasticity..
Own price elasticity of demand..
This document defines supply as the quantity of goods and services producers are willing and able to provide at various prices over a given period. It distinguishes between stock, which is existing output, and supply, which is output brought to market. The supply schedule shows the different quantities supplied at different prices, while the supply curve graphs this relationship. Determinants that shift the supply curve include improvements in technology, production costs, the number of sellers, taxes and subsidies, and weather conditions.
This document provides an overview of demand, supply, and market equilibrium. It defines key concepts such as firms, households, the circular flow of economic activity, and input and output markets. It describes demand and supply schedules and curves, and how quantity demanded and supplied change with price. Key determinants of demand and supply are outlined. The document distinguishes between shifts of demand or supply curves versus movements along the curves. Market demand and equilibrium concepts are also introduced.
This document discusses basic economic concepts related to demand, supply, and market equilibrium. It defines key terms including firms, households, entrepreneurs, factors of production, and the circular flow of inputs and outputs. It explains the laws of demand and supply, how demand and supply curves illustrate the relationship between price and quantity, and how equilibrium is reached when quantity demanded equals quantity supplied. Determinants of demand and supply are also outlined.
The document discusses supply and demand theory. It explains that supply and demand curves slope upward and downward respectively, showing that quantity supplied increases with price while quantity demanded decreases with price. A change in price results in movement along the existing curves, while other factors like income, tastes, technology, and costs can cause the curves to shift left or right. The interaction of supply and demand determines market equilibrium price and quantity.
Market equilibrium by Maryan Joy LopezMaryan Lopez
The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
This document discusses supply and the supply curve. It defines supply as the quantity of a good sellers are willing and able to sell. A supply curve shows the relationship between price and quantity supplied, with quantity supplied increasing as price increases. The law of supply states there is a direct relationship between price and quantity supplied. A shift in the supply curve occurs when a determinant of supply changes, such as input prices or technology, while movement along the curve shows changes in quantity supplied due to price changes. The document also discusses market supply, determinants of supply, and how equilibrium price and quantity are affected by changes in demand and supply.
This document provides a summary of key concepts in economics, including:
1) Firms produce goods and services while households consume them in the circular flow of economic activity.
2) Demand and supply determine market equilibrium price and quantity through interactions in product and input markets.
3) Consumer demand is influenced by price, income, wealth, tastes and expectations, while firm supply depends on price and costs.
4) Utility maximization theory explains that rational consumers seek to maximize satisfaction subject to their budget constraint.
The document appears to be a single digit - the number 1 - for the year 2014. In just one digit and year, it concisely represents the year but provides no other contextual information or details about events that occurred that year.
UNIT - III: SUPPLY ANALYSIS: Supply function - The Law of Supply - Elasticity of
Supply; PRODUCTION ANALYSIS: Production function - Production function with one &
two variables - Isoquants and Isocosts – Marginal Rate of Technical Substitution - Least cost
combination of inputs – Cobb-Douglas Production Function - Returns to Scale - Economies
of scale; COST ANALYSIS: Cost Concepts - Short Run vs. Long Run Costs; PROFITMANAGEMENT: Meaning of Profit – Role of Profit; BREAK - EVEN ANALYSIS:
Determination of Break Even Point (Simple Problems) – Assumptions –Managerial
Significance and limitations of Break - Even Analysis.
The document discusses supply and the law of supply. It defines supply as the willingness and ability of sellers to produce and offer different quantities of a good at different prices. The law of supply states that quantity supplied increases as price increases, and decreases as price decreases, resulting in a direct relationship between price and quantity supplied. Supply can be illustrated using supply schedules and supply curves, with the curve shifting right when supply increases and left when supply decreases. Factors that cause supply curves to shift include resource prices, technology, taxes, subsidies, quotas, number of sellers, expectations, and weather.
This document discusses key concepts related to demand, supply, and market equilibrium. It defines demand and supply curves, and explains how they interact to determine an equilibrium price and quantity in a market. Specifically, it explains that:
- Demand curves slope downward, representing an inverse relationship between price and quantity demanded. Supply curves slope upward, representing a positive relationship between price and quantity supplied.
- Changes in non-price factors like income, tastes, or costs can cause demand and supply curves to shift, changing the equilibrium price and quantity in the market.
- The intersection of supply and demand curves indicates the equilibrium price and quantity where the quantities supplied and demanded are equal.
Demand refers to how much of a good or service consumers are willing and able to purchase at different price levels. Quantity demanded is the total amount consumers want to buy at a given price. Market demand is the sum of all individual demands. Demand curves slope downward, showing an inverse relationship between price and quantity demanded. Supply refers to how much producers are willing to sell at different prices. Quantity supplied is the total amount producers want to sell at a given price. Market supply curves slope upward, showing a direct relationship between price and quantity supplied. Equilibrium occurs where quantity demanded equals quantity supplied, establishing the market price.
1. The document discusses the fundamentals of demand and supply, including defining demand with a demand curve, the determinants of demand, and the difference between a shift in demand versus movement along a demand curve.
2. It explains that a demand curve slopes downward due to the law of demand and the law of diminishing marginal utility - as price increases, quantity demanded decreases.
3. The main determinants of demand are price of the good, income, tastes, prices of substitutes and complements, and expectations about future prices and income. A change in a determinant causes the demand curve to shift, while a change in price results in movement along the
1) Supply refers to the quantity of a good that producers are willing to offer for sale at different prices over a period of time. It depends on factors like the price of the good, prices of related goods, technology, and costs of production.
2) Individual supply is the quantity offered by a single firm, while market supply is the total quantity offered by all firms in the market.
3) The law of supply states that, all else equal, the higher the price of a good, the greater the quantity producers will supply. Supply curves graphically represent the relationship between price and quantity supplied.
The document discusses the economic concepts of demand, supply, and market equilibrium. It defines demand as the quantity of a good or service consumers are willing and able to purchase at a given price. The main determinants of demand are price, income, tastes and preferences, and prices of related goods. Supply is defined as the maximum quantity of a good producers can offer. The main determinants of supply are costs of inputs, technology, and government taxes/subsidies. Market equilibrium occurs when quantity demanded equals quantity supplied, resulting in a balance between the opposing forces of consumers and producers.
This document discusses demand and supply from the perspective of firms and households. It defines firms as organizations that transform resources into products, and entrepreneurs as people who organize and manage firms. Households are the consuming units that demand goods and services. The circular flow diagram shows the connections between firms, households, input markets, and output markets. Demand is determined by price, income, wealth, tastes and preferences. The law of demand states that as price increases, quantity demanded decreases. A shift in demand occurs when a determinant of demand other than price changes, causing the demand curve to shift.
This document provides an overview of demand, supply, and market equilibrium. It defines key concepts such as firms, households, input and output markets, and the circular flow of the economy. It discusses the determinants of demand and supply, including price and income. It explains the laws of demand and supply, how demand and supply curves are derived, and how equilibrium is reached through market interactions between buyers and sellers.
Supply content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Intro to Supply
The Supply Curve
Why is the Supply Curve Upward Sloping?
Determinants of Supply
Joint Supply
Supply Demand and Equilibrium..
Market Exchange..
Law of Supply...
Law of Demand...
Laws of supply and demand versus the “theory of supply and demand”
Laws vs. Theory of Supply and Demand..
Different types of demand..
Market Supply ..
Demand Curve..
Supply Curve..
Market Equilibrium..
Elasticity..
Own price elasticity of demand..
This document defines supply as the quantity of goods and services producers are willing and able to provide at various prices over a given period. It distinguishes between stock, which is existing output, and supply, which is output brought to market. The supply schedule shows the different quantities supplied at different prices, while the supply curve graphs this relationship. Determinants that shift the supply curve include improvements in technology, production costs, the number of sellers, taxes and subsidies, and weather conditions.
This document provides an overview of demand, supply, and market equilibrium. It defines key concepts such as firms, households, the circular flow of economic activity, and input and output markets. It describes demand and supply schedules and curves, and how quantity demanded and supplied change with price. Key determinants of demand and supply are outlined. The document distinguishes between shifts of demand or supply curves versus movements along the curves. Market demand and equilibrium concepts are also introduced.
This document discusses basic economic concepts related to demand, supply, and market equilibrium. It defines key terms including firms, households, entrepreneurs, factors of production, and the circular flow of inputs and outputs. It explains the laws of demand and supply, how demand and supply curves illustrate the relationship between price and quantity, and how equilibrium is reached when quantity demanded equals quantity supplied. Determinants of demand and supply are also outlined.
The document discusses supply and demand theory. It explains that supply and demand curves slope upward and downward respectively, showing that quantity supplied increases with price while quantity demanded decreases with price. A change in price results in movement along the existing curves, while other factors like income, tastes, technology, and costs can cause the curves to shift left or right. The interaction of supply and demand determines market equilibrium price and quantity.
Market equilibrium by Maryan Joy LopezMaryan Lopez
The document summarizes the concept of market equilibrium. It explains that market equilibrium occurs when the quantity demanded by consumers is equal to the quantity supplied by producers at a single price point. The equilibrium price is found where the supply and demand curves intersect. It then discusses how shifts in either the supply curve or demand curve can disrupt equilibrium and cause the price to adjust until a new equilibrium is reached. Specifically, it states that an increase in demand or decrease in supply will lead to a higher equilibrium price, while an increase in supply or decrease in demand will lead to a lower equilibrium price. The document also discusses factors that can cause these curve shifts, as well as examples of price controls like price floors and ceilings that represent violations of the
This document discusses supply and the supply curve. It defines supply as the quantity of a good sellers are willing and able to sell. A supply curve shows the relationship between price and quantity supplied, with quantity supplied increasing as price increases. The law of supply states there is a direct relationship between price and quantity supplied. A shift in the supply curve occurs when a determinant of supply changes, such as input prices or technology, while movement along the curve shows changes in quantity supplied due to price changes. The document also discusses market supply, determinants of supply, and how equilibrium price and quantity are affected by changes in demand and supply.
This document provides a summary of key concepts in economics, including:
1) Firms produce goods and services while households consume them in the circular flow of economic activity.
2) Demand and supply determine market equilibrium price and quantity through interactions in product and input markets.
3) Consumer demand is influenced by price, income, wealth, tastes and expectations, while firm supply depends on price and costs.
4) Utility maximization theory explains that rational consumers seek to maximize satisfaction subject to their budget constraint.
The document appears to be a single digit - the number 1 - for the year 2014. In just one digit and year, it concisely represents the year but provides no other contextual information or details about events that occurred that year.
This document provides a table of contents for a report on the analysis and development of the local area network at the ACF Timor-Leste Training Center. It includes chapters that introduce the background, issues, objectives and benefits of the study. It also includes chapters on the theoretical foundations of networks, the research methodology, results and discussion, conclusions and recommendations. The theoretical foundation chapter covers topics like network definitions, classifications, topologies, hardware, transmission media and supporting components. The methodology chapter describes the study location and data collection methods. It also provides an overview of the existing network structure.
Low testosterone is associated with a number of chronic medicconditions including obesity, depression, diabetes and probably cardiovascular disease. It should be treated as early as possible to make a life better to live in.
To eradicate fundamentalism, the new generations must learn when, why and how gods and religions were created. This knowledge might vaccinate new generations against the Hippocrates.
Providing space for invited people from all religions, theologians to discuss about religious injustice and spread message and educate for betterment.
Ecology is the scientific study of the interactions between organisms and their environment. It was coined in 1866 by German biologist Ernst Haeckel and comes from the Greek words "oikos" meaning house and "logos" meaning study. There are six levels of ecological organization: individual, population, community, ecosystem, biome, and biosphere. Ecology has many branches including plant ecology, animal ecology, human ecology, applied ecology, medical ecology, ecophysiology, functional ecology, and fire ecology. Experts in ecology are called ecologists.
The document discusses supply and demand in competitive markets. It explains that supply and demand determine price and quantity in a competitive market. The key factors that influence supply and demand are discussed, including price, income, and production costs. The document also illustrates how market equilibrium is reached at the price where quantity supplied equals quantity demanded. It analyzes what happens in cases of surplus or shortage and how governments may intervene through price controls.
The document discusses supply, demand, and equilibrium in markets. It defines supply and demand, and explains how non-price factors can cause shifts in supply and demand curves. Market equilibrium occurs when quantity demanded equals quantity supplied at the equilibrium price. The document then analyzes how changes in supply and demand curves impact equilibrium price and quantity in both the short-run and long-run using comparative statics analysis. It concludes by discussing how managers must understand supply and demand forces to effectively operate in markets.
This document provides an overview of supply and demand in economics. It defines key terms like supply, demand, equilibrium and how markets use supply and demand to determine price and quantity. Supply and demand curves are introduced and it is explained how they shift based on various factors. The relationship between individual and market supply/demand is explored. Finally, the three step process for analyzing how equilibrium changes with shifts in supply or demand is summarized.
The document provides an overview of key concepts in supply and demand including:
- Supply and demand determine equilibrium price and quantity in a competitive market
- The demand curve slopes downward as quantity demanded increases with lower price
- Supply curve slopes upward as quantity supplied increases with higher price
- Equilibrium is reached at the price where quantity supplied equals quantity demanded
- Shifts in supply or demand curves change the equilibrium price and quantity in predictable ways
Demand
In economics “Demand” means the quantity of goods and services which a person can purchase with a requisite amount of money.
“Demand means the various quantities of goods that would be purchased per time period at different prices in a given market.
Laws are rules that are recognized as binding by the governing authority in a society or state. They aim to guide behavior, and if broken, can result in punishment being enforced through the court system or other government agencies. The development of laws plays an important role in regulating human interactions and maintaining order, safety, and justice within a community.
The document discusses how an increase in demand for housing in North Dakota due to a boom in the oil industry led to sharply higher housing prices. Between 2009 and 2012, mining employment in the state increased by about 11,000 jobs and total employment increased by over 40,000 jobs. With limited options to quickly increase the housing stock, the rising demand for housing caused prices to dramatically increase. For example, the rent for a two-bedroom apartment in the town of Williston increased from $350 per month to $2,000.
This chapter discusses supply and demand and how markets work. It introduces key concepts such as competitive markets, determinants of supply and demand, supply and demand schedules/curves, and how equilibrium price and quantity are reached through the interaction of supply and demand. The chapter examines the forces of supply and demand and how they determine price and quantity in a competitive market.
The document discusses concepts related to demand including the law of demand, determinants of demand, and elasticity of demand.
1) The law of demand states that other things being equal, the quantity demanded of a good decreases when its price rises, and increases when its price falls, resulting in an inverse relationship between price and quantity demanded.
2) Demand is influenced by various determinants including the price of the good, prices of related goods, income, tastes and preferences, population size, and income distribution.
3) Elasticity of demand is a concept that measures the responsiveness of quantity demanded to changes in various factors like price. It indicates how flexible or inflexible demand is in response
This document discusses the principles of demand and supply. It begins by outlining the chapter's objectives which are to explain the law of demand and supply, factors affecting demand and supply, analyze prices of commodities, and discuss market structures. The document then provides details on the basic principles of demand and supply, including definitions of demand, the law of demand, and factors that shift the demand curve. It also discusses the definition of supply, the law of supply, and factors that shift the supply curve. Finally, it explains the concept of market equilibrium.
This document discusses the principles of demand and supply. It begins by outlining the chapter's objectives which are to explain the law of demand and supply, factors affecting demand and supply, analyze prices of commodities, and discuss market structures. The document then provides details on the basic principles of demand and supply, including definitions of demand, the law of demand, and factors that shift the demand curve. It also discusses the definition of supply, the law of supply, and factors that shift the supply curve. Finally, it explains the concept of market equilibrium.
Ten Principles of Economics and Concept of Demand and Supply by Prof. K K Kri...BIMTECH Greater Noida
Ten Principles of Economics and Concept of Demand and Supply by Prof. K K Krishnan, Area Head – Insurance and Business Management (PGDM-IBM), BIMTECH, Greater Noida
Macro Economics_Chapter 7_Consumers,Producers and Efficiency Marketdjalex035
This chapter discusses consumer surplus, producer surplus, and market efficiency. It defines consumer surplus as the difference between what consumers are willing to pay and what they actually pay. Producer surplus is defined as the difference between what producers are paid and their costs. The market equilibrium maximizes the total surplus, which is the sum of consumer surplus and producer surplus. This allocation of resources through supply and demand is efficient because it maximizes the total benefits to both consumers and producers.
This document discusses demand, supply, and market equilibrium. It defines demand as the willingness and ability of buyers to purchase goods at different prices, and supply as the willingness of sellers to produce and offer goods for sale. The interaction of demand and supply determines the market price. Demand curves slope downward and supply curves slope upward. When demand and supply are equal, the market reaches equilibrium. The document also discusses determinants of demand and supply, as well as concepts like price controls, elasticity, and consumer and producer surplus.
Demand and Supply Analysis (Economics) Lecture NotesFellowBuddy.com
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The document outlines the key assumptions and concepts of the supply and demand model. It assumes rational behavior by market participants and that all other factors remain constant ("ceteris paribus"). It defines demand as the quantity willing and able to be purchased at a given price. The law of demand states that, ceteris paribus, quantity demanded decreases when price rises and increases when price falls. Shifts in the demand curve represent changes in demand from non-price factors like number of buyers, income levels, prices of related goods, preferences, and expectations.
Ivanti’s Patch Tuesday breakdown goes beyond patching your applications and brings you the intelligence and guidance needed to prioritize where to focus your attention first. Catch early analysis on our Ivanti blog, then join industry expert Chris Goettl for the Patch Tuesday Webinar Event. There we’ll do a deep dive into each of the bulletins and give guidance on the risks associated with the newly-identified vulnerabilities.
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectorsDianaGray10
Join us to learn how UiPath Apps can directly and easily interact with prebuilt connectors via Integration Service--including Salesforce, ServiceNow, Open GenAI, and more.
The best part is you can achieve this without building a custom workflow! Say goodbye to the hassle of using separate automations to call APIs. By seamlessly integrating within App Studio, you can now easily streamline your workflow, while gaining direct access to our Connector Catalog of popular applications.
We’ll discuss and demo the benefits of UiPath Apps and connectors including:
Creating a compelling user experience for any software, without the limitations of APIs.
Accelerating the app creation process, saving time and effort
Enjoying high-performance CRUD (create, read, update, delete) operations, for
seamless data management.
Speakers:
Russell Alfeche, Technology Leader, RPA at qBotic and UiPath MVP
Charlie Greenberg, host
Dandelion Hashtable: beyond billion requests per second on a commodity serverAntonios Katsarakis
This slide deck presents DLHT, a concurrent in-memory hashtable. Despite efforts to optimize hashtables, that go as far as sacrificing core functionality, state-of-the-art designs still incur multiple memory accesses per request and block request processing in three cases. First, most hashtables block while waiting for data to be retrieved from memory. Second, open-addressing designs, which represent the current state-of-the-art, either cannot free index slots on deletes or must block all requests to do so. Third, index resizes block every request until all objects are copied to the new index. Defying folklore wisdom, DLHT forgoes open-addressing and adopts a fully-featured and memory-aware closed-addressing design based on bounded cache-line-chaining. This design offers lock-free index operations and deletes that free slots instantly, (2) completes most requests with a single memory access, (3) utilizes software prefetching to hide memory latencies, and (4) employs a novel non-blocking and parallel resizing. In a commodity server and a memory-resident workload, DLHT surpasses 1.6B requests per second and provides 3.5x (12x) the throughput of the state-of-the-art closed-addressing (open-addressing) resizable hashtable on Gets (Deletes).
AppSec PNW: Android and iOS Application Security with MobSFAjin Abraham
Mobile Security Framework - MobSF is a free and open source automated mobile application security testing environment designed to help security engineers, researchers, developers, and penetration testers to identify security vulnerabilities, malicious behaviours and privacy concerns in mobile applications using static and dynamic analysis. It supports all the popular mobile application binaries and source code formats built for Android and iOS devices. In addition to automated security assessment, it also offers an interactive testing environment to build and execute scenario based test/fuzz cases against the application.
This talk covers:
Using MobSF for static analysis of mobile applications.
Interactive dynamic security assessment of Android and iOS applications.
Solving Mobile app CTF challenges.
Reverse engineering and runtime analysis of Mobile malware.
How to shift left and integrate MobSF/mobsfscan SAST and DAST in your build pipeline.
Conversational agents, or chatbots, are increasingly used to access all sorts of services using natural language. While open-domain chatbots - like ChatGPT - can converse on any topic, task-oriented chatbots - the focus of this paper - are designed for specific tasks, like booking a flight, obtaining customer support, or setting an appointment. Like any other software, task-oriented chatbots need to be properly tested, usually by defining and executing test scenarios (i.e., sequences of user-chatbot interactions). However, there is currently a lack of methods to quantify the completeness and strength of such test scenarios, which can lead to low-quality tests, and hence to buggy chatbots.
To fill this gap, we propose adapting mutation testing (MuT) for task-oriented chatbots. To this end, we introduce a set of mutation operators that emulate faults in chatbot designs, an architecture that enables MuT on chatbots built using heterogeneous technologies, and a practical realisation as an Eclipse plugin. Moreover, we evaluate the applicability, effectiveness and efficiency of our approach on open-source chatbots, with promising results.
For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2024/06/temporal-event-neural-networks-a-more-efficient-alternative-to-the-transformer-a-presentation-from-brainchip/
Chris Jones, Director of Product Management at BrainChip , presents the “Temporal Event Neural Networks: A More Efficient Alternative to the Transformer” tutorial at the May 2024 Embedded Vision Summit.
The expansion of AI services necessitates enhanced computational capabilities on edge devices. Temporal Event Neural Networks (TENNs), developed by BrainChip, represent a novel and highly efficient state-space network. TENNs demonstrate exceptional proficiency in handling multi-dimensional streaming data, facilitating advancements in object detection, action recognition, speech enhancement and language model/sequence generation. Through the utilization of polynomial-based continuous convolutions, TENNs streamline models, expedite training processes and significantly diminish memory requirements, achieving notable reductions of up to 50x in parameters and 5,000x in energy consumption compared to prevailing methodologies like transformers.
Integration with BrainChip’s Akida neuromorphic hardware IP further enhances TENNs’ capabilities, enabling the realization of highly capable, portable and passively cooled edge devices. This presentation delves into the technical innovations underlying TENNs, presents real-world benchmarks, and elucidates how this cutting-edge approach is positioned to revolutionize edge AI across diverse applications.
Monitoring and Managing Anomaly Detection on OpenShift.pdfTosin Akinosho
Monitoring and Managing Anomaly Detection on OpenShift
Overview
Dive into the world of anomaly detection on edge devices with our comprehensive hands-on tutorial. This SlideShare presentation will guide you through the entire process, from data collection and model training to edge deployment and real-time monitoring. Perfect for those looking to implement robust anomaly detection systems on resource-constrained IoT/edge devices.
Key Topics Covered
1. Introduction to Anomaly Detection
- Understand the fundamentals of anomaly detection and its importance in identifying unusual behavior or failures in systems.
2. Understanding Edge (IoT)
- Learn about edge computing and IoT, and how they enable real-time data processing and decision-making at the source.
3. What is ArgoCD?
- Discover ArgoCD, a declarative, GitOps continuous delivery tool for Kubernetes, and its role in deploying applications on edge devices.
4. Deployment Using ArgoCD for Edge Devices
- Step-by-step guide on deploying anomaly detection models on edge devices using ArgoCD.
5. Introduction to Apache Kafka and S3
- Explore Apache Kafka for real-time data streaming and Amazon S3 for scalable storage solutions.
6. Viewing Kafka Messages in the Data Lake
- Learn how to view and analyze Kafka messages stored in a data lake for better insights.
7. What is Prometheus?
- Get to know Prometheus, an open-source monitoring and alerting toolkit, and its application in monitoring edge devices.
8. Monitoring Application Metrics with Prometheus
- Detailed instructions on setting up Prometheus to monitor the performance and health of your anomaly detection system.
9. What is Camel K?
- Introduction to Camel K, a lightweight integration framework built on Apache Camel, designed for Kubernetes.
10. Configuring Camel K Integrations for Data Pipelines
- Learn how to configure Camel K for seamless data pipeline integrations in your anomaly detection workflow.
11. What is a Jupyter Notebook?
- Overview of Jupyter Notebooks, an open-source web application for creating and sharing documents with live code, equations, visualizations, and narrative text.
12. Jupyter Notebooks with Code Examples
- Hands-on examples and code snippets in Jupyter Notebooks to help you implement and test anomaly detection models.
Skybuffer SAM4U tool for SAP license adoptionTatiana Kojar
Manage and optimize your license adoption and consumption with SAM4U, an SAP free customer software asset management tool.
SAM4U, an SAP complimentary software asset management tool for customers, delivers a detailed and well-structured overview of license inventory and usage with a user-friendly interface. We offer a hosted, cost-effective, and performance-optimized SAM4U setup in the Skybuffer Cloud environment. You retain ownership of the system and data, while we manage the ABAP 7.58 infrastructure, ensuring fixed Total Cost of Ownership (TCO) and exceptional services through the SAP Fiori interface.
HCL Notes and Domino License Cost Reduction in the World of DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-and-domino-license-cost-reduction-in-the-world-of-dlau/
The introduction of DLAU and the CCB & CCX licensing model caused quite a stir in the HCL community. As a Notes and Domino customer, you may have faced challenges with unexpected user counts and license costs. You probably have questions on how this new licensing approach works and how to benefit from it. Most importantly, you likely have budget constraints and want to save money where possible. Don’t worry, we can help with all of this!
We’ll show you how to fix common misconfigurations that cause higher-than-expected user counts, and how to identify accounts which you can deactivate to save money. There are also frequent patterns that can cause unnecessary cost, like using a person document instead of a mail-in for shared mailboxes. We’ll provide examples and solutions for those as well. And naturally we’ll explain the new licensing model.
Join HCL Ambassador Marc Thomas in this webinar with a special guest appearance from Franz Walder. It will give you the tools and know-how to stay on top of what is going on with Domino licensing. You will be able lower your cost through an optimized configuration and keep it low going forward.
These topics will be covered
- Reducing license cost by finding and fixing misconfigurations and superfluous accounts
- How do CCB and CCX licenses really work?
- Understanding the DLAU tool and how to best utilize it
- Tips for common problem areas, like team mailboxes, functional/test users, etc
- Practical examples and best practices to implement right away
How information systems are built or acquired puts information, which is what they should be about, in a secondary place. Our language adapted accordingly, and we no longer talk about information systems but applications. Applications evolved in a way to break data into diverse fragments, tightly coupled with applications and expensive to integrate. The result is technical debt, which is re-paid by taking even bigger "loans", resulting in an ever-increasing technical debt. Software engineering and procurement practices work in sync with market forces to maintain this trend. This talk demonstrates how natural this situation is. The question is: can something be done to reverse the trend?
5th LF Energy Power Grid Model Meet-up SlidesDanBrown980551
5th Power Grid Model Meet-up
It is with great pleasure that we extend to you an invitation to the 5th Power Grid Model Meet-up, scheduled for 6th June 2024. This event will adopt a hybrid format, allowing participants to join us either through an online Mircosoft Teams session or in person at TU/e located at Den Dolech 2, Eindhoven, Netherlands. The meet-up will be hosted by Eindhoven University of Technology (TU/e), a research university specializing in engineering science & technology.
Power Grid Model
The global energy transition is placing new and unprecedented demands on Distribution System Operators (DSOs). Alongside upgrades to grid capacity, processes such as digitization, capacity optimization, and congestion management are becoming vital for delivering reliable services.
Power Grid Model is an open source project from Linux Foundation Energy and provides a calculation engine that is increasingly essential for DSOs. It offers a standards-based foundation enabling real-time power systems analysis, simulations of electrical power grids, and sophisticated what-if analysis. In addition, it enables in-depth studies and analysis of the electrical power grid’s behavior and performance. This comprehensive model incorporates essential factors such as power generation capacity, electrical losses, voltage levels, power flows, and system stability.
Power Grid Model is currently being applied in a wide variety of use cases, including grid planning, expansion, reliability, and congestion studies. It can also help in analyzing the impact of renewable energy integration, assessing the effects of disturbances or faults, and developing strategies for grid control and optimization.
What to expect
For the upcoming meetup we are organizing, we have an exciting lineup of activities planned:
-Insightful presentations covering two practical applications of the Power Grid Model.
-An update on the latest advancements in Power Grid -Model technology during the first and second quarters of 2024.
-An interactive brainstorming session to discuss and propose new feature requests.
-An opportunity to connect with fellow Power Grid Model enthusiasts and users.
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...Alex Pruden
Folding is a recent technique for building efficient recursive SNARKs. Several elegant folding protocols have been proposed, such as Nova, Supernova, Hypernova, Protostar, and others. However, all of them rely on an additively homomorphic commitment scheme based on discrete log, and are therefore not post-quantum secure. In this work we present LatticeFold, the first lattice-based folding protocol based on the Module SIS problem. This folding protocol naturally leads to an efficient recursive lattice-based SNARK and an efficient PCD scheme. LatticeFold supports folding low-degree relations, such as R1CS, as well as high-degree relations, such as CCS. The key challenge is to construct a secure folding protocol that works with the Ajtai commitment scheme. The difficulty, is ensuring that extracted witnesses are low norm through many rounds of folding. We present a novel technique using the sumcheck protocol to ensure that extracted witnesses are always low norm no matter how many rounds of folding are used. Our evaluation of the final proof system suggests that it is as performant as Hypernova, while providing post-quantum security.
Paper Link: https://eprint.iacr.org/2024/257
In the realm of cybersecurity, offensive security practices act as a critical shield. By simulating real-world attacks in a controlled environment, these techniques expose vulnerabilities before malicious actors can exploit them. This proactive approach allows manufacturers to identify and fix weaknesses, significantly enhancing system security.
This presentation delves into the development of a system designed to mimic Galileo's Open Service signal using software-defined radio (SDR) technology. We'll begin with a foundational overview of both Global Navigation Satellite Systems (GNSS) and the intricacies of digital signal processing.
The presentation culminates in a live demonstration. We'll showcase the manipulation of Galileo's Open Service pilot signal, simulating an attack on various software and hardware systems. This practical demonstration serves to highlight the potential consequences of unaddressed vulnerabilities, emphasizing the importance of offensive security practices in safeguarding critical infrastructure.
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-und-domino-lizenzkostenreduzierung-in-der-welt-von-dlau/
DLAU und die Lizenzen nach dem CCB- und CCX-Modell sind für viele in der HCL-Community seit letztem Jahr ein heißes Thema. Als Notes- oder Domino-Kunde haben Sie vielleicht mit unerwartet hohen Benutzerzahlen und Lizenzgebühren zu kämpfen. Sie fragen sich vielleicht, wie diese neue Art der Lizenzierung funktioniert und welchen Nutzen sie Ihnen bringt. Vor allem wollen Sie sicherlich Ihr Budget einhalten und Kosten sparen, wo immer möglich. Das verstehen wir und wir möchten Ihnen dabei helfen!
Wir erklären Ihnen, wie Sie häufige Konfigurationsprobleme lösen können, die dazu führen können, dass mehr Benutzer gezählt werden als nötig, und wie Sie überflüssige oder ungenutzte Konten identifizieren und entfernen können, um Geld zu sparen. Es gibt auch einige Ansätze, die zu unnötigen Ausgaben führen können, z. B. wenn ein Personendokument anstelle eines Mail-Ins für geteilte Mailboxen verwendet wird. Wir zeigen Ihnen solche Fälle und deren Lösungen. Und natürlich erklären wir Ihnen das neue Lizenzmodell.
Nehmen Sie an diesem Webinar teil, bei dem HCL-Ambassador Marc Thomas und Gastredner Franz Walder Ihnen diese neue Welt näherbringen. Es vermittelt Ihnen die Tools und das Know-how, um den Überblick zu bewahren. Sie werden in der Lage sein, Ihre Kosten durch eine optimierte Domino-Konfiguration zu reduzieren und auch in Zukunft gering zu halten.
Diese Themen werden behandelt
- Reduzierung der Lizenzkosten durch Auffinden und Beheben von Fehlkonfigurationen und überflüssigen Konten
- Wie funktionieren CCB- und CCX-Lizenzen wirklich?
- Verstehen des DLAU-Tools und wie man es am besten nutzt
- Tipps für häufige Problembereiche, wie z. B. Team-Postfächer, Funktions-/Testbenutzer usw.
- Praxisbeispiele und Best Practices zum sofortigen Umsetzen
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAU
Demand and-supply
1. Supply andSupply and
DemandDemand
How MarketsHow Markets
Work?Work?
Faculty of Business and Economics, The IIPM, NewFaculty of Business and Economics, The IIPM, New
DelhiDelhi
2. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Demand and Supply AnalysisDemand and Supply Analysis
“You cannot teach a parrot to
be an economist simply by
teaching it to say ‘supply’
and ‘demand’.”
---Anonymous
“You cannot teach a parrot to
be an economist simply by
teaching it to say ‘supply’
and ‘demand’.”
---Anonymous
3. Faculty of Business and Economics (FBE), The IIPM, New Delhi
In this chapter you will…In this chapter you will…
Learn the nature of a ‘competitiveLearn the nature of a ‘competitive
market’.market’.
Examine what determines the demandExamine what determines the demand
for a good in a competitive market.for a good in a competitive market.
Examine what determines the supplyExamine what determines the supply
of a good in a competitive market.of a good in a competitive market.
See how supply and demand togetherSee how supply and demand together
set the price of a good and theset the price of a good and the
quantity sold.quantity sold.
Consider the key role of prices inConsider the key role of prices in
allocating scarce resources.allocating scarce resources.
4. Faculty of Business and Economics (FBE), The IIPM, New Delhi
THE MARKET FORCES OF SUPPLYTHE MARKET FORCES OF SUPPLY
AND DEMANDAND DEMAND
Supply and Demand are theSupply and Demand are the
two words that economists usetwo words that economists use
most often.most often.
Supply and Demand are theSupply and Demand are the
forces that make marketforces that make market
economies work!economies work!
Modern microeconomics isModern microeconomics is
about supply, demand, andabout supply, demand, and
market equilibrium.market equilibrium.
5. Faculty of Business and Economics (FBE), The IIPM, New Delhi
MARKETS AND COMPETITIONMARKETS AND COMPETITION
• The terms supply and demandThe terms supply and demand
refer to the behaviour ofrefer to the behaviour of
people......as they interactpeople......as they interact
with one another in markets.with one another in markets.
• A market is a group ofA market is a group of
buyers and sellers of abuyers and sellers of a
particular good or service.particular good or service.
• Buyers determine demand...Buyers determine demand...
• Sellers determine supply…Sellers determine supply…
6. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Competitive MarketsCompetitive Markets
A Competitive Market is aA Competitive Market is a
market with many buyers andmarket with many buyers and
sellers so that each has asellers so that each has a
negligible impact on the marketnegligible impact on the market
price.price.
7. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Competition: Perfect orCompetition: Perfect or
OtherwiseOtherwise
Perfectly Competitive:
Homogeneous Products
Buyers and Sellers are Price Takers
Monopoly:
One Seller, controls price
Oligopoly:
Few Sellers, not aggressive
competition
Monopolistic Competition:
Many Sellers, differentiated products
Perfectly Competitive:
Homogeneous Products
Buyers and Sellers are Price Takers
Monopoly:
One Seller, controls price
Oligopoly:
Few Sellers, not aggressive
competition
Monopolistic Competition:
Many Sellers, differentiated products
8. Faculty of Business and Economics (FBE), The IIPM, New Delhi
DEMANDDEMAND
• Quantity Demanded refers to
the amount (quantity) of a
good that buyers are willing
to purchase at alternative
prices for a given period.
• Quantity Demanded refers to
the amount (quantity) of a
good that buyers are willing
to purchase at alternative
prices for a given period.
9. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Determinants of DemandDeterminants of Demand
• What factors determine how much
ice cream you will buy?
• What factors determine how much
you will really purchase?
Product’s Own Price
Consumer Income
Prices of Related Goods
Tastes
Expectations
Number of Consumers
• What factors determine how much
ice cream you will buy?
• What factors determine how much
you will really purchase?
Product’s Own Price
Consumer Income
Prices of Related Goods
Tastes
Expectations
Number of Consumers
10. Faculty of Business and Economics (FBE), The IIPM, New Delhi
PricePrice
Law of Demand
– The law of demand states that,
other things equal (ceteris
paribus), the quantity demanded
of a good falls when the price
of the good rises.
Law of Demand
– The law of demand states that,
other things equal (ceteris
paribus), the quantity demanded
of a good falls when the price
of the good rises.
11. Faculty of Business and Economics (FBE), The IIPM, New Delhi
IncomeIncome
– As income increases, the
demand for a normal good will
increase.
– As income increases, the
demand for an inferior good
will decrease.
– As income increases, the
demand for a normal good will
increase.
– As income increases, the
demand for an inferior good
will decrease.
12. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Prices of Related GoodsPrices of Related Goods
– Prices of Related Goods
– When a fall in the price of one
good reduces the demand for
another good, the two goods are
called substitutes.
– When a fall in the price of one
good increases the demand for
another good, the two goods are
called complements.
– Prices of Related Goods
– When a fall in the price of one
good reduces the demand for
another good, the two goods are
called substitutes.
– When a fall in the price of one
good increases the demand for
another good, the two goods are
called complements.
13. Faculty of Business and Economics (FBE), The IIPM, New Delhi
OthersOthers
– Tastes & preferences
– Expectations
– Re-saleability
– Advertising
– Tastes & preferences
– Expectations
– Re-saleability
– Advertising
14. Faculty of Business and Economics (FBE), The IIPM, New Delhi
The Demand Schedule and theThe Demand Schedule and the
Demand CurveDemand Curve
– The demand schedule is a table
that shows the relationship
between the price of the good and
the quantity demanded.
– The demand curve is a graph of
the relationship between the
price of a good and the quantity
demanded.
– Ceteris Paribus: “Other thing
being equal”
– The demand schedule is a table
that shows the relationship
between the price of the good and
the quantity demanded.
– The demand curve is a graph of
the relationship between the
price of a good and the quantity
demanded.
– Ceteris Paribus: “Other thing
being equal”
15. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Table 4-1:Table 4-1: Catherine’s Demand Schedule
03.00
22.50
42.00
61.50
81.00
100.50
120.00
Quantity of
cones Demanded
Price of Ice-
cream Cone ($)
16. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Figure 4-1:: Catherine’s Demand Curve
Price of Ice-
Cream
Cone
Quantity of
Ice-Cream
Cones
2 4 6 8 10 120
$3.00
2.50
2.00
1.50
1.00
0.50
17. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Market Demand ScheduleMarket Demand Schedule
• Market demand is the sum of all
individual demands at each
possible price.
• Graphically, individual demand
curves are summed horizontally to
obtain the market demand curve.
• Assume the ice cream market has
two buyers as follows…
• Market demand is the sum of all
individual demands at each
possible price.
• Graphically, individual demand
curves are summed horizontally to
obtain the market demand curve.
• Assume the ice cream market has
two buyers as follows…
18. Faculty of Business and Economics (FBE), The IIPM, New Delhi
03.00
100.50
120.00
Catherine
Price of Ice-
cream Cone ($)
Table 4-2: Market demand asTable 4-2: Market demand as
the Sum of Individual Demandsthe Sum of Individual Demands
+
1
6
7
Nicholas
1
22.50
42.00
61.50
81.00
2
3
4
5
4
7
10
13
16
19
Market
=
19. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Price of
Ice-Cream
Cone
Quantity of
Ice-Cream
Cones
D3
D1
D2
Decrease
in
demand
Increas
e in
demand
Figure 4-3: Shifts in theFigure 4-3: Shifts in the
Demand CurveDemand Curve
20. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Table 4-3: The DeterminantsTable 4-3: The Determinants
of Quantity Demandedof Quantity Demanded
21. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Shifts in the Demand Curve
versus Movements Along the
Demand Curve
22. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Price of
Cigarette
s, per
Pack.
Number of
Cigarettes Smoked
per Day
D2
A policy to
discourage smoking
shifts the demand
curve to the left.
0 20
$2.00
D1
A
10
B
Figure 4-4 a): A Shifts in the
Demand Curve
23. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Price of
Cigarette
s, per
Pack.
Number of
Cigarettes Smoked
per Day
0 20
$2.00
D1
A
A tax that raises
the price of
cigarettes results
in a movements along
the demand curve.
C
12
$4.00
Figure 4-4 b): A Movement Along the
Demand Curve
24. Faculty of Business and Economics (FBE), The IIPM, New Delhi
SUPPLY
• Quantity Supplied refers to the
amount (quantity) of a good that
sellers are willing to make
available for sale at alternative
prices for a given period.
• Quantity Supplied refers to the
amount (quantity) of a good that
sellers are willing to make
available for sale at alternative
prices for a given period.
25. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Determinants of SupplyDeterminants of Supply
• What factors determine how much
ice cream you are willing to
offer or produce?
Product’s Own Price
Input prices
Technology
Expectations
Number of sellers
• What factors determine how much
ice cream you are willing to
offer or produce?
Product’s Own Price
Input prices
Technology
Expectations
Number of sellers
26. Faculty of Business and Economics (FBE), The IIPM, New Delhi
PricePrice
Law of Supply
– The law of supply states that,
other things equal, the
quantity supplied of a good
rises when the price of the
good rises.
Law of Supply
– The law of supply states that,
other things equal, the
quantity supplied of a good
rises when the price of the
good rises.
27. Faculty of Business and Economics (FBE), The IIPM, New Delhi
The Supply Schedule and theThe Supply Schedule and the
Supply CurveSupply Curve
The supply schedule is a table
that shows the relationship
between the price of the good and
the quantity supplied.
The supply curve is a graph of
the relationship between the
price of a good and the quantity
supplied.
Ceteris Paribus: “Other thing
being equal”
The supply schedule is a table
that shows the relationship
between the price of the good and
the quantity supplied.
The supply curve is a graph of
the relationship between the
price of a good and the quantity
supplied.
Ceteris Paribus: “Other thing
being equal”
28. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Table 4-4: Ben’s Supply Schedule
53.00
42.50
32.00
21.50
11.00
00.50
00.00
Quantity of
cones Supplied
Price of Ice-
cream Cone ($)
29. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Price of
Ice-Cream
Cone
Quantity of
Ice-Cream
Cones
6 8 10 120 2
1.50
1.00
1
2.00
3 4
$3.00
2.50
5
0.50
Figure 4-5:: Ben’s Supply Curve
30. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Market Supply ScheduleMarket Supply Schedule
• Market supply is the sum of all
individual supplies at each possible
price.
• Graphically, individual supply curves
are summed horizontally to obtain the
market demand curve.
• Assume the ice cream market has two
suppliers as follows…
• Market supply is the sum of all
individual supplies at each possible
price.
• Graphically, individual supply curves
are summed horizontally to obtain the
market demand curve.
• Assume the ice cream market has two
suppliers as follows…
31. Faculty of Business and Economics (FBE), The IIPM, New Delhi
53.00
00.50
00.00
Ben
Price of Ice-
cream Cone ($)
Table 4-5: Market supply as the SumTable 4-5: Market supply as the Sum
of Individual Suppliesof Individual Supplies
+
8
0
0
Nicholas
13
42.50
32.00
21.50
11.00
6
4
2
0
10
7
4
1
0
0
Market
=
32. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Price of
Ice-Cream
Cone
Quantity of
Ice-Cream
Cones
S3
S2
S1
Decrease
in supply
Increase
in supply
Figure 4-7: Shifts in the SupplyFigure 4-7: Shifts in the Supply
CurveCurve
33. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Table 4-6: The Determinants ofTable 4-6: The Determinants of
Quantity SuppliedQuantity Supplied
34. Faculty of Business and Economics (FBE), The IIPM, New Delhi
SUPPLY AND DEMAND TOGETHERSUPPLY AND DEMAND TOGETHER
• Equilibrium refers to a situation in
which the price has reached the level
where quantity supplied equals quantity
demanded.
• Equilibrium refers to a situation in
which the price has reached the level
where quantity supplied equals quantity
demanded.
35. Faculty of Business and Economics (FBE), The IIPM, New Delhi
EquilibriumEquilibrium
• Equilibrium Price
– The price that balances quantity
supplied and quantity demanded.
– On a graph, it is the price at which
the supply and demand curves
intersect.
• Equilibrium Quantity
– The quantity supplied and the
quantity demanded at the equilibrium
price.
– On a graph it is the quantity at
which the supply and demand curves
intersect.
• Equilibrium Price
– The price that balances quantity
supplied and quantity demanded.
– On a graph, it is the price at which
the supply and demand curves
intersect.
• Equilibrium Quantity
– The quantity supplied and the
quantity demanded at the equilibrium
price.
– On a graph it is the quantity at
which the supply and demand curves
intersect.
36. Faculty of Business and Economics (FBE), The IIPM, New Delhi
At $2.00, the quantity
demanded is equal to the
quantity supplied!
Demand Schedule Supply Schedule
EquilibriumEquilibrium
37. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Equilibrium
price
Demand
Supply
$2.00
6 8 100
Equilibri
um
Equilibrium
quantity
Quantity of Ice-
Cream Cones
Price of
Ice-Cream
Cone
421 3 5 7 9 11
Figure 4-8: The Equilibrium ofFigure 4-8: The Equilibrium of
Supply and DemandSupply and Demand
38. Faculty of Business and Economics (FBE), The IIPM, New Delhi
EquilibriumEquilibrium
• Surplus
– When price > equilibrium price, then
quantity supplied > quantity demanded.
• There is excess supply or a surplus.
• Suppliers will lower the price to
increase sales, thereby moving toward
equilibrium.
• Shortage
– When price < equilibrium price, then
quantity demanded > 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.
• Surplus
– When price > equilibrium price, then
quantity supplied > quantity demanded.
• There is excess supply or a surplus.
• Suppliers will lower the price to
increase sales, thereby moving toward
equilibrium.
• Shortage
– When price < equilibrium price, then
quantity demanded > 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.
39. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Demand
Supply
$2.00
6 8 100 Quantity of
Ice-Cream
Cones
Price of
Ice-Cream
Cone
421 3 5 7 9 11
$2.50
Surplus
Quantity
Demanded
Quantity
Supplied
Figure 4-9 a): Excess SupplyFigure 4-9 a): Excess Supply
40. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Demand
Supply
$2.00
6 8 100 Quantity of
Ice-Cream Cone
Price of
Ice-Cream
Cone
421 3 5 7 9 11
$1.50
Shortage
Quantity
Supplied
Quantity
Demanded
Figure 4-9 b): Excess DemandFigure 4-9 b): Excess Demand
41. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Three Steps To AnalyzingThree Steps To Analyzing
Changes in EquilibriumChanges in Equilibrium
• Decide whether the event shifts the
supply or demand curve (or both).
• Decide whether the curve(s) shift(s) to
the left or to the right.
• Use the supply-and-demand diagram to
see how the shift affects equilibrium
price and quantity.
• Example: A Heat Wave
• Decide whether the event shifts the
supply or demand curve (or both).
• Decide whether the curve(s) shift(s) to
the left or to the right.
• Use the supply-and-demand diagram to
see how the shift affects equilibrium
price and quantity.
• Example: A Heat Wave
42. Faculty of Business and Economics (FBE), The IIPM, New Delhi
D1
Supply
$2.00
6 100 Quantity of
Ice-Cream Cone
Price of
Ice-Cream
Cone
421 3 5 7 11
D2
$2.50
1. Hot weather increases the
demand for ice cream…
2. …
resulting in
a higher
price …
3. … and a higher quantity
sold.
New equilibrium
Initial
equilibrium
Figure 4-10: How an IncreaseFigure 4-10: How an Increase
Demand Affects the EquilibriumDemand Affects the Equilibrium
43. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Demand
S1
$2.00
100 Quantity of
Ice-Cream
Cones
Price of
Ice-Cream
Cone
421 3 7 11
S2
$2.50
1. An earthquake reduces the
supply of ice cream…
2. …
resulting in
a higher
price …
3. … and a lower quantity
sold.
New
equilibrium
Initial
equilibrium
Figure 4-11: How a DecreaseFigure 4-11: How a Decrease
Demand Affects the EquilibriumDemand Affects the Equilibrium
44. Faculty of Business and Economics (FBE), The IIPM, New Delhi
D1
S1
0 Quantity of
Ice-Cream Cone
Price of
Ice-Cream
Cone
Q1
D2
Large increase
in demand
P2
S2
Q2
New
equilibrium
Small
decrease in
supply
Initial equilibrium
P1
Figure 4-12 a): A Shift inFigure 4-12 a): A Shift in
Both Supply and DemandBoth Supply and Demand
45. Faculty of Business and Economics (FBE), The IIPM, New Delhi
D1
S1
0 Quantity of
Ice-Cream Cone
Price of
Ice-Cream
Cone
Q1
D2
Large
decrease in
supply
P2
S2
Q2
New
equilibrium
Small increase
in demand
Initial
equilibrium
P1
Figure 4-12 b): A Shift inFigure 4-12 b): A Shift in
Both Supply and DemandBoth Supply and Demand
46. Faculty of Business and Economics (FBE), The IIPM, New Delhi
Table 4-8: What Happens to PriceTable 4-8: What Happens to Price
and Quantity when Supply or Demandand Quantity when Supply or Demand
Shifts?Shifts?
47. Faculty of Business and Economics (FBE), The IIPM, New Delhi
ConcludingConcluding Remarks…Remarks…
• Market economies harness the
forces of supply and demand. . .
• Supply and Demand together
determine the prices of the
economy’s different goods and
services. . .
• Prices in turn are the signals
that guide the allocation of
resources.
• Market economies harness the
forces of supply and demand. . .
• Supply and Demand together
determine the prices of the
economy’s different goods and
services. . .
• Prices in turn are the signals
that guide the allocation of
resources.
48. Faculty of Business and Economics (FBE), The IIPM, New Delhi
SummarySummary
• Economists use the model of
supply and demand to analyze
competitive markets.
• In a competitive market, there
are many buyers and sellers, each
of whom has little or no
influence on the market price.
• Economists use the model of
supply and demand to analyze
competitive markets.
• In a competitive market, there
are many buyers and sellers, each
of whom has little or no
influence on the market price.
49. Faculty of Business and Economics (FBE), The IIPM, New Delhi
SummarySummary
• The demand curve shows how the quantity
of a good depends upon the price.
– According to the law of demand, as
the price of a good falls, the
quantity demanded rises. Therefore,
the demand curve slopes downward.
– In addition to price, other
determinants of how much consumers
want to buy include income, the
prices of complements and
substitutes, tastes, expectations,
and the number of buyers.
– If one of these factors changes, the
demand curve shifts.
• The demand curve shows how the quantity
of a good depends upon the price.
– According to the law of demand, as
the price of a good falls, the
quantity demanded rises. Therefore,
the demand curve slopes downward.
– In addition to price, other
determinants of how much consumers
want to buy include income, the
prices of complements and
substitutes, tastes, expectations,
and the number of buyers.
– If one of these factors changes, the
demand curve shifts.
50. Faculty of Business and Economics (FBE), The IIPM, New Delhi
SummarySummary
The supply curve shows how the quantity
of a good supplied depends upon the
price.
According to the law of supply, as the
price of a good rises, the quantity
supplied rises. Therefore, the
supply curve slopes upward.
In addition to price, other
determinants of how much producers
want to sell include input prices,
technology, expectations, and the
number of sellers.
If one of these factors changes, the
supply curve shifts.
The supply curve shows how the quantity
of a good supplied depends upon the
price.
According to the law of supply, as the
price of a good rises, the quantity
supplied rises. Therefore, the
supply curve slopes upward.
In addition to price, other
determinants of how much producers
want to sell include input prices,
technology, expectations, and the
number of sellers.
If one of these factors changes, the
supply curve shifts.
51. Faculty of Business and Economics (FBE), The IIPM, New Delhi
SummarySummary
• Market equilibrium is
determined by the
intersection of the supply
and demand curves.
• At the equilibrium price, the
quantity demanded equals the
quantity supplied.
• The behavior of buyers and
sellers naturally drives
markets toward their
equilibrium.
• Market equilibrium is
determined by the
intersection of the supply
and demand curves.
• At the equilibrium price, the
quantity demanded equals the
quantity supplied.
• The behavior of buyers and
sellers naturally drives
markets toward their
equilibrium.
52. Faculty of Business and Economics (FBE), The IIPM, New Delhi
AssignmentAssignment