Demandsupply
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The document discusses the market system and how demand, supply, and price are determined. It explains that demand is influenced by factors like price, income, tastes, and population. The demand curve slopes downward, showing an inverse relationship between price and quantity demanded. Supply is influenced by factors like costs of production, technology, and expectations of producers. The supply curve slopes upward, showing a positive relationship between price and quantity supplied. When demand or supply shifts, it causes surpluses or shortages and results in price changes until a new equilibrium is reached.
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This document discusses the concepts of supply, quantity supplied, market supply, individual supply, supply schedules, supply curves, determinants of supply, law of supply, exceptions to the law of supply, expansion and contraction of supply, shift in supply curves, and price elasticity of supply. It provides supply schedules and graphs to illustrate these concepts and the relationships between price, quantity supplied, and the supply curve.
2. demand and supply
This document provides an overview of demand and supply concepts:
1) It defines demand as the quantity of a product consumers wish to purchase based on price and other factors, and explains how individual demand curves aggregate to form market demand.
2) Supply is defined as the quantity producers wish to sell based on factors like costs of production.
3) The interaction of demand and supply forces in markets determines the market price through the forces of demand seeking to purchase more at lower prices and supply seeking to sell more at higher prices.
4) Shifts in demand or supply curves can occur due to changes in the underlying determinants, resulting in changes to market equilibrium price and quantity.
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The document discusses the concepts of supply and demand in economics. It defines price as the amount a good or service will sell for in a market. Supply is how much a producer is willing to produce at a given price level. Demand is an individual's need or want for a good at a given price. The law of demand states that as price decreases, demand increases, and the law of supply says that as price increases, supply increases.
changes in supply
There are two types of changes in supply: changes in quantity supplied and shifts in the supply curve. Changes in quantity supplied, known as extension and contraction, occur when the quantity supplied increases or decreases in response to changes in price along the same supply curve. Shifts in the supply curve occur when factors other than price, such as costs of production, technology, taxes, number of suppliers, and prices of related goods, cause the entire supply curve to shift right or left. An increase in these factors will cause supply to increase, shifting the supply curve rightward, while a decrease will cause supply to decrease, shifting the supply curve leftward.
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Price floors and ceilings can impact industries in several ways:
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2. Price floors above market prices can cause surpluses, loss of gains from trade, wasteful increases in quality, and misallocation of resources.
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Price ceilings and floors set by governments distort the price signals in the market. Price ceilings that are set below the equilibrium price cause persistent shortages as they incentivize less production. Price floors set above the equilibrium price result in persistent surpluses as they incentivize overproduction. Special interest groups often advocate for these price controls.
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3) The interaction of demand and supply forces in markets determines the market price through the forces of demand seeking to purchase more at lower prices and supply seeking to sell more at higher prices.
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changes in supply
There are two types of changes in supply: changes in quantity supplied and shifts in the supply curve. Changes in quantity supplied, known as extension and contraction, occur when the quantity supplied increases or decreases in response to changes in price along the same supply curve. Shifts in the supply curve occur when factors other than price, such as costs of production, technology, taxes, number of suppliers, and prices of related goods, cause the entire supply curve to shift right or left. An increase in these factors will cause supply to increase, shifting the supply curve rightward, while a decrease will cause supply to decrease, shifting the supply curve leftward.
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1. Price ceilings below market prices can cause shortages, lower quality, wasteful lines and searches, loss of gains from trade, and misallocation of resources.
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3. While intended to help buyers and sellers, price controls distort market signals and eliminate incentives, leading to inefficiencies in production and consumption.
Epf3d price ceilings and floors
Price ceilings and floors set by governments distort the price signals in the market. Price ceilings that are set below the equilibrium price cause persistent shortages as they incentivize less production. Price floors set above the equilibrium price result in persistent surpluses as they incentivize overproduction. Special interest groups often advocate for these price controls.
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Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. ... Supply represents how much the market can offer.
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1) The market system consists of consumers who create demand and businesses that produce supply. When demand and supply are equal, the market reaches equilibrium.
2) Changes in factors like income, tastes, prices of other goods can cause the demand curve to shift, changing the quantity demanded at each price. Supply is influenced by costs of production and technology, and its curve shifts with these factors.
3) When demand decreases at a given price, a surplus occurs as supply exceeds demand. Prices fall to eliminate the surplus until equilibrium is restored. Conversely, a leftward supply shift creates shortages, raising prices until equilibrium is reestablished.
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Firms in a perfectly competitive market will make zero economic profits in the long run. If demand shifts initially, causing price and quantity to rise, firms will earn positive profits. This will encourage other firms to enter the industry. The supply curve will shift right, driving the price back down until it returns to the initial equilibrium with zero profits. A similar process will occur if a demand decrease causes losses - firms will exit, shifting supply left and raising price back to the equilibrium level. In the long run, all firms will produce where average cost is minimized, demonstrating productive efficiency.
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This document discusses how government policies like price controls, taxes, and minimum wages can impact markets. Price controls like ceilings and floors are used to limit the maximum or minimum price of goods, which can cause shortages or surpluses by distorting supply and demand. Taxes on goods reduce the equilibrium quantity sold as they create a price wedge between what buyers pay and sellers receive. The incidence of a tax, or who bears its burden, depends on the elasticities of supply and demand - the less elastic side ends up shouldering more of the tax burden.
Price floors and ceilings
The document discusses market inefficiencies caused by government interventions like taxes, regulations, monopolies, and external costs like pollution. It defines deadweight loss as the misallocation of resources and inefficiency caused by these market interferences. It provides examples of price ceilings, which set a maximum legal price and are intended to help consumers but can cause shortages and quality issues. Price floors set a minimum legal price and are intended to help producers but result in surpluses and inefficiency. The homework assignments involve analyzing price floor and ceiling examples through graphs and evaluating their costs and benefits.
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Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. ... Supply represents how much the market can offer.
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1) The market system consists of consumers who create demand and businesses that produce supply. When demand and supply are equal, the market reaches equilibrium.
2) Changes in factors like income, tastes, prices of other goods can cause the demand curve to shift, changing the quantity demanded at each price. Supply is influenced by costs of production and technology, and its curve shifts with these factors.
3) When demand decreases at a given price, a surplus occurs as supply exceeds demand. Prices fall to eliminate the surplus until equilibrium is restored. Conversely, a leftward supply shift creates shortages, raising prices until equilibrium is reestablished.
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Firms in a perfectly competitive market will make zero economic profits in the long run. If demand shifts initially, causing price and quantity to rise, firms will earn positive profits. This will encourage other firms to enter the industry. The supply curve will shift right, driving the price back down until it returns to the initial equilibrium with zero profits. A similar process will occur if a demand decrease causes losses - firms will exit, shifting supply left and raising price back to the equilibrium level. In the long run, all firms will produce where average cost is minimized, demonstrating productive efficiency.
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This presentation discusses price controls, specifically price ceilings and price floors. It provides examples of rent control as a price ceiling and minimum wage as a price floor. It analyzes the impact of binding versus non-binding price ceilings and floors. A binding price ceiling that sets a maximum price below the equilibrium price will result in a shortage. Similarly, a binding price floor that sets a minimum price above the equilibrium price will cause a surplus or unemployment. Price controls that are not binding have no impact on the market. The presentation evaluates that price ceilings can lead to shortages, rationing, and discrimination, while price floors can cause unemployment and ultimate loss for labor.
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No, the law of diminishing marginal utility does not necessarily imply that the need for rest and travel is decreasing. Here are a few key points:
- The law of diminishing marginal utility refers to additional units of a specific good or service, not needs or wants in general. It states that as consumption increases, each additional unit provides less additional utility or satisfaction.
- Rest and travel are broad categories that encompass a variety of specific goods and services (e.g. different vacation activities). The marginal utility of any single activity may diminish with repetition, but the need for variety and new experiences that rest and travel provide may remain constant or increase over time.
- Non-material needs like rest, leisure, learning,
Demand Supply and Price Theory - 2.pptx
The document provides an overview of key economic concepts covered in Week 2 including:
- Opportunity cost, incentives, trade, productivity, and the relationship between marginal benefit and marginal cost.
- Three economic models - the circular flow diagram, production possibilities frontier, and market equilibrium.
- Demand, supply, elasticity, and how markets reach equilibrium.
- Factors that shift demand and supply curves such as income, prices of related goods, and input prices.
It also defines important terms like surplus, shortage, price elasticity, income elasticity, and cross price elasticity.
Supply and market equilibriun
The document discusses the economic concepts of supply, determinants of supply, the law of supply, supply schedules and curves, market versus individual supply, equilibrium of supply and demand, and how shifts in supply and demand curves impact equilibrium price and quantity. It provides examples of supply and demand schedules and equilibrium, and how excess supply or demand can lead to changes in price until equilibrium is restored. It also includes 10 examples of how changes in factors can shift supply and demand curves and impact price and quantity.
Demand, Supply, and Equilibrium
Chapter 3 - Demand, Supply, and Equilibrium
Principles of Economics (Tenth Edition), Karl E. Case, Ray C. Fair, Sharon M. Oster, Prentice Hall, 2012
Chap2
This document provides an overview of demand, supply, and market equilibrium concepts. It defines key terms like demand curve, supply curve, equilibrium price and quantity. It explains how shifts in demand or supply curves affect equilibrium. Specifically:
1) The law of demand and supply are introduced, which state that quantity demanded increases with lower price and quantity supplied increases with higher price.
2) Market equilibrium exists when quantity demanded equals quantity supplied. Disequilibrium can cause surplus or shortage.
3) A shift of the demand or supply curve changes the equilibrium price and quantity in the market. Both curves shifting can have different effects depending on the direction and magnitude of the shifts.
Chap2
This document provides an overview of demand, supply, and market equilibrium concepts. It defines key terms like demand curve, supply curve, equilibrium price and quantity. It explains how shifts in demand or supply curves affect equilibrium. Specifically:
1) The law of demand and supply are introduced, which state that quantity demanded increases with lower price and quantity supplied increases with higher price.
2) Market equilibrium exists when quantity demanded equals quantity supplied. Disequilibrium can cause surplus or shortage.
3) A shift of the demand or supply curve changes the equilibrium price and quantity in the market. Both curves shifting can have varying effects depending on the direction and magnitude of the shifts.
Equilibrium Powerpoint.pptx
This document discusses market equilibrium and how supply and demand interact to reach equilibrium. It provides an example where the equilibrium price is $3 and the equilibrium quantity is 30 units. It then explains how a change in factors that influence supply, such as new technology or higher input prices, can cause the supply curve to shift, changing the equilibrium price and quantity. Specifically, it states that new technology makes production easier and leads to a rightward supply shift, while higher input prices make production more costly and lead to a leftward supply shift.
Form 3 bst (1) (2).pdf
The document discusses factors that determine the demand and supply of products, including price, income, tastes, population, and expectations. It defines demand and supply schedules/curves, and explains how movements along and shifts of the curves occur. Equilibrium price and quantity are explained as the point where the demand and supply curves intersect. The document also covers factors that influence a firm's product choices, size, and location decisions, such as costs, competition, resources, and proximity to markets and transportation. Key considerations for firms include profitability, demand, resource availability, and government policies.
Price determination and simple applications
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.
Chapter2supplyanddemand 171017230805 (1)
This document provides an overview of supply and demand analysis including:
- The key concepts of supply and demand curves, market equilibrium, and how equilibrium price and quantity change with shifts in supply and demand.
- Factors that determine supply and demand including price and non-price variables.
- Examples are given to illustrate how changes in supply and demand curves impact equilibrium, such as how falling costs increased egg supply and declining prices.
- Elasticities measure the responsiveness of one variable to another, like price elasticity of demand.
Chapter 2 supply and demand
This chapter discusses supply and demand analysis including the market mechanism. It covers the supply and demand curves, how equilibrium is determined by the intersection of the curves, and how shifts in the curves from changes in supply and demand factors affect equilibrium price and quantity. It also discusses elasticities including price elasticity of demand and supply, income elasticity of demand, and cross elasticity of demand. Examples are provided on the price of eggs and college education to illustrate how equilibrium changes over time with shifts in supply and demand.
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Demandsupply
- 1. The Market System Demand, Supply and Price Determination
- 4. The Demand Curve Price (£) Quantity Demanded (000s) Demand £10 £5 100 150 The demand curve slopes downwards from left to right (a negative slope) indicating an inverse relationship between price and the quantity demanded. Demand will be higher at lower prices than at higher prices. As price falls, demand rises. As price rises, demand falls.
- 8. The Demand Curve 5 Price (£) Quantity Demanded (000s) Demand £10 100 D1 D2 10 200 Changes in any of the factors affecting demand other than price cause the entire demand curve to shift to the left (less demanded at each price) or to the right (more demanded at each price).
- 11. The Supply Curve Price £ Quantity Bought and Sold (000s) Supply £3 200 £7 800 The supply curve slopes upwards from left to right indicating a positive relationship between supply and price. As price rises, it encourages producers to offer more for sale whereas a fall in price would lead to the quantity supplied to fall.
- 12. The Supply Curve Price £ Quantity Bought and Sold (000s) Supply £4 400 S1 100 S2 900 Changes in any of the factors affecting supply other than price will cause the entire supply curve to shift. A shift to the left results in a lower supply at each price; a shift to the right indicates a greater supply at each price.
- 13. The Market Price (£) Quantity Bought and Sold (000s) S D £5 600 D1 300 Surplus £3 450 A shift in the demand curve to the left will reduce the demand to 300 from 500 at a price of £5. Suppliers do not have the information or time to adjust supply immediately and still offer 600 for sale at £5. This results in a market surplus (S > D) In an attempt to get rid of surplus stock, producers will accept lower prices. Lower prices in turn attract some consumers to buy. The process continues until the surplus disappears and equilibrium is once again reached.
- 14. The Market Price (£) Quantity Bought and Sold (000s) S D £5 600 S1 100 Shortage £8 350 A shift in the supply curve to the left would lead to less products being available for sale at every price. Suppliers would only be able to offer 100 units for sale at a price of £5 but consumers still desire to purchase 600. This creates a market shortage. (S < D) The shortage in the market would drive up prices as some consumers are prepared to pay more. The price will continue to rise until the shortage has been competed away and a new equilibrium position has been reached.