This document defines key economic concepts related to demand, supply, and market equilibrium. It explains that demand is determined by factors like price, income, tastes, and availability of substitutes. The demand curve illustrates the relationship between price and quantity demanded. Consumer surplus is defined as the difference between what consumers are willing to pay and the market price. Supply is determined by factors like production costs, prices of other goods, and technology. The supply curve shows the relationship between price and quantity supplied. Market equilibrium exists where quantity demanded equals quantity supplied. Changes in demand or supply curves result in new equilibrium prices.
A short revision video covering consumer surplus and the effects of shifts in supply and demand and also maximum prices on the level of consumer surplus. Consumer surplus is one measure of economic welfare.
A short revision video covering consumer surplus and the effects of shifts in supply and demand and also maximum prices on the level of consumer surplus. Consumer surplus is one measure of economic welfare.
This short revision presentation explores the distinction between individual and market demand. Market demand is the aggregation of individual demand for goods and services at a given price.
Chains of Reasoning (Economics) Elasticity and Indirect Taxestutor2u
The incidence of a tax refers to who eventually pays a tax. An indirect tax on producers increases their costs and this will lead to an inward shift of the supply curve. Once the tax is imposed, suppliers may then chose to pass on the tax to consumers by raising their selling price. This depends on the coefficient of price elasticity of demand.
When demand is inelastic (i.e. Ped<1), then most of the tax can be passed on. This is because consumers are less sensitive to price changes, e.g. a 20% increase in price might only lead to a 5% contraction in demand. However, when demand is price elastic (i.e. Ped>1), then most of the incidence of a tax is absorbed by the producer. In this situation, only a small proportion of the tax will be paid by the consumer.
The incidence of an indirect tax also depends on the coefficient of price elasticity of supply.
When supply is perfectly elastic (i.e. Pes= infinity) this means that output can be supplied at constant cost. A tax on producers again causes an inward shift of the supply curve. But in this situation, all of the tax will be paid by the consumer, regardless of the coefficient of PED. When demand is elastic, the consumer pays all of the tax, but equilibrium quantity will contract by a large amount.
Consumer and Producer Surplus content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Consumer Surplus
Producer Surplus
Consumer & Producer Surplus in one diagram
Individual supply is the supply of an individual producer at each price. Market supply is the sum of the individual supply schedules of all producers in the industry
This short revision presentation explores the distinction between individual and market demand. Market demand is the aggregation of individual demand for goods and services at a given price.
Chains of Reasoning (Economics) Elasticity and Indirect Taxestutor2u
The incidence of a tax refers to who eventually pays a tax. An indirect tax on producers increases their costs and this will lead to an inward shift of the supply curve. Once the tax is imposed, suppliers may then chose to pass on the tax to consumers by raising their selling price. This depends on the coefficient of price elasticity of demand.
When demand is inelastic (i.e. Ped<1), then most of the tax can be passed on. This is because consumers are less sensitive to price changes, e.g. a 20% increase in price might only lead to a 5% contraction in demand. However, when demand is price elastic (i.e. Ped>1), then most of the incidence of a tax is absorbed by the producer. In this situation, only a small proportion of the tax will be paid by the consumer.
The incidence of an indirect tax also depends on the coefficient of price elasticity of supply.
When supply is perfectly elastic (i.e. Pes= infinity) this means that output can be supplied at constant cost. A tax on producers again causes an inward shift of the supply curve. But in this situation, all of the tax will be paid by the consumer, regardless of the coefficient of PED. When demand is elastic, the consumer pays all of the tax, but equilibrium quantity will contract by a large amount.
Consumer and Producer Surplus content slideshow. Designed for the Economic A level qualification. Can be used in revision and in class.
Subtopics:
Consumer Surplus
Producer Surplus
Consumer & Producer Surplus in one diagram
Individual supply is the supply of an individual producer at each price. Market supply is the sum of the individual supply schedules of all producers in the industry
Building the Circular Flow of Income & Spendingtutor2u
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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Digital Transformation and IT Strategy Toolkit and Templates
Economics revision on everything
1.
2. Demand
0 : Is the quantity of a product that consumers are
willing and able to purchase at various prices at
various amounts of time.
0 Demand for a good will rise or fall depending on
different factors such as the price of other goods or
the taste of the public depending on if your product is
elastic or inelastic.
0 A market exists wherever there are buyers and sellers
of a particular good. Buyers demand goods from the
market whereas sellers supply goods to the market.
3. Determinants of Demand
0 Advertising levels - the greater the advertising the
more people will view the product and the more
demand will rise.
0 Taste- if a clothing market, or what is the ‘cool’ thing
to have. Also is the clothing seasonal or an all year
round item.
0 Income levels- when consumers have greater
disposable income they will buy the products they
want but were perhaps too expensive before.
4. Demand Curve
They shift left or right when there is a change in
income, price and availability of substitutes, tastes and
preferences.
Price
A shift left in the
demand curve
from D2 to D3 as
there has become
a decrease in
demand
D3
D2
Quantity
5. Consumer Surplus
Consumer surplus- the
difference between what
the consumer is willing to
pay and what they actually
pay for a product or service
7. Some key terms:
The Demand Curve:- the line on a price quantity diagram
which shows the level of any effective demand at any given
price.
Individual Demand curve:- the demand curve for an individual
consumer or firm etc.
Market demand curve:- the sum of all individual demand
curves.
Consumer Surplus:- the difference between how much buyers
are prepared to pay for a good and what they actually pay. If
there was less of the product consumers would be willing to
pay more for the product expressing the law of demand.
8. Supply
0 Supply is defined as the quantity of goods that sellers
are willing to sell at multiple prices over a period of
time.
0 Supply and Price: If the price of a good
increases, assuming no other factors change, they are
likely to expand production to take advantage of the
higher prices and the higher profits they can make.
0 Quantity supply will rise if the price of the good rises
if all other things are equal.
9. Supply Curve
0 A Supply curve shows the quantity that will be supplied over a period of
time at any given price.
0 A rise in price will lead to a rise in quantity supplied, a fall in price will
lead to a fall in quantity supplied. - An upward sloping curve assumes.
0 Firms are motivated to produce by profit.
0 The cost of producing a unit increases as output increases.
10. Determinants of Supply
The price of other goods. Changes in the price of other goods can affect supply.
0 Cost of production: If the cost of production rises at any given point of
output. Firms will raise prices to try and cancel out this increase in
production cost.
0 If they cant charge higher then profits will fall.
0 A rise in the cost of production leads to a fall in supply.
0 Technology: If new technology is introduced into the production process it
should lead to a fall in the cost of production due to greater product
efficiency. This means it will encourage more firms to supply more.
0
0 Expectations of future events: if firms expect future prices to be much
higher, they may restrict supply
0
11. Producer Surplus.
The difference between the market price what the
firm receives and the price at which it is prepared to
supply at .
Price
Quantity
12. Shifts in supply – A shift to left will mean a
reduction in supply, a shift to the right will show an
increase in supply
13. The law of diminishing
returns
0 The more of the variable factor of production is added
to a fixed gap, the smaller the output increase will be.
14. Market Equilibrium
0 The equilibrium is set where the demand of a good or
service equals the supply.
0 Changes in supply and demand levels will result in a
new equilibrium price being set.
0 A change in demand will lead to a shift in the demand
curve, a movement along the supply curve and a new
equilibrium price and visa versa for supply a shift in
supply curve.
0 The equilibrium price is not necessarily the
price, which will lead to the greatest economic
efficiency.
15. Excess supply and demand
0 Surplus: A situation in which quantity supplied is
greater than quantity demanded. EXCESS SUPPLY
0 Shortage: A situation in which quantity demanded is
greater than quantity supplied. EXCESS DEMAND
19. Consumer and prodder surplus
0
Consumer surplus:- the difference between how much buyers are prepared to pay for a good
or service and how much they actually pay
0 Producer surplus is the difference between the market price at which firms receive and the
price at which they are prepared to supply .
20. 0 An equilibrium price- the price at which there is no
tendency to change because planned sales are equal
to planned purchases.
0
0 Market clearing prices:- the price at which there is
neither excess demand nor excess supply but where
everything offered for sale is purchased.
0
0
21. Key terms
0 Complements:- in joint demand, in one demanding good, a consumer will
also be likely to demand another good- e.g .tennis racket and tennis balls,
strawberries and cream.
0 Substitutes – a good, which can be replaced by another good. E.g. PEPSI AND
COLA.
Many goods are demanded only because they are needed for the production of
other goods. This is known as derived demand.
Composite demand:- when a good Is demanded for two or more distinct uses.
In commercial transport, roads are in composite demand with commercial.
Joint supply:- is where two goods are together when one good is supplied for
two different purposes.