Demand and Supply Analysis (Economics) Lecture NotesFellowBuddy.com
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Demand and Supply Analysis (Economics) Lecture NotesFellowBuddy.com
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
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# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
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Our Vision & Mission – Simplifying Students Life
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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..
Shifts In Demand And Supply And Market EquilibriumShikhar Bafna
1. APPLICATION OF DEMAND AND SUPPLY
2. MARKET EQUILIBRIUM
3. SHIFT IN DEMAND AND SUPPLY
+ABSTRACT OF TOPICS TO BE COVERED:
1. PRICE DETERMINATION UNDER PERFECT COMPETITION
2. EQULIBRIUM PRICE (PERFECT COMPETITION)
WITH THE HELP OF MARKET EQUILIBRIUM, MARKET DEMAND, MARKET SUPPLY AND THE EQUILIBRIUM BETWEEN DEMAND AND SUPPLY AND EFFECTS OF GOVERNMENT INTERVENTION ON MARKET PRICE.
3. EFFECTS OF SHIFT IN DEMAND AND SUPPLY ON EQUILIBRIUM PRICE AND QUANTITY
A.RIGHTWARD AND LEFTWARD SHIFT IN DEMAND
B.RIGHTWARD AND LEFTWARD SHIFT IN SUPPLY
C.SIMULTANEOUS RIGHTWARD AND LEFTWARD SHIFT IN BOTH DEMAND AND SUPPLY
WITH THE HELP OF GRAPHS FOR EACH CASE.
4. CAUSES OF SHIFT IN DEMAND CURVES
5. CAUSES OF SHIFT IN SUPPLY CURVES
Assignmenthelp.net provide help in a number of associated statistics topics,maths,computer science problems, we are determined for providing the top quality of assignment help solution at a very affordable price and within the due date set by our customer.
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..
Shifts In Demand And Supply And Market EquilibriumShikhar Bafna
1. APPLICATION OF DEMAND AND SUPPLY
2. MARKET EQUILIBRIUM
3. SHIFT IN DEMAND AND SUPPLY
+ABSTRACT OF TOPICS TO BE COVERED:
1. PRICE DETERMINATION UNDER PERFECT COMPETITION
2. EQULIBRIUM PRICE (PERFECT COMPETITION)
WITH THE HELP OF MARKET EQUILIBRIUM, MARKET DEMAND, MARKET SUPPLY AND THE EQUILIBRIUM BETWEEN DEMAND AND SUPPLY AND EFFECTS OF GOVERNMENT INTERVENTION ON MARKET PRICE.
3. EFFECTS OF SHIFT IN DEMAND AND SUPPLY ON EQUILIBRIUM PRICE AND QUANTITY
A.RIGHTWARD AND LEFTWARD SHIFT IN DEMAND
B.RIGHTWARD AND LEFTWARD SHIFT IN SUPPLY
C.SIMULTANEOUS RIGHTWARD AND LEFTWARD SHIFT IN BOTH DEMAND AND SUPPLY
WITH THE HELP OF GRAPHS FOR EACH CASE.
4. CAUSES OF SHIFT IN DEMAND CURVES
5. CAUSES OF SHIFT IN SUPPLY CURVES
Assignmenthelp.net provide help in a number of associated statistics topics,maths,computer science problems, we are determined for providing the top quality of assignment help solution at a very affordable price and within the due date set by our customer.
market force
Supply and demand are the two words that economists use most often.
Supply and demand are the forces that make market economies work.
Modern microeconomics is about supply, demand, and market equilibrium.
A market is a group of buyers and sellers of a particular good or service.
The terms supply and demand refer to the behavior of people . . . as they interact with one another in markets.
demand and supply, a free market, equilibrium in marketRAHUL SINHA
notes on chapter 4 of economics book by mankiw.
graphs are taken from the same.
topics covered
WHAT IS MARKET?
WHAT DETERMINES THE QUANTITY AN INDIVIDUAL DEMANDS?
THE DEMAND SCHEDULE AND THE DEMAND CURVE
MARKET DEMAND VERSUS INDIVIDUAL DEMAND
SHIFTS IN THE DEMAND CURVE
WHAT DETERMINES THE QUANTITY AN INDIVIDUAL SUPPLIES?
THE SUPPLY SCHEDULE AND THE SUPPLY CURVE
MARKET SUPPLY VERSUS INDIVIDUAL SUPPLY
SHIFTS IN THE SUPPLY CURVE
SUPPLY AND DEMAND TOGETHER
THREE STEPS TO ANALYZING CHANGES IN EQUILIBRIUM
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
2. We need a theory of prices
• The theory of demand and supply is a simple example of an
economic theory
• It can be used to make predictions about the price and quantity of
some commodity
• In a free-market economy, most economic decisions are guided by
prices
• Therefore, without a reliable theory of prices, you will get nowhere
in economic analysis
2
3. Assume perfect competition
• The theory of supply and demand assumes that commodities
are traded in perfectly competitive markets
• A perfectly competitive market is a market in which
– there are many buyers
– many sellers
– and all sellers sell the exact same product
• As a result, each buyer and seller has a negligible impact on
the market price
3
4. Types of markets
• Market is a group of buyers and sellers of a particular
good or service
• Buyers determine the demand for a product and
sellers determine the supply of the product
• Competitive market is a market in which there are
many buyers and many sellers in the market so that
each has a negligible impact on the market price
• We assume perfectly competitive markets when we
study the theory of demand and supply
5. Types of Markets
• Perfectly competitive markets have the following two
characteristics:
• Goods being sold are all the same
• Both Buyers and sellers are price takers
• Monopoly is characterized by:
• One seller and many buyers
• Seller sets the price
• Oligopoly is characterized by
• Few sellers without rigorous competition
• The sellers get together to set a price
• Monopolistic competition is characterized by
• Many sellers, each selling a differentiated product
• Sellers have some ability to set the price for their own
product
7. Demand
• Quantity demanded is the amount of a good that buyers are
willing and able to purchase
• Demand is a full description of how the quantity demanded
changes as the price of the good changes.
7
8. Determinants of Demand
• Determinants of quantity demanded:
• Income (normal, inferior)
• Prices of related goods (substitutes, complements)
• Tastes
• Expectations
• Number of buyers (Market demand curve)
• Demand schedule and Demand curve
• Demand schedule is a table that shows the
relationship between the price of a good and the
quantity demanded
• Demand curve graphs the demand schedule. The
demand curve slopes downward
11. Law of Demand
• The law of demand states that
• the quantity demanded of a good falls when the price of the good
rises, and vice versa, provided all other factors that affect buyers’
decisions are unchanged
11
12. “provided all other factors … are
unchanged”
• That’s an important phrase in the wording of the Law of
Demand
• The quantity demanded of a consumer good such as ice
cream depends on
• The price of ice cream
• The prices of related goods
• Consumers’ incomes
• Consumers’ tastes
• Consumers’ expectations about future prices and incomes
• Number of buyers, etc
• The Law of Demand says that the quantity demanded of a
good is inversely related to its price, provided all other factors
are unchanged 12
13. Why Might Demand
Increase?
• How can we explain the
difference in
Catherine’s behavior in
situations A and B?
• Why does she consume
more in situation B at
every possible price?
13
Quantity Demanded
Price Situation A Situation B
0.00 12 20
0.50 10 16
1.00 8 12
1.50 6 8
2.00 4 6
2.50 2 4
3.00 0 2
Price
Quantity Demanded
14. Shifts in the Market Demand
Curve
• … are caused by changes in:
• Consumer income
• Prices of related goods
• Tastes
• Expectations, say, about future prices and prospects
• Number of buyers
14
15. Shifts in the Demand Curve
Price of
Ice-Cream
Cone
Quantity of
Ice-Cream Cones
Increase
in demand
Decrease
in demand
Demand curve, D3
Demand
curve, D1
Demand
curve, D2
0
16. Shifts in the Demand Curve
• Consumer Income
– As income increases the demand for a normal good will increase
– As income increases the demand for an inferior good will
decrease
• 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
17. The Law of Demand—
Explanations
• There are two ways to explain the Law of Demand
• Substitution effect
• Income effect
18. Substitution Effect
• When the price of a good decreases, consumers substitute that
good instead of other competing (substitute) goods
Coke Books MoviesClothes
1. When the price of Coke
decreases…
Pepsi
2. Consumption of
Pepsi decreases…
3. Consumption of
Coke increases
19. Income Effect
• A decrease in the price of a commodity is essentially
equivalent to an increase in consumers’ income
20. Lower Prices = Higher Income
Situation A
Price of an Apple $1.00
Price of an Orange $2.00
Income $10.00
Situation B
Price of an Apple $1.00
Price of an Orange $2.00
Income $20.00
Situation C
Price of an Apple $0.50
Price of an Orange $1.00
Income $10.00
If prices fall, Situation A
becomes Situation C.
If income rises, Situation A
becomes Situation B.
Q: Which change is better?
A: They are both equally
desirable. A fall in prices is
equivalent to an increase in
income.
21. Income Effect
• Consumers respond to a decrease in the price of a
commodity as they would to an increase in income
• They increase their consumption of a wide range of
goods, including the good that had a price decrease
Coke Books MoviesClothes
1. When the price of Coke
decreases…
2. Consumers
feel richer…
3. Consumption of Coke and
other goods increases
Pepsi
22. SUPPLY
• Quantity supplied is the amount of a good that sellers are
willing and able to sell
• Supply is a full description of how the quantity supplied of a
commodity responds to changes in its price
23. Ben’s supply schedule and supply curve
Supply curve
Price of
Ice-cream cone
Quantity of
Cones supplied
$0.00
0.50
1.00
1.50
2.00
2.50
3.00
0 cones
0
1
2
3
4
5
0 1210 1191 2 3 4 5 6 7 8
Quantity of Ice-Cream Cones
$3.00
2.50
2.00
1.50
1.00
0.50
Price of
Ice-Cream
Cones
1. An increase
in price . . .
2. . . . increases quantity
of cones supplied.
26. Law of Supply
• The law of supply states that, the quantity supplied of a good
rises when the price of the good rises, as long as all other
factors that affect suppliers’ decisions are unchanged
27. Law of Supply—Explanation
• How can we make sense of
the numbers in Ben’s supply
schedule?
• The best guess is that his
costs must be something like
the cost schedule below.
A specific ice-
cream cone
It’s cost ($)
1st
0.75
2nd
1.35
3rd
1.75
4th
2.30
5th
2.85
6th
3.10
In this way, the Law of Supply
follows from the assumption of
Increasing Costs (or, Diminishing
Returns)
28. Shifts in the Supply Curve: What
causes them?Price of
Ice-Cream
Cone
Quantity of
Ice-Cream Cones
0
Increase
in supply
Decrease
in supply
Supply curve, S3
curve,
Supply
S1
Supply
curve, S2
29. Supply Shift
• How could Ben’s supply
have increased?
Ben’s Supply Schedule
Price ($) Quantity Supplied
Before After
0.00 0 0
0.50 0 1
1.00 1 2
1.50 2 3
2.00 3 4
2.50 4 5
3.00 5 6
Ice-cream
cone
It’s cost ($)
Before After
1st
0.75 0.45
2nd
1.35 0.85
3rd
1.75 1.45
4th
2.30 1.95
5th
2.85 2.45
6th
3.10 2.90
Anything that reduces
production costs, shifts
supply to the right.
30. Shifts in the Supply Curve…
• … are caused by changes in
• Input prices
• Technology
• Number of sellers (short run)
• The market supply will shift right if
• Raw materials or labor becomes cheaper
• The technology becomes more efficient
• Number of sellers increases
31. Interaction of demand and
supply
• We have seen what demand and supply are
• We have seen why demand and supply may shift
• Now it is time to say something about how buyers and sellers
collectively determine the market outcome
• To do this, we assume equilibrium
32. Equilibrium
• We assume that the price will automatically reach a level at
which the quantity demanded equals the quantity supplied
33. At $2.00, the quantity demanded is
equal to the quantity supplied!
SUPPLY AND DEMAND
TOGETHER
Demand
Schedule
Supply Schedule
34. Equilibrium of supply and demand
34
Supply
0 1210 1191 2 3 4 5 6 7 8
Quantity of Ice-Cream Cones
$3.00
2.50
2.00
1.50
1.00
0.50
Price of
Ice-Cream
Cones
Equilibrium
Demand
Equilibrium
price
Equilibrium
quantity
36. Markets Not in Equilibrium
Price of
Ice-Cream
Cone
0
Supply
Demand
(a) Excess Supply
Quantity
demanded
Quantity
supplied
Surplus
Quantity of
Ice-Cream
Cones
4
$2.50
10
2.00
7
37. Markets Not in Equilibrium
• Surplus
• When price exceeds equilibrium price, then quantity supplied is
greater than quantity demanded
• There is excess supply or a surplus
• Suppliers will lower the price to increase sales, thereby moving
toward equilibrium
38. Markets Not in Equilibrium
Price of
Ice-Cream
Cone
0 Quantity of
Ice-Cream
Cones
Supply
Demand
(b) Excess Demand
Quantity
supplied
Quantity
demanded
1.50
10
$2.00
74
Shortage
39. Markets Not in Equilibrium
• Shortage
• When price is less than equilibrium price, then quantity
demanded exceeds 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
40. Equilibrium
• Law of supply and demand
• The price of any good adjusts to bring the quantity
supplied and the quantity demanded for that good
into balance
41. Equilibrium: skepticism
required
• Although the Law of Supply and Demand is a good place to
start the discussion of prices, it should not be taken to be the
gospel truth.
• In some cases the price might get stuck at some other level
and quantity supplied and quantity demanded may not be
equal.
• Example: unemployment
42. Unemployment: a failure of equilibrium when the
wage is too high and stuck
Quantity of
Labor
Wage
0
Labor
SupplyLabor surplus
(unemployment)
Labor
demand
Too-high
wage
Quantity
demanded
Quantity
supplied
43. Let’s make some predictions
• We can use our understanding of the factors that shift the
demand and supply curves to predict the consequences of
• Alternative policy proposals, and
• Events outside our control
44. How an Increase in Demand Affects the Equilibrium
Price of
Ice-Cream
Cone
0 Quantity of
Ice-Cream Cones
Supply
Initial
equilibrium
D
D
3. . . . and a higher
quantity sold.
2. . . . resulting
in a higher
price . . .
1. Hot weather increases
the demand for ice cream . . .
2.00
7
New equilibrium$2.50
10
45. How a Decrease in Supply Affects the Equilibrium
Price of
Ice-Cream
Cone
0 Quantity of
Ice-Cream Cones
Demand
New
equilibrium
Initial equilibrium
S1
S2
2. . . . resulting
in a higher
price of ice
cream . . .
1. An increase in the
price of sugar reduces
the supply of ice cream. . .
3. . . . and a lower
quantity sold.
2.00
7
$2.50
4
46. A Shift in Both Supply and
Demand
Event Effect on Price Effect on Quantity
Demand increases Up Up
Supply decreases Up Down
Both Up Ambiguous
48. Prediction Assignment
• Effect of a rise in the price of oil on the market for
– Hybrid cars
– Real estate
– Staple foods (corn, wheat, rice)
• Effect of the development of cheaper and better batteries for
electric cars on the market for
– traditional cars
– gas