Markets, Demand, and Supply

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Presentation transcript:

Markets, Demand, and Supply A market is an institution in which buyers and sellers exchange goods and services for a medium of exchange --money

What is demand? Definitions: Demand: The quantity of a good or service buyers are willing (and able) to buy at alternative market prices, ceteris paribus. Quantity demanded: The quantity of a good or service buyers are willing (and able) to buy at a specific price, ceteris paribus. Demand curve: The schedule indicating the quantities demanded of a good or service at alternative market prices, ceteris paribus. Law of demand: ceteris paribus, price and quantity demanded of a good or service are negatively related

The demand for pineapple The demand for pineapple depends on: The price of pineapple The price of canteloupe Consumer income Consumer tastes As we move along the demand curve for, all factors are held constant except the price of pineapple

Here we derive the market demand curve by summing up the individual demand curves for pineapple

Deriving the demand for canteloupe Price ($) Anita 2.50 BO 2.00 1.50 Market demand 1.00 3 4 6 7 10 12 Quantity

Shifts of the demand curve Demand could shift right due to: Increase in the price of substitutes Decrease in the price of complements Increase in income Change of tastes and preferences Price H A P2 P1 B D2 D1 q1 q2 Quantity

Shifts of the demand curve, part II Demand could shift left due to: Decrease in the price of substitutes Increase in the price of complements Decrease in income Change of tastes and preferences Price H A P2 P1 B D1 D0 q1 q2 Quantity