Demand, Supply, and Markets

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Presentation transcript:

Demand, Supply, and Markets I. What are markets? A. Market PLACE: meeting of buyers and sellers of something. B. Market MECHANISM: information about products and prices. C. Prices give incentives, and price changes alter incentives--and behavior, and the allocation of resources.

Demand, Supply and Markets (2) II. Market demand: a function, not a number A. What determines demand?

Demand, Supply, and Markets (3) II. B. The demand schedule 1. Demand is the set of quantities that buyers are willing to buy at various prices, other things equal. 2. Q = f(P), expressed as..... 3. Law of demand: Other things equal, greater quantities will be bought per period at lower than at higher prices. Rationale:

Demand, Supply, and Markets (4) III. Market supply: a function, not a number A. What determines supply?

Demand, Supply, and Markets (5) III. B. The supply schedule 1. Supply is the set of quantities that sellers are willing and able to sell at various prices, other things equal. 2. Q = f(P), expressed as.... 3. Law of Supply: Other things equal, greater quantities will be offered for sale at higher than at lower prices. Rationale:

Demand, Supply, and Markets (6) IV. Determination of market price A. Market “clears” means that Quantity demanded equals quantity supplied. B. Prices that don’t last C. “Equilibrium” price means A price that will last until demand and/or supply conditions change. D. But the payoff is in analyzing change!

Demand, Supply, and Markets (7) V. Changes in Demand and Supply A. Increase in demand 1. Meaning / Example 2. Possible causes 3. Graphical analysis ==> 4. Interpreting the facts

Demand, Supply, and Markets (8) V. Changes in demand and supply B. Decrease in demand 1. Meaning/example 2. Possible causes 3. Graphical analysis==> 4. Interpreting the facts

Demand, Supply, and Markets (9) V. Changes in demand and supply C. Increase in supply 1. Meaning / Example 2. Possible causes 3. Graphical analysis 4. Interpreting the facts

Demand, Supply, and Markets (10) D. Decrease in supply 1. Meaning / example 2. Possible causes 3. Graphical analysis==> 4. Interpreting the facts