1. Demand, Supply, and Markets
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2. Demand
Demand
The quantity consumers are willing and able to buy at each possible price during a given time period, other things constant
Amounts purchased per period
at each possible price
Willing and able
Specific period
Other things constant
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3. Law of Demand Law of demand Consumer Demand
Quantity demanded varies inversely with price, other things constant
Higher price: lower quantity demanded
Consumer Demand
Not ‘consumer wants’
Not ‘consumer needs’
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4. Law of Demand Substitution effect of a price change
When the price of a good falls
That good becomes cheaper compared to other goods
Consumers tend to substitute that good for other goods
Relative price
Price of a good relative to the prices of other goods
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5. Law of Demand Income effect of a price change
A fall in the price of a good increases consumers’ real income
Consumers more able to purchase goods
Normal good: quantity demanded increases
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6. Law of Demand Money income Real income
Number of dollars a person receives per period
Real income
Measured in terms of what it can buy
Purchasing power
Changes when price changes
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7. Demand Demand schedule Demand curve Possible prices
Quantity demanded at each price
Law of demand
Demand curve
Downward slope
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8. Demand Demand Quantity demanded
Entire relationship between price and quantity demanded
Quantity demanded
Amount of a good consumers are willing and able to buy
Per period
At a particular price
A point on the demand curve
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9. Demand Movement along the demand curve Individual demand
Change in quantity demanded
Due to a change in price
Individual demand
Relation between the price of a good and the quantity purchased
By an individual consumer
Per period
Other things constant
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10. Exhibit 1 The Demand Schedule and Demand Curve for Pizza 9 6 3 129 6 3 12
Price per pizza
$15
Price
per
pizza
Quantity Demanded
Per week (millions) a b c d e
$15 12 9 6 3 8 14 20 26 32 D a b c d e 26 20 14 8
Millions of pizzas per week 32
The market demand D shows the quantity of pizza demanded, at various prices, by all consumers. Price and quantity demanded are inversely related.
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11. Demand
Market demand
Relation between the price of a good and the quantity purchased
By all consumers in the market
During a given period
Other things constant
Sum of the individual demands in the market
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12. Shifts of the Demand Curve
Money income of consumers
Prices of other goods
Consumer expectations
The number or composition of consumers in the market
Consumer tastes
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13. Changes in Consumer Income
Increase in consumer income
Willing and able to buy more at each price
Increase in demand
Demand curve shifts rightward
Normal good
Demand increases as income increases
Inferior good
Demand decreases as income increases
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14. Exhibit 2 An Increase in the Market Demand for Pizza 9 6 3 129 6 3 12
Price per pizza
$15 D’ D
An increase in the demand for pizza is shown by a rightward shift of the demand curve, so the quantity demanded increases at each price. For example, the quantity of pizza demanded at a price of $12 increases from 14 million (point b) to 20 million (point f). b f 26 20 14 8
Millions of pizzas per week 32
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15. Changes in Prices of Other Goods
Substitutes
An increase in the price of one good
Increases the demand for the other
Rightward shift
Complements - used in combination
An increase in the price of one
Decreases the demand for the other
Leftward shift
Unrelated
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16. Changes in Consumer Expectations
Income expectations
Future income increase
Increase the current demand
Price expectations
Future price increases
Increase current demand
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17. Number or Composition of Consumers
Increase in number of consumers
Increases demand
Right shift
Composition of the population
Shift the demand
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18. Changes in Consumer Tastes
Likes and dislikes in consumption
Assumed to remain constant along a given demand curve
Change in tastes
May shift the demand
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19. Demand Quantity demanded Demand Movement along the demand curve
Shift in the demand curve
Movement of a demand curve right or left
Resulting from a change in one of the determinants of demand
Other than the price of the good
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20. Supply
Supply
How much producers are willing and able to offer for sale per period at each possible price, other things constant
Willing and able
Specific period
Other things constant
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21. Law of Supply Law of supply
Quantity supplied is directly related to its price, other things constant
Higher price: higher quantity supplied
Higher reward, profit
More willing to increase quantity supplied;
Can afford to cover the marginal costs
Increasing opportunity cost
More able to increase quantity supplied
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22. Supply Supply schedule Supply curve Possible prices
Quantity supplied at each price
Law of supply
Supply curve
Upward slope
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23. Exhibit 3 The Supply Schedule and Supply Curve for Pizza 9 6 3 129 6 3 12
Price per pizza
$15
Price
per
pizza
Quantity Supplied
Per week (millions)
$15 12 9 6 3 28 24 20 16 S
Market supply curve S shows the quantity of pizza supplied, at various prices, by all pizza makers. Price and quantity supplied are directly related. 24 20 16 12
Millions of pizzas per week 28
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24. Supply Supply Quantity supplied
Entire relationship between price and quantity supplied
Quantity supplied
Amount offered for sale
Per period
At a particular price
A point on the supply curve
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25. Supply Movement along the supply curve Individual supply
Change in quantity supplied
Due to a change in price
Individual supply
Relation between the price of a good and the quantity
An individual producer is willing and able to sell
Per period, other things constant
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26. Supply
Market supply
Relation between the price of a good and the quantity
All producers are willing and able to sell
Per period
Other things constant
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27. Shifts of the Supply Curve
State of technology
Prices of relevant resources
Prices of alternative goods
Producer expectations
Number of producers in the market
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28. Changes in Technology Better technology Production costs decrease
Increase quantity supplied at each price
Increase supply
Rightward shift
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29. Exhibit 4 An Increase in the Supply of Pizza 9 6 3 12 Price per pizza9 6 3 12
Price per pizza
$15 S S’
An increase in the supply of pizza is reflected by a rightward shift of the supply curve, from S to S’. Quantity supplied increases at each price level. For example, at a price of $12, the quantity of pizza supplied increases from 24 million pizzas (point g) to 28 million pizzas (point h). g h 24 20 16 12
Millions of pizzas per week 28
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30. Prices of Relevant Resources
Employed in the production
Decrease in price of relevant resources
Production costs decrease
Increase supply
Rightward shift
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31. Prices of Alternative Goods
Resources
Alternative uses
Alternative goods
Use some resources employed to produce the good
Decrease in price of alternative goods
Increase supply
Rightward shift
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32. Changes in Producer Expectations
Higher prices in the future
Future profits
May increase the current supply
Easily stored goods
Reduce current supply
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33. Changes in Number of Producers
Market supply
Amount supplied
At each price
By all producers
Number of producers increase
Increase supply
Rightward shift
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34. Supply Quantity supplied Supply Movement along the supply curve
Shift in the supply curve
Movement of a supply curve left or right
Resulting from a change in one of the determinants of supply
Other than the price of the good
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35. Demand & Supply Create a Market
Markets
Sort out differences between demanders and suppliers
Reduce transaction costs
Transaction costs
Costs of time and information required to carry out market exchange
Adam Smith
The “invisible hand”
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36. Market Equilibrium Surplus: excess quantity supplied
Amount by which quantity supplied exceeds quantity demanded
At a given price
Downward pressure on price
Decrease quantity supplied
Increase quantity demanded
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37. Market Equilibrium Shortage: excess quantity demanded
Amount by which quantity demanded exceeds quantity supplied
At a given price
Upward pressure on price
Increase quantity supplied
Decrease quantity demanded
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38. Market Equilibrium Quantity demanded = Quantity supplied
Plans of buyers and sellers match
Equilibrium point
Equilibrium quantity
Equilibrium price
Market clears
No pressure on price
‘X marks the spot’
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39. Exhibit 5 Equilibrium in the Pizza Market (a)
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40. Exhibit 5 Equilibrium in the Pizza Market (b) Surplus Shortage
Market equilibrium occurs at the price where quantity demanded equals quantity supplied. This is shown at point c.
Above the equilibrium price, quantity supplied exceeds quantity demanded. This creates a surplus, which puts downward pressure on the price.
Below the equilibrium price, quantity demanded exceeds quantity supplied. The resulting shortage puts upward pressure on the price. 9 6 3 12
Price per pizza
$15 S D
Surplus c
Shortage 24 20 16 14
Millions of pizzas per week 26
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41. Shifts of the Demand Curve
Determinants of demand
Money income of consumers
Price of a substitute or a complement
Consumer expectations
Number of consumers
Consumer tastes
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42. Shifts of the Demand Curve
Increase in demand
Rightward shift of D curve
Shortage; Upward pressure on P
QD decreases; QS increases
New equilibrium: Increase in P and Q
Decrease in demand
Surplus; Downward pressure on P
New equilibrium: Decrease in P and Q
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43. Exhibit 6 Effects of an Increase in Demand
An increase in demand is shown by a shift of the demand curve rightward from D to D’. Quantity demanded exceeds quantity supplied at the original price of $9 per pizza, putting upward pressure on the price. As the price rises, quantity supplied increases along supply curve S, and quantity demanded decreases along demand curve D’. When the new equilibrium price of $12 is reached at point g, quantity demanded once again equals quantity supplied. 9
$12
Price per pizza S D’ D g c 24 20
Millions of pizzas per week 30
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44. Shifts in the Supply Curve
Determinants of supply
Technological change
Price of a relevant resource
Price of an alternative good
Producers expectations
Number of producers
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45. Shifts in the Supply Curve
Increase in supply
Rightward shift of S curve
Surplus; Downward pressure on P
QD increases; QS decreases
New equilibrium:
P decreases; Q increases
Decrease in supply
P increases; Q decreases
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46. Exhibit 7 Effects of an Increase in Supply
An increase in supply is shown by a shift of the supply curve rightward, from S to S’. Quantity supplied exceeds quantity demanded at the original price of $9 per pizza, putting downward pressure on the price. As the price falls, quantity supplied decreases along supply curve S’, and quantity demanded increases along demand curve D. When the new equilibrium price of $6 is reached at point d, quantity demanded once again equals quantity supplied $9 6
Price per pizza S D S’ c d 26 20
Millions of pizzas per week 30
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47. Simultaneous Shifts Both S and D increase: Both S and D decrease:
Q increases
D shifts more: P increases
S shifts more: P decreases
Both S and D decrease:
Q decreases
D shifts more: P decreases
S shifts more: P increases
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48. Exhibit 8
Indeterminate effect of an increase in both demand and supply p’ p
Price S
p’’ p
Price S’ D’ S
D’’
S’’ b D D a a c Q’ Q
Units per
period
Q’’ Q
Units per
period
When both demand and supply increase, the equilibrium quantity also increases. The effect on price depends on which curve shifts more. In panel (a), the demand curve shifts more, so the price rises. In panel (b), the supply curve shifts more, so the price falls.
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49. Simultaneous Shifts S increases; D decreases S decreases; D increases
P decreases
D shifts more: Q decreases
S shifts more: Q increases
S decreases; D increases
P increases
D shifts more: Q increases
S shifts more: Q decreases
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50. Exhibit 9 Effects of Shifts of Both Demand and Supply
When the demand and supply curves shift in the same direction, equilibrium quantity also shifts in that direction. The effect on equilibrium price depends on which curve shifts more. If the curves shift in opposite directions, equilibrium price will move in the same direction as demand. The effect on equilibrium quantity depends on which curve shifts more.
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51. The Market for professional Basketball
NBA on the brink of collapse
Since 1980s
More teams
Superstars
High popularity
International players
Marketing
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52. The Market for professional Basketball
Both Demand and Supply increased
Increase in average pay
Attracts younger players
NBA players - the highest-paid team athletes in the world
Earning at least double that of professionals in baseball, football, and hockey
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53. Exhibit 10
NBA Pay Leaps
Because the supply of the world’s top few hundred basketball players is relatively fixed by definition, the big jump in the demand for such talent caused average league pay to explode. Average pay increased from $170,000 in 1980 to $6,000,000 in Because the number of teams in the NBA increased, the number of players in the league grew from about 300 to about 450.
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54. Disequilibrium Disequilibrium
Plans of buyers do not match those of sellers
Temporary mismatch between quantity supplied and quantity demanded
As the market seeks equilibrium
Can last a while
Result of government intervention
Price floors
Price ceilings
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55. Disequilibrium Price Floors
Minimum legal price below which a product cannot be sold
To have an impact, it must be set above the equilibrium price
Surplus
Distort markets
Reduce economic welfare
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56. Disequilibrium Price Ceilings
Maximum legal price above which a product cannot be sold
To have an impact, it must be set below the equilibrium price
Shortage
Distort markets
Reduce economic welfare
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57. Exhibit 11 Price Floors and Price Ceilings $2.50 1.90 Price per gallon
$1,000
600
Monthly rental price S D D
Surplus
Shortage 19 14
Millions of gallons per month 24 50 40
Thousands of rental units per month 60
A price floor set above the equilibrium price results in a surplus, as shown in panel (a). A price floor set at or below the equilibrium price has no effect.
A price ceiling set below the equilibrium price results in a shortage, as shown in panel (b). A price ceiling set at or above the equilibrium price has no effect.
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58. Rent Ceilings in New York City
Housing shortage
Excess demand
Sharp drop in new construction
Decrease in quality
70% of the 2.1 million rental apartments
Waste of valuable resources
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59. Rent Ceilings in New York City
Increased demand in free-market sector
Higher rent
Manhattan, three-bedroom apartment
$1,000 if rent controlled
$12,000 on the open market
Who benefits from rent control?
More than 87,000 New York City households with incomes exceeding $100,000 a year
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