Supply And Demand

Demand ,[object Object],[object Object],09/02/09

Demand Schedule ,[object Object],[object Object],[object Object],09/02/09 Demand for a 7 Price (per 7 ) Quantity Demanded

Demand Curve 09/02/09 Price Quantity (Grades of 7) Demand for a 7 Price (per 7 ) Quantity Demanded

Demand Schedules and Demand Curves ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Demand ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Determinants of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Demand ,[object Object],[object Object],[object Object],09/02/09

The Law of Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

The Demand for Shoes ,[object Object],Demand for Shoes Price (per pair ) Quantity (pairs) $100 2,000 80 4,000 60 6,000 40 8,000 20 10,000

The Demand for Shoes ,[object Object],[object Object],Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 D Demand for Shoes Price (per pair ) Quantity (pairs) $100 2,000 80 4,000 60 6,000 40 8,000 20 10,000

Price Changes: Movement Along the Demand Curve ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Graphing a Movement along the Demand Curve ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 A B D

Shifts in Demand ,[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Graphing a Shift in the Demand Curve ,[object Object],[object Object],[object Object],[object Object],[object Object],Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 A B D 1 D 2

The Goal of Advertising ,[object Object],[object Object],[object Object],[object Object],D 1 A Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000

The Goal of Advertising ,[object Object],[object Object],[object Object],[object Object],D 1 A B D 2 Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000

Income: Normal and Inferior Goods ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Tastes and Preferences ,[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Future Expectations ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Substitutes and Complements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Income & Substitution Effects ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Supply ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Determinants of Supply ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

The Law of Supply ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Rising Per-Unit Costs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Technology and Costs of Production ,[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Supply Schedules and Supply Curves ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

The Supply of Shoes ,[object Object],Supply of Shoes Price (per pair) Quantity (pairs) $100 10,000 80 8,000 60 6,000 40 4,000 20 2,000

The Supply of Shoes Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 S Supply of Shoes Price (per pair) Quantity (pairs) $100 10,000 80 8,000 60 6,000 40 4,000 20 2,000

Price Changes: Movements Along the Supply Curve ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Graphing a Movement along the Demand Curve ,[object Object],[object Object],[object Object],[object Object],[object Object],A B Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 S

Shifts in Supply ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

The Effect of a Tax on Supply S 1 ,[object Object],[object Object],[object Object],A Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 Tax= $20

The Effect of a Tax on Supply S 1 ,[object Object],[object Object],[object Object],[object Object],C Quantity (pairs of shoes) Price 20 40 60 80 100 2,000 4,000 6,000 8,000 10,000 B A S 2 Tax= $20

What Price and What Quantity? ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Equilibrium Price and Quantity in the Market for Shoes ,[object Object],[object Object],[object Object],[object Object],[object Object],Price (per pair) Quantity Demanded (pairs) Quantity Supplied (pairs) Excess (pairs) $100 2,000 10,000 + 8,000 80 4,000 8,000 + 4,000 60 6,000 6,000 0 40 8,000 4,000 - 4,000 20 10,000 2,000 - 8,000

Equilibrium Price and Quantity in the Market for Shoes ,[object Object],[object Object],[object Object],[object Object],Price (per pair) Quantity Demanded (pairs) Quantity Supplied (pairs) Excess (pairs) $100 2,000 10,000 + 8,000 80 4,000 8,000 + 4,000 60 6,000 6,000 0 40 8,000 4,000 - 4,000 20 10,000 2,000 - 8,000

Equilibrium Price and Quantity ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Stability of Equilibrium ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],100 Quantity (pairs of shoes) Price 20 40 60 80 2,000 4,000 6,000 8,000 10,000 D S Equilibrium shortage

Stability of Equilibrium ,[object Object],[object Object],[object Object],[object Object],[object Object],100 Quantity (pairs of shoes) Price 20 40 60 80 2,000 4,000 6,000 8,000 10,000 D S Equilibrium surplus

Price of Oranges and Airline Tickets in the Summer ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Applications ,[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Market for Oranges and the Market for Airline Tickets ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Market for Oranges in the Summer ,[object Object],[object Object],[object Object],[object Object],S 2 D Market for Oranges S 1 P 2 * Q 2 * P 1 * Q 1 * Quantity (oranges) Price

Market for Airline Tickets ,[object Object],[object Object],[object Object],[object Object],S Market for Airline Tickets D 1 P 1 * Q 1 * D 2 P 2 * Q 2 * Quantity (airline tickets) Price

Aggregate Supply and Aggregate Demand ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

OPEC 1973: AS-AD Analysis ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

OPEC 1973: AS-AD Analysis ,[object Object],[object Object],[object Object],Output Price level AS 1 AD Aggregate Supply and Aggregate Demand AS 2 P 1 * Y 1 * P 2 * Y 2 *

Government Intervention ,[object Object],[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics

Price Stabilization Using Buffer Stock Schemes ,[object Object],[object Object],[object Object],[object Object],S 1 D Market for Wheat S 2 Price increases S 3 Price decreases P* Q* Q L * P H * P L * Q H * Quantity (wheat) Price

Price Stabilization Using Buffer Stock Schemes ,[object Object],[object Object],[object Object],[object Object],S 1 D Market for Wheat P* Q* P H * D+D G Quantity (wheat) Price

Price Stabilization Using Buffer Stock Schemes ,[object Object],[object Object],[object Object],S 1 D Market for Wheat S 2 S 3 P* Q* P H * D+D G P HH * Quantity (wheat) Price

Summary ,[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics Price Quantity D D D

Summary ,[object Object],[object Object],[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics Price Quantity S S S

Summary ,[object Object],[object Object],09/02/09 Antu Panini Murshid--Principles of Macroeconomics Price Quantity S D D’ S’

Supply And Demand

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Supply And Demand