Market ppt @ bec doms
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The document discusses concepts related to competitive markets and market equilibrium. It provides examples of how factors like differentiated products, barriers to entry, and asymmetric information can impact competition. It also examines how shifts in supply and demand curves can change equilibrium price and quantity, and how price elasticities determine the impact. Specific markets discussed include the tanker service market and the impact of rising oil prices and China imports in 2005.
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Market ppt @ bec doms
- 1. MARKET
- 11. MARKET EQUILIBRIUM, II 0 20 22 8 10 11 supply demand a b c equilibrium excess supply Quantity (Million ton-miles a year) Price ($ per ton-mile)
- 14. SUPPLY SHIFT, II 0 19.60 20 10 10.4 original supply new supply demand 60 cents 60 cents c e b d Quantity (Million ton-miles a year) Price ($ per ton-mile) a
- 15. PRICE ELASTICITIES OF DEMAND 0 10 19.40 20 original supply new supply demand 60 cents 60 cents c b 0 10 10.6 20 new supply original supply demand 60 cents 60 cents b c Extremely inelastic demand Extremely elastic demand Quantity (Million ton-miles a year) Quantity (Million ton-miles a year) Price ($ per ton-mile) Price ($ per ton-mile) e e
- 16. PRICE ELASTICITIES OF SUPPLY 0 20 10 demand a b original and new supply 0 10 11 19.40 20 60 cents 60 cents a b original supply new supply demand Price ($ per ton-mile) Price ($ per ton-mile) Quantity (Million ton-miles a year) Quantity (Million ton-miles a year) Extremely inelastic supply Extremely elastic supply
- 18. PROMOTING RETAIL SALES 0 1.50 1 retail supply a Quantity (Million units a year) Price ($ per unit) after wholesale price cut retail demand b Q
- 20. DEMAND SHIFT, II 0 20 10 10.8 supply new demand original demand 1 million a f b c 1 million Quantity (Million ton-miles a year) Price ($ per ton-mile)
- 25. 0 20 22 100 105
- 26. 0 20 21 100
- 28. DEMAND INCREASE
- 29. DEMAND REDUCTION
- 31. PRICING AND FREIGHT COST, II 0 1.50 1 CF supply a Quantity (Million pounds a year) Price ($ per pound) ex-works supply CF demand ex-works demand b 25 cents 25 cents
Notas do Editor
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- 2 Basis for managerial economics -- model of competitive markets combines demand with supply in Chapter 6 (Economic Efficiency), show that competitive markets provide desirable outcome benchmark for analyses of market power and imperfect markets Demand-supply framework is core of managerial economics --- can address business issues goods and services consumer as well as industrial products domestic and international markets.
- 3 To understand market impact, must consider both demand and supply.
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- 6 Market where some buyers have market power different buyers pay different prices; buyers with market power get lower prices; not possible to construct a market demand curve. Similarly, where some sellers have market power
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- 9 Medical treatment: patients have less information than doctors not all doctors equally informed about current medical technology and regulations Market for medical treatment is less competitive. Similarly, market for legal advice is less competitive.
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- 28 This figure combines short-run with long-run analysis at market level
- 29 This figure combines short-run with long-run analysis at market level
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