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经济学原理:第三讲5/17/2023Ch.3:BasicsofSupplyandDemand
A.TheDemandScheduleB.TheSupplyScheduleC.EquilibriumofSupplyandDemand2023/5/17Economicvs.EngineeringApproachGlobalprovenconventionaloilreserves:1,028,500,000,000barrelsGlobaloilconsumptionperday82,400,000barrels
Globaloilconsumptionperyear30,076,000,000barrelsQuestion:
Howmanyyearswilltheoilreservessupporttheglobaloilconsumption?35years?2023/5/17
UnfulfilledProphecyProfessorEhrlichatStanfordwarnedin1970thattheworldsupplyofoilandgasolinewillbeexhaustedby2000Thisprediction,whichwaselaboratedinthebookTheLimitofGrowth,publishedbytheClubofRome,shockedtheworld.Theoilpriceskyrocketedby350%during1973-1974Buttheoilcrisisdidn’tcome,andoilpricesfluctuatedinthepast40years.2023/5/17
ForcesoftheMarketMechanism2023/5/17
A.TheDemandCurveTheDemandCurveTherelationshipbetweenthequantityofagoodthatconsumersarewillingtobuyandthepriceofthegoodMeasuresquantityonthex-axisandpriceonthey-axis2023/5/17
TheDemandCurve2023/5/17DQuantity
Price($perunit)P2Q1P1Q2Thedemandcurveslopesdownward,demonstratingthatconsumersarewillingtobuymoreatalowerpriceastheproductbecomesrelativelycheaper.
LawofDemandQuantitydemandedtendstofallaspricerisesThisisdrivenbytwoeffectsThesubstitutioneffect:Agoodbecomesrelativelymoreexpensivewhenitspricerises,whichmakesconsumersshiftdemandforothergoodsTheincomeeffect:Whenapricegoesup,consumersfindthemselvessomewhatpoorerthantheywerebefore2023/5/17
ForcesbehindTheDemandCurveOtherFactorsAffectingDemandIncomeIncreasesinincomeallowconsumerstopurchasemoreatallpricesConsumerTastesMarketsizemeasuredbythepopulationPriceofRelatedGoodsSubstitutesComplements2023/5/17ChangeinDemand2023/5/17IncomeIncreasesPurchasedQ0,atP2andQ1atP1NowpurchasedQ1atP2andQ2atP1SameforallpricesDemandcurveshiftsright
TwoDifferentKindsofChangesinDemandChangesinquantitydemandedMovementsalongthedemandcurvecausedbyachangeinpriceShiftsindemandAshiftoftheentiredemandcurvecausedbysomethingotherthanpriceIncomePreferences………2023/5/17B.TheSupplyCurveTheSupplyCurveTherelationshipbetweenthequantityofagoodthatproducersarewillingtosellandthepriceofthegoodMeasuresquantityonthex-axisandpriceonthey-axis2023/5/17TheSupplyCurve2023/5/17TheSupplyCurve,GraphicallyDepictedThesupplycurveslopesupward,demonstratingthatathigherpricesfirmswillincreaseoutputTheSupplyCurveOtherFactorsAffectingSupplyCostsofProductionLaborCapitalRawMaterialsTechnologicaladvances:PricesofAlternativeOutputs:Governmentpolicy:taxorsubsidy2023/5/17
ChangeinSupply2023/5/17ThecostofrawmaterialsfallsProducedQ1atP1andQ0atP2NowproduceQ2atP1andQ1atP2SupplycurveshiftsrighttoS’
TwoKindsofChangesinSupplyChangeinQuantitySuppliedMovementalongthecurvecausedbyachangeinpriceShiftsinSupplyShiftofthecurvecausedbyachangeinsomethingotherthanthepriceofthegoodChangeincostsofproductionChangeingovernmentpolicy(e.g.,imports)2023/5/17
C.EquilibriumofDemandandSupplyThemarketmechanismisthetendencyinafreemarketforpricetochangeuntilthemarketclearsMarketsclearwhenquantitydemandedequalsquantitysuppliedattheprevailingpriceMarketclearingprice–priceatwhichmarketsclear,thatis,whensupplymeetsdemand.2023/5/17
TheMarketEquilibrium2023/5/17Thecurvesintersectatequilibrium,ormarket-clearing,price.QuantitydemandedequalsquantitysuppliedatP0
TheMarketEquilibriumInequilibriumThereisnoshortageorexcessdemandThereisnosurplusorexcesssupplyQuantitysuppliedequalsquantitydemandedAnyonewhowantstobuyatthecurrentpricecanbuyandallproducerswhowanttosellatthatpricecansell.2023/5/17
WhatiftheMarketDoesn’tClearSupplyanddemandinteracttodeterminethemarket-clearingpriceWhennotinequilibrium,themarketwilladjusttoalleviateashortageorsurplusandreturnthemarkettoequilibriumMarketsmustbecompetitive(manysmallbuyersandsellers)forthemechanismtobeefficient.2023/5/17
MarketSurplusThemarketpriceisaboveequilibriumThereisexcesssupply-surplusDownwardpressureonpriceQuantitydemandedincreasesandquantitysupplieddecreasesThemarketadjustsuntilnewequilibriumisreached2023/5/17
TheSurplusCase2023/5/17AtP1,priceisabovethemarketclearingpriceQs>QDPricefallstothemarket-clearingpriceMarketadjuststoequilibrium
WhenSupplyDoesn’tCatchupwithDemandThemarketpriceisbelowequilibrium:Thereisexcessdemand-shortageUpwardpressureonpricesQuantitydemandeddecreasesandquantitysuppliedincreasesThemarketadjustsuntilthenewequilibriumisreached2023/5/17TheShortageCase2023/5/17AtP2,priceisbelowthemarketclearingpriceQD>QSPricerisestothemarket-clearingpriceMarketadjuststoequilibrium
ChangesinMarketEquilibriumEquilibriumpricesaredeterminedbytherelativelevelofsupplyanddemandChangesinsupplyand/ordemandwillcausechangeintheequilibriumpriceand/orquantityinafreemarket2023/5/17
ChangesinMarketEquilibrium2023/5/17RawmaterialpricesfallSshiftstoS’SurplusatP1betweenQ1,Q2PriceadjuststoequilibriumatP3,Q3
ChangesinMarketEquilibrium2023/5/17IncomeIncreasesDemandincreasestoD’ShortageatP1ofQ1toQ2EquilibriumatP3andQ3
ChangesinMarketEquilibrium2023/5/17IncomeincreasesandrawmaterialpricesfallQuantityincreasesIftheincreaseinDisgreaterthantheincreaseinS,pricealsoincreases
ShiftsinSupplyandDemandWhensupplyanddemandchangesimultaneously,theimpactontheequilibriumpriceandquantityisdeterminedby:TherelativesizeanddirectionofthechangesTheshapeofthesupplyanddemandcurvesFourcasesofpriceandquantitychanges(Table3.6)2023/5/17
TheEconomicsofImmigrationOnewouldexpectthatimmigrationintoaregionincreasessupplyandpushesdownwagesEconomicstudiesshowthatintheUnitedStatesa10%increaseinthefractionofimmigrantsinthepopulationreducesnativewagesbyatmost1%Why?Newimmigrantstendtomovetocitieswithstronglabordemandandquicklyspreadaroundtheentirecountrywhilenativesmaymoveoutifthewageisdrivendown2023/5/17
MoreRoad,MoreTraffic?Trafficjamsaretheheadacheofcityplannersandordinaryp
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