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Lecture Microeconomics: Theory and applications (12th edition): Chapter 2 - Browning, Zupan

Chapter 2 - Supply and demand. In this chapter students will be able to: Understand how the behavior of buyers and sellers can be characterized through demand and supply curves, explain how equilibrium price and quantity are determined in a market for a good or service, analyze how a market equilibrium is affected by changes in demand or supply,. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 2: Supply and Demand Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Understand how the behavior of buyers and sellers can be characterized through demand and supply curves. Explain how equilibrium price and quantity are determined in a market for a good or service. Analyze how a market equilibrium is affected by changes in demand or supply. Explore the effects of government intervention in markets and how a price ceiling impacts price, quantity supplied, quantity demanded, and the welfare of buyers and sellers. Show how elasticities provide a quantitative measure of the responsiveness of quantity demanded or supplied to a change in some other variable such as price or income. Explain the mathematics associated with elasticities. 2.1 DEMAND AND SUPPLY CURVES Understand how the behavior of buyers and sellers can be characterized . | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 2: Supply and Demand Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Understand how the behavior of buyers and sellers can be characterized through demand and supply curves. Explain how equilibrium price and quantity are determined in a market for a good or service. Analyze how a market equilibrium is affected by changes in demand or supply. Explore the effects of government intervention in markets and how a price ceiling impacts price, quantity supplied, quantity demanded, and the welfare of buyers and sellers. Show how elasticities provide a quantitative measure of the responsiveness of quantity demanded or supplied to a change in some other variable such as price or income. Explain the mathematics associated with elasticities. 2.1 DEMAND AND SUPPLY CURVES Understand how the behavior of buyers and sellers can be characterized through demand and supply curves. Demand and Supply Curves Supply-demand model: competitive interaction of sellers and buyers Determination of market price and quantity Response to changes in other economic variables Incorporate forms of government intervention, such as price controls Quantitative as well as qualitative market changes The Demand Curve LAW OF DEMAND: the lower the price of a good, the larger the quantity consumers wish to purchase “Demand” versus “Quantity demanded” Negatively slope Assumption: all other factors remain constant Figure 2.1 – A Demand Curve Determinants of Demand Other Than Price Income Normal goods Inferior goods Prices of related good Complements Substitutes Tastes or preferences Drawing a Demand Curve Graph: “Quantity” is measured along the horizontal axis “Price” is measured along the vertical axis Other factors (incomes, prices of related goods, and preferences) – same at all points on the curve Law of Demand: demand curve slopes