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Lecture Economics (19/e) - Chapter 3: Demand, supply, and market equilibrium

The model of supply and demand is the economics profession’s greatest contribution to human understanding because it explains the operation of the markets on which we depend for nearly everything that we eat, drink, or consume. The model is so powerful and so widely used that to many people it is economics. This chapter explains how the model works and how it can explain both the quantities that are bought and sold in markets as well as the prices at which they trade. 03 Demand, Supply, and Mark

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03 Demand, Supply, and Market Equilibrium McGraw­Hill/Irwin Copyright © 2012 by The McGraw­Hill Companies, Inc. All rights reserved. Markets • Interaction between buyers and sellers • Markets may be •Local •National •International • Price is discovered in the interactions of buyers and sellers LO1 3-2 Demand • Schedule or curve • Amount consumers are willing and able to purchase at a given price • Other things equal • Individual demand • Market demand LO1 3-3 Law of Demand • Other things equal, as price falls the quantity demanded rises, and as price rises the quantity demanded falls • Reasons • Common sense • Law of diminishing marginal utility • Income effect and substitution effects LO1 3-4 The Demand Curve P 6 5 P Qd $5 10 4 4 20 3 3 35 2 2 55 1 D 1 80 0 10 20 30 40 50 60 70 80 Quantity Demanded (bushels per week) Q LO1 3-5 ... - tailieumienphi.vn
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