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Title: Supply and demand explained
Description: A summary on supply and demand, covering: demand, supply, equilibrium, price ceiling, price floor, and supply quotas. There are graphs to aid your understanding.
Description: A summary on supply and demand, covering: demand, supply, equilibrium, price ceiling, price floor, and supply quotas. There are graphs to aid your understanding.
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Demand: Quantities of a good or service that consumers are willing and able to buy at various prices
...
The quantity demanded is a function of:
O The price of the good
O The price of other goods (complementary goods & substitutes)
O Consumer income
O Consumer tastes
Demand Schedule: The table that shows the relationship between price of a good and quantity demanded, holding other
things constant
...
The demand curve: The curve that shows the relationship between price and quantity demanded
Decrease in demand
Increase in demand
Demand curve
Price
Price
Price
D2
D
D1
D1
D2
Factors that may lead to a shift in demand:
O Income
normal goods (an increase in income leads to an increase in quantity demanded)
Inferior goods (an increase in income leads to a decrease in quantity demanded)
O Price of related goods (complementary goods and substitutes)
O Consumer tastes and habits (do you like or dislike the good, addictive goods)
O Expectations (income and prices)
O Number of buyers (size of the population)
Only a change in price will lead to a movement along the demand curve
...
Quantity supplied: The quantity of goods and services that the same amount of sellers are willing and able to sell at each
specific price
...
The law of supply: The quantity supplied of a good rises when the price of that good rises, ceteris paribus
...
Decrease in supply
Supply curve
Price
S1
Price
Price
S
S2
Quantity supplied
Quantity supplied
Factors which may lead to a change in supply:
O Input costs
O Technology
O Expectations
Equilibrium
O Number of sellers
Price
Supply
Equilibrium
price
Demand
Quantity
Equilibrium
quantity
Price ceiling is the legal maximum price at which a good may be sold
...
Below equilibrium, a price ceiling will result to a shortage (excess demand) in the market
...
Below equilibrium, a price floor has no effect on the market
...
Effective price floor
Price
Supply
Surplus
Price
floor
Equilibrium
price
Demand
Qf
Qe
Quantity
Taxes (and subsidies) on consumers will have the effect of shifting the demand curve, while taxes (and subsidies) on the
producers will shift the supply curve
...
A quota is an upper limit on the quantity that producers can produce
...
A binding quota increases prices
Title: Supply and demand explained
Description: A summary on supply and demand, covering: demand, supply, equilibrium, price ceiling, price floor, and supply quotas. There are graphs to aid your understanding.
Description: A summary on supply and demand, covering: demand, supply, equilibrium, price ceiling, price floor, and supply quotas. There are graphs to aid your understanding.