中级微观经济学课件2

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1、0TheBasicsofSupplyandDemandLearningObjectiveCompetitivemarketLawofDemandandSupplyHowsupplyanddemandtogethersettheEquilibriumprice12MarketsandCompetitionMarket:agroupofbuyersandsellersofaparticulargoodorservice.Marketcantakemanyformsandmaybeorganizedorlessorganized.Competitiv

2、emarket:amarketinwhichtherearesomanybuyersandsellersthateachhasanegligibleimpactonthemarketprice.03MarketsandCompetitionInthischapter,weassumemarketsareperfectlycompetitive.Inperfectlycompetitivemarket:Thegoodsbeingofferedforsaleareexactlythesame.Thebuyersandsellersaresonume

3、rousthatnosinglebuyerorsellerhasanyinfluenceoverthemarketprice.Becausebuyersandsellersmustacceptthemarketpricesasgiven,theyare“pricetakers”Notallgoodsaresoldinaperfectlycompetitivemarket.04DemandQuantitydemanded:theamountofagoodthatbuyersarewillingandabletopurchase.Lawofdema

4、nd:theclaimthat,otherthingsbeingequal,thequantitydemandedofagoodfallswhenthepriceofthegoodrisesDemandschedule:atablethatshowstherelationshipbetweenthepriceofagoodandthequantitydemandedDemandcurve:agraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.05Joan’sDem

5、andSchedule&CurveExample:Joan’sdemandforchocolates.Priceofchocolates(USD)Quantityofchocolatesdemanded0.00161.00142.00123.00104.0085.0066.004Joan’spreferencesobeytheLawofDemand.06Joan’sDemandSchedule&CurvePriceofchocolate(USD)Quantityofchocolatesdemanded$0.00161.00142.00123

6、.00104.0085.0066.0040PriceofchocolatesQuantityofchocolatesMarketDemandversusIndividualDemandThemarketdemandisthesumofalltheindividualdemandsforaparticulargoodorserviceateachprice.SupposeJoanandKatearetheonlytwobuyersinthechocolatemarket.(Qd=quantitydemanded)46810121416Joan’s

7、Qd2345678Kate’sQd++++====691215+=18+=21+=24MarketQd$0.006.005.004.003.002.001.00Price078TheMarketDemandCurveforChocolatesPQPQd(Market)$0.00241.00212.00183.00154.00125.0096.00609DemandCurveShiftersThedemandcurveshowshowpriceaffectsquantitydemanded,holdsotherthingsconstant.The

8、se“otherthings”arenon-pricedeterminantsofdemand(i.e.,thingsthatdeterminebuy