Principles of Economics 6e by N. Gregory Mankiw - SM Chapter 04

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1、Chapter4/TheMarketForcesofSupplyandDemand❖834THEMARKETFORCESOFSUPPLYANDDEMANDWHAT’SNEWINTHESIXTHEDITION:TheIntheNewsfeature“PriceIncreasesafterNaturalDisasters”hasbeenupdatedwithanewarticle.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øwhatacomp

2、etitivemarketis.Øwhatdeterminesthedemandforagoodinacompetitivemarket.Øwhatdeterminesthesupplyofagoodinacompetitivemarket.Øhowsupplyanddemandtogethersetthepriceofagoodandthequantitysold.Øthekeyroleofpricesinallocatingscarceresourcesinmarketeconomies.CONTEXTANDPURPOSE

3、:Chapter4isthefirstchapterinathree-chaptersequencethatdealswithsupplyanddemandandhowmarketswork.Chapter4showshowsupplyanddemandforagooddeterminesboththequantityproducedandthepriceatwhichthegoodsells.Chapter5willaddprecisiontothediscussionofsupplyanddemandbyaddressin

4、gtheconceptofelasticity—thesensitivityofthequantitysuppliedandquantitydemandedtochangesineconomicvariables.Chapter6willaddresstheimpactofgovernmentpoliciesonpricesandquantitiesinmarkets.ThepurposeofChapter4istoestablishthemodelofsupplyanddemand.Themodelofsupplyandde

5、mandisthefoundationforthediscussionfortheremainderofthistext.Forthisreason,timespentstudyingtheconceptsinthischapterwillreturnbenefitstoyourstudentsthroughouttheirstudyofeconomics.Manyinstructorswouldarguethatthischapteristhemostimportantchapterinthetext.©2012Cengag

6、eLearning.AllRightsReserved.Maynotbescanned,copiedorduplicated,orpostedtoapubliclyaccessiblewebsite,inwholeorinpart.Chapter4/TheMarketForcesofSupplyandDemand❖83KEYPOINTS:·Economistsusethemodelofsupplyanddemandtoanalyzecompetitivemarkets.Inacompetitivemarket,thereare

7、manybuyersandsellers,eachofwhomhaslittleornoinfluenceonthemarketprice.·Thedemandcurveshowshowthequantityofagooddemandeddependsontheprice.Accordingtothelawofdemand,asthepriceofagoodfalls,thequantitydemandedrises.Therefore,thedemandcurveslopesdownward.·Inadditiontopri

8、ce,otherdeterminantsofhowmuchconsumerswanttobuyincludeincome,thepricesofsubstitutesandcomplements,tastes,expectations,andthenumberofbuyers