经济学原理 曼昆第七版第四讲讲义：Supply and Demand
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• Quantity demanded
– Amount of a good that buyers are willing and able to purchase
• Law of demand
– Other things equal – When the price of a good rises, the
– Our society, despite of its fragility (surprise!), functions well for most of the time in a spontaneous manner
• To know how market help to solve the important questions and to be familiar with the following economic concepts, we need to study the demand and supply model (D-S model)
• Demand curve shifts left
A
16
Figure 3
Shifts in the Demand Curve
Price of Ice-Cream Cones
Increase in Demand
Decrease in Demand
0
Demand
Demand curve, D1 curve, D3
0 1234567
Quantity of Ice-Cream Cones
Quantity of Ice-Cream Cones
0 2 4 6 8 10 12 14 16 18 Quantity of Ice-Cream Cones
A
15
Demand
• Shifts in the demand curve
Demanded
12 cones 10 8 6 4 2 0
$3.00 2.50 2.00 1.50 1.00 0.50
1. A decrease in price . . .
2. . . . increases quantity of cones demanded.
Demand curve
0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Ice-Cream Cones
– Demand schedule: a table – Demand curve: a graph
• Price on the vertical axis • Quantity on the horizontal axis
• Individual demand
– An individual’s demand for a product
– Increase in demand
• Any change that increases the quantity demanded at every price
• Demand curve shifts right
– Decrease in demand
• Any change that decreases the quantity demanded at every price
• As the price of the good varies • Other things constant
A
13
Figure 2
Market Demand as the Sum of Individual Demands
The quantity demanded in a market is the sum of the quantities demanded by all the buyers at each price. Thus, the market demand curve is found by adding horizontally the individual demand curves. At a price of $2.00, Catherine demands 4 ice-cream cones, and Nicholas demands 3 ice-cream cones. The quantity demanded in the market at this price is 7 cones.
• No single buyer or seller has any influence over the market price
• Price takers
– At the market price
• Buyers can buy all they want
• Sellers can sell all they want
– Market in which there are many buyers and many sellers
– Each has a negligible impact on market price
– Price and quantity are determined by all buyers and sellers
– Good/servicisible hand”
– No single individual or organization or government is responsible for solving the economic problems in a market economy
A
8
Markets and Competition
• Monopoly
– The only seller in the market – Sets the price
• Other markets
– Between perfect competition and monopoly
A
9
Demand
A
12
Demand
• Market demand
– Sum of all individual demands for a good or service
• Market demand curve
– Sum the individual demand curves horizontally
– Total quantity demanded of a good varies
A
11
Figure 1
Catherine’s Demand Schedule and Demand Curve
Price of Ice-Cream Cones
Price of Ice-Cream
Cone
$0.00 0.50 1.00 1.50 2.00 2.50 3.00
Quantity of Cones
– Price; market equilibrium; efficiency
A
3
Markets and Competition
• Supply and demand
– Words economists use most often – The forces that make market economies
Demand curve, D2
Quantity of Ice-Cream Cones
Any change that raises the quantity that buyers wish to purchase at any given price shifts the demand curve to the right. Any change that lowers the quantity that buyers wish to purchase at any given price shifts the demand curve to the left.
• As they interact in the marketplace
A
7
Markets and Competition
• Perfectly competitive market
– Goods offered for sale are all exactly the same
– Buyers and sellers are so numerous
– Highly organized
• Markets for many agricultural commodities
– Less organized
• Market for ice cream in a particular town
A
6
Markets and Competition
• Competitive market
• What are the real factor driving the residential housing price in China?
• What are the long-run perspectives of Chinese real estate markets?
A
2
The Market Mechanism
Chapter 4 Supply and Demand
Fall 2017
A
1
Questions
• If you are making real estate investment decisions, how would you predict the effect of the policy changes?
The demand schedule is a table that shows the quantity demanded at each price. The demand curve, which graphs the demand schedule, illustrates how the quantity demanded of the good changes as its price varies. Because a lower price increases the quantity demanded, the demand curve slopes downward.
quantity demanded of the good falls – When the price falls, the quantity
demanded rises
A
10
Demand
• Demand
– Relationship between the price of a good and quantity demanded
A
14
Figure 2
Market Demand as the Sum of Individual Demands
Catherine’s demand
Price of Ice-Cream Cones
+ = Nicholas’s demand
Market demand
Price of
Price of
• A Market is a mechanism through which buyers and sellers interact to determine prices and exchange goods, services, and assets
– Geographical area;
– Time period;
work – Refer to the behavior of people as they
interact with one another in competitive markets
A
4
Markets and Competition
• Market
– A group of buyers and sellers of a particular good or service
– Buyers as a group
• Determine the demand for the product
– Sellers as a group
• Determine the supply of the product
A
5
Markets and Competition
• Markets take many forms
Ice-Cream
Ice-Cream
Cones
Cones
$3.00 2.50
DCatherine
$3.00 2.50
DNicholas
$3.00 2.50
2.00
2.00
2.00
1.50 1.00
1.50 1.00
1.50 1.00
DMarket
0.50
0.50
0.50
0 1 2 3 4 5 6 7 8 9 10 11 12
– Amount of a good that buyers are willing and able to purchase
• Law of demand
– Other things equal – When the price of a good rises, the
– Our society, despite of its fragility (surprise!), functions well for most of the time in a spontaneous manner
• To know how market help to solve the important questions and to be familiar with the following economic concepts, we need to study the demand and supply model (D-S model)
• Demand curve shifts left
A
16
Figure 3
Shifts in the Demand Curve
Price of Ice-Cream Cones
Increase in Demand
Decrease in Demand
0
Demand
Demand curve, D1 curve, D3
0 1234567
Quantity of Ice-Cream Cones
Quantity of Ice-Cream Cones
0 2 4 6 8 10 12 14 16 18 Quantity of Ice-Cream Cones
A
15
Demand
• Shifts in the demand curve
Demanded
12 cones 10 8 6 4 2 0
$3.00 2.50 2.00 1.50 1.00 0.50
1. A decrease in price . . .
2. . . . increases quantity of cones demanded.
Demand curve
0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity of Ice-Cream Cones
– Demand schedule: a table – Demand curve: a graph
• Price on the vertical axis • Quantity on the horizontal axis
• Individual demand
– An individual’s demand for a product
– Increase in demand
• Any change that increases the quantity demanded at every price
• Demand curve shifts right
– Decrease in demand
• Any change that decreases the quantity demanded at every price
• As the price of the good varies • Other things constant
A
13
Figure 2
Market Demand as the Sum of Individual Demands
The quantity demanded in a market is the sum of the quantities demanded by all the buyers at each price. Thus, the market demand curve is found by adding horizontally the individual demand curves. At a price of $2.00, Catherine demands 4 ice-cream cones, and Nicholas demands 3 ice-cream cones. The quantity demanded in the market at this price is 7 cones.
• No single buyer or seller has any influence over the market price
• Price takers
– At the market price
• Buyers can buy all they want
• Sellers can sell all they want
– Market in which there are many buyers and many sellers
– Each has a negligible impact on market price
– Price and quantity are determined by all buyers and sellers
– Good/servicisible hand”
– No single individual or organization or government is responsible for solving the economic problems in a market economy
A
8
Markets and Competition
• Monopoly
– The only seller in the market – Sets the price
• Other markets
– Between perfect competition and monopoly
A
9
Demand
A
12
Demand
• Market demand
– Sum of all individual demands for a good or service
• Market demand curve
– Sum the individual demand curves horizontally
– Total quantity demanded of a good varies
A
11
Figure 1
Catherine’s Demand Schedule and Demand Curve
Price of Ice-Cream Cones
Price of Ice-Cream
Cone
$0.00 0.50 1.00 1.50 2.00 2.50 3.00
Quantity of Cones
– Price; market equilibrium; efficiency
A
3
Markets and Competition
• Supply and demand
– Words economists use most often – The forces that make market economies
Demand curve, D2
Quantity of Ice-Cream Cones
Any change that raises the quantity that buyers wish to purchase at any given price shifts the demand curve to the right. Any change that lowers the quantity that buyers wish to purchase at any given price shifts the demand curve to the left.
• As they interact in the marketplace
A
7
Markets and Competition
• Perfectly competitive market
– Goods offered for sale are all exactly the same
– Buyers and sellers are so numerous
– Highly organized
• Markets for many agricultural commodities
– Less organized
• Market for ice cream in a particular town
A
6
Markets and Competition
• Competitive market
• What are the real factor driving the residential housing price in China?
• What are the long-run perspectives of Chinese real estate markets?
A
2
The Market Mechanism
Chapter 4 Supply and Demand
Fall 2017
A
1
Questions
• If you are making real estate investment decisions, how would you predict the effect of the policy changes?
The demand schedule is a table that shows the quantity demanded at each price. The demand curve, which graphs the demand schedule, illustrates how the quantity demanded of the good changes as its price varies. Because a lower price increases the quantity demanded, the demand curve slopes downward.
quantity demanded of the good falls – When the price falls, the quantity
demanded rises
A
10
Demand
• Demand
– Relationship between the price of a good and quantity demanded
A
14
Figure 2
Market Demand as the Sum of Individual Demands
Catherine’s demand
Price of Ice-Cream Cones
+ = Nicholas’s demand
Market demand
Price of
Price of
• A Market is a mechanism through which buyers and sellers interact to determine prices and exchange goods, services, and assets
– Geographical area;
– Time period;
work – Refer to the behavior of people as they
interact with one another in competitive markets
A
4
Markets and Competition
• Market
– A group of buyers and sellers of a particular good or service
– Buyers as a group
• Determine the demand for the product
– Sellers as a group
• Determine the supply of the product
A
5
Markets and Competition
• Markets take many forms
Ice-Cream
Ice-Cream
Cones
Cones
$3.00 2.50
DCatherine
$3.00 2.50
DNicholas
$3.00 2.50
2.00
2.00
2.00
1.50 1.00
1.50 1.00
1.50 1.00
DMarket
0.50
0.50
0.50
0 1 2 3 4 5 6 7 8 9 10 11 12