Chapter 3 Demand and Supply. Huanren (Warren) Zhang. Law of demand. Demand = quantity of a good a consumer is willing and able to purchase at various prices Law of demand = quantity demanded ( Q d ) and price (P) are inversely related. Change in the quantity demanded .By zuzana
Worked example – Pizza supply. Here demand has shifted (an ‘increase’ in demand), and price of supply has moved along the same supply curve This is an ‘expansion’ as there is more being supplied and consumed (Q2 – Q1) than previously.By feryal
Chapter 4 SUPPLY ANALYSIS 2 nd Sem , S.Y 2013-2014. Supply Analysis. The analysis of the supply of produced goods has two parts: An analysis of the supply of the factors of production to households and firms.By roxy
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Model that shows the amount of a product that would be offered for sale at all possible prices by a producer. Supply Curve. This principle explains that producers will offer more for sale at higher prices. Law of Supply. A listing of the various quantities
The Supply Curve. The Supply Curve Supply Schedule (Table) It works the same way the demand schedule shown It says the quantity sellers are willing to sell at different prices Supply Curve (Graph) A graphical representation of the supply schedule Law of supply
The Labor Supply Curve The decision to work can be examined from two perspectives: The opportunity cost of work. If one does not work one forfeits the wage the worker would be paid. Substitution effect = ΔH/ΔW | Y constant > 0 Where H = Hours Worked W = Wage Paid Y = Income
The Industry Supply Curve. Industry Supply Curve. Industry Supply Curve is the relationship between price and the total output of an industry as a whole Up to this point, was called the supply curve or the market supply curve. Short-Run Industry Supply Curve.
Ch 8 – Competitive markets. The Market Supply Curve. The market supply curve is the sum of the marginal cost curves of all the firms. Whatever determines marginal cost also determines the competitive firm’s supply response. Entry and Exit.
Chapter 5. Supply 5.1 The Supply curve 5.2 shifts of supply curve 5.3 production and cost. 5.1 The Supply Curve. Profit = Total Revenue – Total Cost Break Even= No profit, no loss of money. Profit- Money made after expenses are paid. Loss- Money lost after expenses are paid. Supply.
7. The Aggregate Supply Curve. Abel, Bernanke, and Croushore (chapters 3 and 9.6). Syllabus Outline. Introduction to Macroeconomics The measurement and structure of the national economy Goods market equilibrium: the IS curve Money market equilibrium: the LM curve The IS-LM model
Long Run Aggregate Supply Curve. Lesson Objectives. To learn about the meaning of Aggregate Supply To understand the importance of Aggregate Supply in macro economics To understand the reasons why the AS curve might shift. Factors.
Supply & Demand Curve shifts. Click here to enter…. Why are people so demanding?. What is a supply curve shift?. What could cause a demand curve shift?. What types of shifts are there?. What is supply?. Show me a graph!. To learn about the topics, click on the word bubble.