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THE U / Economics / ECON 2010 / What is a perfectly competitive market?

What is a perfectly competitive market?

What is a perfectly competitive market?

Description

School: University of Utah
Department: Economics
Course: Principles of Economics: Microeconomics
Professor: Ari fenn
Term: Fall 2018
Tags: Microeconomics and Microeconomic
Cost: 25
Name: Microeconomics 2010 - Week 2 Notes
Description: some of chapter 3 chapter 4 & 5
Uploaded: 09/04/2018
3 Pages 44 Views 1 Unlocks
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CHAPTER 3 - the interdependence & The Gains from Trade If you want to learn more check out What is a database?

Opp. cost of 1 oz meat                        Opp. cost 1 oz potatoIf you want to learn more check out Why is it important for the father to be involved in prenatal care?

Farmer                        4 oz of potato                        ¼ oz meat lowerWe also discuss several other topics like How do we perform gender?

Rancher                2 oz of potato                        ½ oz meat

CHAPTER 4 - Market forces of supply & DemandDon't forget about the age old question of How did the dutch empire expand?

 

Market:

  • group of buyers  / sellers of particular good service
  • Buyers at determine demand
  • Sellers determine supply

Competitive Market:

  • many buyers and sellers reach has negligible impact

Perfectly competitive market

  • so many buy. & sel. no on affect market price - they accept price market determines "PRICE TAKERS"
  • all goods = exact same and hard to find in reality - not realistic

DEMANDIf you want to learn more check out What does personal selling create by addressing each customer personally?
We also discuss several other topics like What are the changes that happen in the brain as a person age?

Quantity Demand (ap)

  • amount of good that buyers are ready, willing, & able to purchase

Price (P)

  • most fundamental determinant of demand

Law of demand

  • With other things equal. price & quantity demand are inversely related for most goods.
  • P↑ = quantity demand of good ↓
  • P↓ = quantity demand of good ↑

Demand function algebraically illustrates a negative relationship with P & qD . qp = f (P)

Market Demand

  • sum of all individual demands for good / services

Market Demand Curve

  • curve which gives total

If price is too high, Some people don't participate - don't include in equation (no negative)

Demand curve based on economists standard assumption of ceteris paribus - meaning “all other things constant"

Non price determinants

Income

  • changes in demand depends on the type of good
  • normally good: Income ↑ = demand increases curve →
  • inferior good income ↓ = demand increases regardless of price curve→

Price of Related Goods

Substitute:

  • Goods which tends to be consumed instead of other
  • demand for 1 good rises when price of other good rises
  • Ex: Iphone vs, samsung

Compliments

  • Goods which tend to be used together price & demand moves together
  • Ex: Hot Dog & Bun

Unrelated goods

  • if fall in price doesn't affect aD of B at all  

Taste

  • Demand of goods depends on preference of that good regardless of price
  • Ex: popular Diet

Expectation

  • expectation of future prices, incomt, taste, etc. also affect the demand of a good today
  • Ex: expectation for future house price affects decision for housing purchase today

Number of Buyers

  • Increase Buyers = Increase quantity demanded at each price →
  • Decrease Buyer = decrease quantity demanded at each price ←  

SUPPLY

Law of Supply

  • with other things equal, price and a quantity supply = directly related
  • Price ↑ - selling goods more profitable
  • Price ↑ - quantity supplied of good ↑
  • Price ↓ - quantity supplied of good ↓

Non Price Determinants

Input Prices: Sup. = negatively related to price of inputs.

Ex: Wages, Price of materials, rent.

Input price ↑ = producing output ↓ (less profitable)

Input price ↓ = producing output ↑ (more profitable)

Technology - how inputs transformed into output determines how many inputs required to produce unit of output technology improves - product ↑ cost ↓

Expectations

  • About future : seller adjust supply when expectations of future price change

Number of Sellers

  • ↑ Seller = ↑ supply
  • ↓ Sellers = ↓ supply

Equilibrium

  • situation in which market price has reached level at which quantity supplied equals quantity demanded
  • combine supply & market graph

E price = Qs = QD

€ quantity : Qs & Qs at € price

surplus (exces supply) Qs > QD

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