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Demand and Supply

by: Kerrigan Unter

Demand and Supply ECON 1011

Kerrigan Unter
GPA 3.0
Foster, I

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About this Document

Foster, I
Class Notes
Economics, demand, supply
25 ?





Popular in Economcs

This 3 page Class Notes was uploaded by Kerrigan Unter on Monday October 19, 2015. The Class Notes belongs to ECON 1011 at George Washington University taught by Foster, I in Summer 2015. Since its upload, it has received 9 views. For similar materials see INTRODUCTION TO MICROECONOMICS in Economcs at George Washington University.


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Date Created: 10/19/15
ECON 1011 Chapter 14 Demand and Supply Supply Market the institutions that bring together buyers and sellers 1 Price and the Supply Curve Quantity supplied the quantity sellers are willing to sell of a good or service at a particular price during a particular period all other things unchanged an increase in price results in an increase in quantity supplied and this relationship is often referred to as the law of supply Supply schedule table that shows quantities supplied at different prices during a particular period all other things unchanged Supply curve graphical representation of a supply schedule shows the relationship between price and quantity supplied during a particular period all other things unchanged Because the relationship between price and quantity supplied is generally positive supply curves are generally upward sloping Change in quantity supplied movement along the supply curve caused by a change in price 12 Changes in Supply Change in supply shift in the supply curve A change that increases the quantity of a good or service supplied at each price shifts the supply curve to the right a change that decreases the quantity of a good or service supplied at each price shifts the supply curve to the left Supply shifter variable that can change the quantity of a good or service supplied at each price Supply Shifters prices of factors of production returns from alternative activities technology seller expectations natural events the number of sellers Demand Supply and Equilibrium Model of demand and supply model that uses demand and supply curves to explain the determination of price and quantity in a market 2 The Determination of Price and Quantity Equilibrium price price at which quantity demanded equals quantity supplied Equilibrium quantity quantity demanded and supplied at the equilibrium price At a price above the equilibrium there is a natural tendency for the price to fall At a price below the equilibrium there is a tendency for the price to rise Surplus amount by which the quantity supplied exceeds the quantity demanded at the current price surplus occurs only if the current price exceeds the equilibrium price reduction in quantity supplied is a movement along the supply curve Shortage amount by which the quantity demanded exceeds the quantity supplied at the current price a price below equilibrium will cause a shortage 22 Shifts in Demand and Supply several events may occur at around the same time that cause both the demand and supply curves to shift 22 An Overview of Demand and Supply The Circular Flow Model Circular ow model model that provides a look at how markets work and how they are related to each other Payments to rms for goods and services Product markets Blue Jeans Haircuts Apartments Goods and Goods and services services Firms Households Factors of Factors of production Factor markets production 0 S 0 S 0 S e gtlt a 3 D 3 D g D Textile Barbers Apartment workers buildings Payments to households for factors of production Product markets markets in which rms supply goods and services demanded by households Factor markets markets in which households supply factors of production labor capital and natural resources demanded by rms


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