经济学原理 曼昆第七版第四讲讲义：Supply and Demand

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1、Chapter 4Supply and DemandFall 20171Questions If you are making real estate investment decisions, how would you predict the effect of the policy changes? What are the real factor driving the residential housing price in China? What are the long-run perspectives of Chinese real estate markets?2The Ma

2、rket Mechanism A Market is a mechanism through which buyers and sellers interact to determine prices and exchange goods, services, and assets Geographical area; Time period; Good/service being traded The “indivisible hand” No single individual or organization or government is responsible for solving

3、 the economic problems in a market economy 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

4、supply model (D-S model) Price; market equilibrium; efficiency3Markets and Competition Supply and demand Words economists use most oftenThe forces that make market economies workRefer to the behavior of people as they interact with one another in competitive markets4Markets and Competition MarketA g

5、roup of buyers and sellers of a particular good or serviceBuyers as a groupDetermine the demand for the productSellers as a group Determine the supply of the product5Markets and Competition Markets take many formsHighly organizedMarkets for many agricultural commoditiesLess organizedMarket for ice c

6、ream in a particular town6Markets and Competition Competitive marketMarket in which there are many buyers and many sellersEach has a negligible impact on market pricePrice and quantity are determined by all buyers and sellersAs they interact in the marketplace7Markets and Competition Perfectly compe

7、titive marketGoods offered for sale are all exactly the sameBuyers and sellers are so numerous No single buyer or seller has any influence over the market pricePrice takersAt the market priceBuyers can buy all they wantSellers can sell all they want8Markets and Competition MonopolyThe only seller in

8、 the marketSets the price Other marketsBetween perfect competition and monopoly9Demand Quantity demandedAmount of a good that buyers are willing and able to purchase Law of demandOther things equalWhen the price of a good rises, the quantity demanded of the good fallsWhen the price falls, the quanti

9、ty demanded rises10Demand DemandRelationship between the price of a good and quantity demandedDemand schedule: a tableDemand curve: a graphPrice on the vertical axisQuantity on the horizontal axis Individual demandAn individuals demand for a product 11Figure 1Catherines Demand Schedule and Demand Cu

10、rveDemand curveThe 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 slo

11、pes downward.Price ofIce-CreamConeQuantity ofConesDemanded$0.000.501.001.502.002.503.0012 cones108642001210 11912345678Quantity of Ice-Cream Cones $3.002.502.001.501.000.50Price of Ice-Cream Cones 1. A decreasein price . . .2. . . . increases quantityof cones demanded.12Demand Market demandSum of al