管理经济学课件3.pptVIP

Demand, Supply, Market Equilibrium Chen Hongjun Henan University of Technology Markets and Prices Why does Ming YAO earn more than Chen (an award winning teacher)? Markets and Prices Why do diamonds cost more than water? Markets and Prices Why do QiBaiShi’s (齐白石) crabs sell for more than the real ones? Markets and Prices Is it cost of production that determines prices (as Adam Smith thought)? Markets and Prices Or is it willingness to pay that determines prices (as Stanley Jevons thought)? William Stanley Jevons (September 1, 1835 - August 13, 1882), English economist and logician, was born in Liverpool. Markets and Prices Alfred Marshall (Principles of Economics, 1890) was the first to explain clearly how both costs and willingness to pay interact to determine market prices. Markets and Prices What is a Market? A market is any arrangement through which buyers sellers exchange goods services Markets reduce transaction costs Costs of making a transaction other than the price of the good or service Market Structures Market characteristics that determine the economic environment in which a firm operates Number size of firms in market Degree of product differentiation Likelihood of new firms entering market Perfect Competition完全竞争 Large number of relatively small firms Undifferentiated product No barriers to entry Monopoly完全垄断 Single firm Produces product with no close substitutes Protected by a barrier to entry 如电力、电话、自来水、天然气以及公共运输等行业。 Monopolistic Competition垄断竞争 Large number of relatively small firms Differentiated products No barriers to entry Oligopoly 寡头垄断 Few firms produce all or most of market output Profits are interdependent Actions by any one firm will affect sales profits of the other firms 如美国汽车业的通用、福特和克莱斯勒，投资银行业的美林、高盛和摩根斯坦利等 Demand Quantity demanded (Qd) Amount of a good or service consumers are willing able to purchase during a given period of time Demand Six variables that influence Qd Price of good or servi