管理经济学chp02.pptVIP

Managerial Economics Business Strategy Chapter 2 Market Forces: Demand and Supply Overview III. Market Equilibrium IV. Price Restrictions V. Comparative Statics Market Demand Curve Determinants of Demand Income Prices of substitutes Prices of complements Advertising Population Consumer expectations The Demand Function An equation representing the demand curve Qxd = f(Px , PY , M, H,) Qxd = quantity demand of good X. Px = price of good X. PY = price of a substitute good Y. M = income. H = any other variable affecting demand Change in Quantity Demanded Consumer Surplus: I got a great deal! That company offers a lot of bang for the buck! Gateway 2000 provides good value. Total value greatly exceeds total amount paid. Consumer surplus is large. I got a lousy deal! That car dealer drives a hard bargain! I almost decided not to buy it! They tried to squeeze the very last cent from me! Total amount paid is close to total value. Consumer surplus is low. Consumer Surplus: The Discrete Case Consumer Surplus:The Continuous Case Market Supply Curve The supply curve shows the amount of a good that will be produced at alternative prices. Law of Supply The supply curve is upward sloping Supply Shifters Input prices Technology or government regulations Number of firms Substitutes in production Taxes Producer expectations The Supply Function An equation representing the supply curve: QxS = f(Px , PR ,W, H,) QxS = quantity supplied of good X. Px = price of good X. PR = price of a related good W = price of inputs (e.g., wages) H = other variable affecting supply Change in Quantity Supplied Change in Supply Producer Surplus The amount producers receive in excess of the amount necessary to induce them to produce the good. Market Equilibrium Balancing supply and demand QxS = Qxd Steady-state Price Restrictions Price Ceilings The maximum legal price that can be charged Examples: Gasoline prices in the 1970s Housing in New York City Proposed restrictions on ATM fees Pric