(微观经济学英文课件）Chap 4 Supply and Demand培训资料.pptVIP

13 19 * 25 29 29 29 29 28 27 30 30 5.Change in Quantity Supplied versus Change in Supply (1)Change in Quantity Supplied 1 5 Price of Ice-Cream Cone Quantity of Ice-Cream Cones 0 S 1.00 A C $3.00 A rise in the price of ice cream cones Movement along the supply curve. Caused by a change in the market price of the product. (2)Change in Supply Price of Ice-Cream Cone Quantity of Ice-Cream Cones 0 S1 S2 S3 Increase in Supply Decrease in Supply A shift in the supply curve, either to the left or right. Caused by a change in a determinant other than price. summary 6.Market Supply Market supply refers to the sum of all individual supplies for all sellers of a particular good or service. Graphically, individual supply curves are summed horizontally to obtain the market supply curve. Lesson 3: Equilibrium The curves intersect at equilibrium, or market-clearing Supply and Demand Together Demand Schedule Supply Schedule At $2.00, the quantity demanded is equal to the quantity supplied! Supply Demand Price of Ice-Cream Cone Quantity of Ice-Cream Cones Equilibrium of Supply and Demand 2 1 3 4 5 6 7 8 9 10 12 11 0 $3.00 2.50 2.00 1.50 1.00 0.50 Equilibrium surplus D S P0 Q0 P1 Surplus Quantity Price ($ per unit) QS QD Surplus When the price is above the equilibrium price, the quantity supplied exceeds the quantity demanded. There is excess supply or a surplus. Suppliers will lower the price to increase sales, thereby moving toward equilibrium. At P1, price is above the market clearing price Qs QD Price falls to the market-clearing price Market adjusts to equilibrium shortage D S QS QD P2 Quantity Price ($ per unit) Q3 P3 Shortage Shortage When the price is below the equilibrium price, the quantity demanded exceeds the quantity supplied. There is excess demand or a shortage. Suppliers will raise the price due to too many buyers chasing too few goods, thereby moving toward equilibrium. At P2, price is below the market clearing price QD QS Price rises to the market-cle