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Chapter 10 THE PARTIAL EQUILIBRIUM COMPETITIVE MODEL CONTENTS Partial Equilibrium Analysis Market Demand Timing of the Supply Response Pricing in the Very Short Run Short-Run Price Determination Shifts in Supply and Demand Curves Mathematical Model of Supply and Demand Long-Run Analysis Shape of the Long-Run Supply Curve Comparative Statics Analysis of Long-Run Equilibrium- industry structure Producer Surplus in the Long Run Partial Equilibrium Analysis Partial Equilibrium Analysis General vs. Partial Equilibrium General vs. Partial Equilibrium When is Partial Equilibrium Appropriate? When is Partial Equilibrium Not Appropriate? The restriction of supply ? The Four Types of Market Structure Profit Maximization Market Demand Market Demand Assume that there are only two goods (x and y) An individual’s demand for x is Quantity of x demanded = x(px,py,I) If we use i to reflect each individual in the market, then the market demand curve is Market Demand To construct the market demand curve, PX is allowed to vary while Py and the income of each individual and preferences are held constant If each individual’s demand for x is downward sloping, the market demand curve will also be downward sloping Market Demand Shifts in the Market Demand Curve The market demand summarizes the ceteris paribus relationship between X and px changes in px result in movements along the curve (change in quantity demanded) changes in other determinants of the demand for X cause the demand curve to shift to a new position (change in demand) Shifts in Market Demand individual 1’s demand for oranges is given by x1 = 10 – 2px + 0.1I1 + 0.5py and individual 2’s demand is x2 = 17 – px + 0.05I2 + 0.5py The market demand curve is X = x1 + x2 = 27 – 3px + 0.1I1 + 0.05I2 + py Shifts in Market Demand If py rises to 6, the market demand curve shifts outward to X = 27 – 3px + 4 + 1 + 6 = 38 – 3px note that X and Y are substitutes If I1 fell to 30 while I2 rose to 30, the market demand would
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