TAILIEUCHUNG - Lecture Economics: Chapter 3 - Dean Karlan, Jonathan Morduch

Chapter 3 - Markets. In this chapter you will learn: Characteristics of a competitive market, how to construct a demand curve, shift in vs. a movement along the demand curve, how to construct a supply curve, shift in supply vs. movement along supply curve, how demand and supply interact to bring markets to equilibrium, how changes in supply and demand influence equilibrium price and quantity. | Chapter 3 Markets © 2014 by McGraw‐Hill Education 1 What will you learn in this chapter? Characteristics of a competitive market. How to construct a demand curve. Shift in vs. a movement along the demand curve. How to construct a supply curve. Shift in supply vs. movement along supply curve. How demand and supply interact to bring markets to equilibrium. • How changes in supply and demand influence equilibrium price and quantity. • • • • • • © 2014 by McGraw‐Hill Education 2 Markets • A market refers to the buyers and sellers who trade a particular good or service. – Markets can be located locally, globally, or even virtually. • One special class of markets is the competitive market. • Four characteristics of perfectly competitive markets. Standardized good Full information No transaction costs Participants are price takers • In this chapter, markets are assumed to be perfectly competitive. © 2014 by McGraw‐Hill Education 3 1 Demand • As a group, consumers determine the demand for a product. • The quantity demanded is the amount of a particular good or service that buyers are willing and able to purchase at a given price. • The law of demand states that the lower the price, the higher the quantity demanded, all other things equal. © 2014 by McGraw‐Hill Education 4 The demand schedule • A demand schedule displays the quantities demanded at various prices. • This demand schedule provides the quantity of cellphones demanded at specific prices. • .

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