TAILIEUCHUNG - Lecture Macroeconomics (19/e) - Chapter 3: Demand, supply and market equilibrium

After reading this chapter, you should be able to: Describe demand and explain how it can change, describe supply and explain how it can change, relate how supply and demand interact to determine market equilibrium, explain how changes in supply and demand affect equilibrium prices and quantities, identify what government-set prices are and how they can cause product surpluses and shortages. | Demand, Supply and Market Equilibrium 03 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Markets Interaction between buyers and sellers Markets may be Local National International Price is discovered in the interactions of buyers and sellers LO1 3- Demand Schedule or curve Amount consumers are willing and able to purchase at a given price Other things equal Individual demand Market demand LO1 3- Law of Demand Other things equal, as price falls the quantity demanded rises, and as price rises the quantity demanded falls Reasons Common sense Law of diminishing marginal utility Income effect and substitution effects LO1 3- 6 5 4 3 2 1 0 10 20 30 40 50 60 70 80 Quantity Demanded (bushels per week) Price (per bushel) P Qd $5 4 3 2 1 10 20 35 55 80 P Q D The Demand Curve LO1 The Demand Curve 3- Changes in Demand LO1 6 5 4 3 2 1 0 Quantity Demanded (bushels per week) Price (per bushel) P Q D1 2 4 6 8 10 12 14 16 18

• Kinh tế học
• Lecture Macroeconomics
• Kinh tế vĩ mô
• Economic theory
• Economic policies
• Demand curve
• Market equilibrium
• Bài giảng Kinh tế vĩ mô
• Science of macroeconomics
• Data of macroeconomics
• Unemployment rate
• Inflation rate
• Principles of microeconomics
• Economic models
• Tools of microeconomics
• Microeconomic transactions
• Natural rate of unemployment
• Consumer price index
• National income
• Agriculture sector
• Agricultural policies
• Economic fluctuations
• Macroeconomic policy
• Business cycle theory