TAILIEUCHUNG - Lecture Economics - Chapter 4: Markets in action

In this chapter, you will learn to solve these economic puzzles: Why might government warehouses overflow with cheese and milk? What do ticket scalping and rent controls have in common? How does the spotted owl affect the price of homes? Inviting you refer. | Chapter 4 Markets in Action Key Concepts Summary Practice Quiz Internet Exercises ©2000 South-Western College Publishing * In this chapter, you will learn to solve these economic puzzles: How does the spotted owl affect the price of homes? Why might government warehouses overflow with cheese and milk? What do ticket scalping and rent controls have in common? * What can cause a shift in a Demand Curve? 1. Number of buyers in the market 2. Tastes and preferences 3. Income 4. Expectations of consumers 5. Prices of related goods * Return to previous slide while in slide show * $1200 $600 $300 4 8 12 16 D1 The Effects of Shift in Demand on Market Equilibrium D2 Shortage $900 S P Q * $40 $30 $10 10 20 30 40 D2 S D1 Surplus $20 The Effects of Shift in Demand on Market Equilibrium * Increase in Demand Increase in Equilibrium Price Increase in Quantity Supplied * Decrease in Demand Decrease in Equilibrium Price Decrease in Quantity Supplied * What can cause a shift in a Supply Curve? 1. Number of sellers in the market 2. Technology 3. Resource prices 4. Taxes and subsidies 5. Expectations of producers * $4 $1 20 40 60 80 D Surplus $3 $2 S1 The Effects of Shift in Supply on Market Equilibrium S2 * $800 $200 2 4 6 8 D Shortage $600 S1 S2 $400 The Effects of Shift in Supply on Market Equilibrium * Increase in Supply Decrease in Equilibrium Price Increase in Quantity Demanded * Decrease in Supply Increase in Equilibrium Price Decrease in Quantity Demanded * Can the Laws of Demand and Supply be repealed? In some markets, the objective of politicians is to prevent prices from reaching the equilibrium price * What are the two types of price controls? Price ceilings Price floors * What is a Price Ceiling? A legally established maximum price a seller can charge * $800 $600 $400 $200 2 4 6 8 D S Rent Control Results in a Shortage of Rental Units Shortage Rent ceiling P Q * Rent Ceiling Quantity Demanded exceeds the .

• Kinh tế học
• Lecture Economics
• Markets in action
• Demand curve
• Supply curve
• Price ceiling
• Positive externality
• Business economics
• Lecture Business economics
• Business applications of economics
• Open economy
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• Economic Models
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• Principles of economics
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• Market interactions
• Fundamentals of managerial economics
• Marginal analysis
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• Lecture Principles of economics
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Element of economics
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• Economic systems
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• Consumer choice
• Free rider problem
• Market transactions
• Economic principles
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• Economics of farm policy
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• Economics of crime
• Classification of criminal acts
• The costs of crime
• Economics of education
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• Monopoly power
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• Elasticity of demand