Session 1 To 2 - Chp3a The Market Forces of Supply and Demand

4
3
The Market Forces
of Supply and Demand
PowerPoint Slides prepared by:

Andreea CHIRITESCU
Eastern Illinois University
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Markets and Competition
• Supply and demand
– The forces that make market economies
work
– Refer to the behavior of people as they
interact with one another in competitive
markets
Demand
• Market
– A group of buyers and sellers of a
particular good or service
– Buyers as a group
• Determine the demand for the product
– Sellers as a group
• Determine the supply of the product
Demand
• “Demand”
– Relation between the price of a good and
quantity demanded
– Quantity Demanded:
• Amount of a good that buyers are willing and
able to purchase (at a given price)
Demand
• Law of demand
– Other things equal
– When the price of a good rises, the
quantity demanded of the good falls
– When the price falls, the quantity
demanded rises
Demand
1.Individual demand
– An individual’s demand for a product
Demand
• Recall:
– Demand is a relation between the price of
a good and quantity demanded
– So what is an individual’s demand?
Demand schedule: a table

Demand curve: a graph
• Price on the vertical axis
• Quantity on the horizontal axis
Figure 1
Catherine’s Demand Schedule and Demand Curve
Price of Quantity of
Ice-Cream Cones
Cone Demanded
$0.00 12 cones
0.50 10
1.00 8
1.50 6
2.00 4
2.50 2
3.00 0
The demand schedule is a table that shows the quantity demanded at each price. The demand
curve, which graphs the demand schedule, illustrates how the quantity demanded of the good
changes as its price varies. Because a lower price increases the quantity demanded, the
demand curve slopes downward.
Figure 1
Catherine’s Demand Schedule and Demand Curve
Price of Ice-Cream Cones
1. A decrease
Price of Quantity of $3.00 in price . . .
Ice-Cream Cones
2.50
Cone Demanded
2. . . . increases quantity
$0.00 12 cones 2.00
of cones demanded.
0.50 10
1.00 8 1.50
1.50 6 1.00 Demand curve
2.00 4
2.50 2 0.50
3.00 0
0 1 2 3 4 5 6 7 8 9 10 11 12
Quantity of Ice-Cream Cones
The demand schedule is a table that shows the quantity demanded at each price. The demand
curve, which graphs the demand schedule, illustrates how the quantity demanded of the good
changes as its price varies. Because a lower price increases the quantity demanded, the
demand curve slopes downward.
Demand
2. Market Demand
– Sum of all individual demands for a good
or service
Figure 2
Market Demand as the Sum of Individual Demands
The quantity demanded in a market is the sum of the quantities demanded by all the
buyers at each price. Thus, the market demand curve is found by adding horizontally
the individual demand curves. At a price of $2.00, Catherine demands 4 ice-cream
cones, and Nicholas demands 3 ice-cream cones. The quantity demanded in the
market at this price is 7 cones.
Demand
• Market demand
– Sum of all individual demands for a good
or service
• Market demand curve
– Sum the individual demand curves
horizontally
– Total quantity demanded of a good varies
• As the price of the good varies
• Holding other things constant
Figure 2
Market Demand as the Sum of Individual Demands
Price of
Catherine’s demand
+ Nicholas’s demand
Price of
=
Price of
Market demand
Ice-Cream Ice-Cream Ice-Cream

Cones Cones Cones
$3.00 DCatherine $3.00 $3.00

DNicholas
2.50 2.50 2.50
2.00 2.00 2.00
1.50 1.50 1.50 DMarket

1.00 1.00 1.00
0.50 0.50 0.50
0 1 2 3 4 5 6 7 8 9 10 11 12 0 1 2 3 4 5 6 7 0 2 4 6 8 10 12 14 16 18
Quantity of Ice-Cream Cones Quantity of Ice-Cream Cones Quantity of Ice-Cream Cones
Demand
• Exercise
Price Audrey’s Quantity Bob’s Quantity Chuck’s Quantity Dottie’s Quantity
Demanded Demanded Demanded Demanded
$12 2 1 3 4
$10 4 4 4 5
$8 6 7 5 6
$6 8 8 4 7
$4 10 9 3 8
$2 12 10 2 9
Whose demand does not obey the law of demand?

a. Audrey’s b. Bob’s
c. Chuck’s d. Dottie’s
Demand
• Exercise
$12 2 1 3 4
$10 4 4 4 5
$8 6 7 5 6
$6 8 8 4 7
$4 10 9 3 8
$2 12 10 2 9
If these are the only four buyers in the market, then when the
price decreases from $6 to $4, the market quantity demanded
a. increases by 0.75 units. b. increases by 3 units.
c. increases by 8 units. d. decreases by 27 units
Demand
• Exercise
$12 2 1 3 4
$10 4 4 4 5
$8 6 7 5 6
$6 8 8 4 7
$4 10 9 3 8
$2 12 10 2 9
Notice in this exercise, even though one individual’s demand

does not obey the law of demand, the market demand still
does, which is usually the case for almost all goods and
services.
Demand
3. Movements along the Demand Curve

versus Shifts in the Demand Curve
•Movements along:
- On a given demand curve, when there is a
change in price, quantity demanded changes
- direction of change: Law of Demand
Demand
3. Movements along the Demand Curve

versus Shifts in the Demand Curve
•Shift in the demand curve:

- An incident that increases/decreases the
quantity demanded at every price
Demand
• Shifts in the demand curve
– Increase in demand
• Change that increases the quantity
demanded at every price
• Demand curve shifts right
– Decrease in demand
• Change that decreases the quantity
demanded at every price
• Demand curve shifts left
Figure 3
Shifts in the Demand Curve
Price of
Ice-Cream Increase in
Cones Demand
Decrease in
Demand
Demand
Demand
Demand curve, D1
curve, D2
curve, D3
0
Any change that raises the quantity that buyers wish to purchase at any given price
shifts the demand curve to the right. Any change that lowers the quantity that buyers
wish to purchase at any given price shifts the demand curve to the left.
Demand
• Variables that can shift the demand curve
– Income
– Prices of related goods
– Tastes
– Population Structure
– Advertising
– Expectations
– etc.
Demand
• Income
– Normal good
• Other things constant
• An increase in income leads to an increase in
demand
– Inferior good
• Other things constant
• An increase in income leads to a decrease in
demand
• examples?
Demand
• Prices of related goods
– Substitutes, two goods
• An increase in the price of one
• Leads to an increase in the demand for the
other
– Complements, two goods
• An increase in the price of one
• Leads to a decrease in the demand for the
other
Demand
• Exercise
You lose your job and, as a result, you buy fewer romance
novels. This shows that you consider romance novels to be
a(n)
a. luxury good.
b. inferior good.
c. normal good.
d. complementary good.
Demand
• Tastes
– Change in tastes: changes the demand
• Expectations about the future
– Expect an increase in income tomorrow
• Increase in current demand
– Expect higher prices tomorrow
• Increase in current demand
• Number of buyers, increases

– Market demand increases
• Advertising
Table 1
Variables That Influence Buyers
This table lists the variables that affect how much consumers choose to buy of any
good. Notice the special role that the price of the good plays: A change in the good’s
price represents a movement along the demand curve, whereas a change in one of
the other variables shifts the demand curve.
Demand
• Exercise
Which of the following events would cause a movement
upward and to the left along the demand curve for olives?
a. The number of buyers of olives decreases.
b. Consumer income decreases, and olives are a normal
good.
c. The price of pickles decreases, and pickles are a
substitute for olives.
d. The price of olives rises.
Demand
• Exercise
Suppose you like to make, from scratch, pies filled with
banana cream and vanilla pudding. You notice that the price
of bananas has increased. How would this price increase
affect your demand for vanilla pudding?
a. It would decrease.
b. It would increase.
c. It would be unaffected.
d. There is insufficient information given to answer the
question.
Next: Supply
Supply
• Supply
– Relationship between the price of a good
and the quantity supplied
– Quantity supplied:
• Amount of a good sellers are willing and able
to sell at a given price
Supply
• Law of supply
– Other things equal
– When the price of a good rises, the
quantity supplied of the good also rises
– When the price falls, the quantity supplied
falls as well
Supply
• Supply
– Relationship between the price of a good
and the quantity supplied
– Supply schedule: a table

– Supply curve: a graph
• Price on the vertical axis
• Quantity on the horizontal axis
Supply
1. Individual supply
– A seller’s individual supply
Figure 5
Ben’s Supply Schedule and Supply Curve
Price of Ice-Cream Cones
Supply curve
Price of Quantity
$3.00
Ice-cream Of Cones 1. An increase
Cone Supplied 2.50 in price . . .
$0.00 0 cones
2.00
0.50 0
1.00 1 1.50 2. . . . increases
1.50 2 quantity of cones
2.00 3 1.00
supplied.
2.50 4
0.50
3.00 5
0 1 2 3 4 5 6 7 8 9 10 11 12
The supply schedule is a table that shows the quantity supplied at each price. This supply curve,
which graphs the supply schedule, illustrates how the quantity supplied of the good changes as
its price varies. Because a higher price increases the quantity supplied, the supply curve slopes
upward.
Supply
2. Market supply
– Sum of the supplies of all sellers for a
good or service
•Market supply curve
– Sum of individual supply curves
horizontally
– Total quantity supplied of a good varies
• As the price of the good varies
• All other factors that affect how much
suppliers want to sell are hold constant
Figure 6
Market Supply as the Sum of Individual Supplies
The quantity supplied in a market is the sum of the quantities supplied by all the
sellers at each price. Thus, the market supply curve is found by adding horizontally
the individual supply curves. At a price of $2.00, Ben supplies 3 ice-cream cones,
and Jerry supplies 4 ice-cream cones. The quantity supplied in the market at this
price is 7 cones.
Figure 6
Market Supply as the Sum of Individual Supplies
Ben’s supply
+ Jerry’s supply
= Market supply
Price of Price of Price of

Ice-Cream Ice-Cream Ice-Cream
Cones Cones Cones
SBen
SMarket
$3.00 $3.00 SJerry $3.00
2.50 2.50 2.50
2.00 2.00 2.00
1.50 1.50 1.50
1.00 1.00 1.00
0.50 0.50 0.50
0 1 2 3 4 5 6 7 0 1 2 3 4 5 6 7 0 2 4 6 8 1012141618
Quantity of Quantity of Quantity of
Ice-Cream Cones Ice-Cream Cones Ice-Cream Cones
Supply
3. Movements along the Supply Curve

versus Shifts in the Supply Curve
•Movements along:
- On a given supply curve, when there is a
change in price, quantity supplied changes
- direction of change: Law of Supply
Supply
• Shifts in supply
– Increase in supply
• Any change that increases the quantity
supplied at every price
• Supply curve shifts right
– Decrease in supply
• Any change that decreases the quantity
supplied at every price
• Supply curve shifts left
Exhibit 7
Shifts in the Supply Curve
Price of Supply Supply Supply
Ice-Cream curve, S3 curve, S1 curve, S2
Cones
Decrease
In supply
Increase in
Supply
0
Any change that raises the quantity that sellers wish to produce at any given price
shifts the supply curve to the right. Any change that lowers the quantity that sellers
wish to produce at any given price shifts the supply curve to the left.
Supply
• Variables that can shift the supply curve
– Cost of production/ Input prices
– Technology
– Number of sellers
Supply
• Input prices
– Supply is negatively related to prices of
inputs
– Higher input prices: decrease in supply
• Technology
– Advance in technology: increase in supply
Supply
• Exercise
Workers at a bicycle assembly plant currently earn the
mandatory minimum wage. If the federal government
increases the minimum wage by $1.00 per hour, then it is
likely that the
a. demand for bicycle assembly workers will increase.
b. supply of bicycles will shift to the right.
c. supply of bicycles will shift to the left.
d. firm must increase output to maintain profit levels.
Table 2
Variables That Influence Sellers
This table lists the variables that affect how much producers choose to sell of any
good. Notice the special role that the price of the good plays: A change in the good’s
price represents a movement along the supply curve, whereas a change in one of the
other variables shifts the supply curve.
Finally, Supply and Demand Together
Supply and Demand Together
1. Equilibrium
– Various forces are in balance
– A situation in which market price has
reached the level where
• Quantity supplied = quantity demanded
– Supply and demand curves intersect
• Equilibrium price
– Balances quantity supplied and quantity
demanded
– Market-clearing price
• Equilibrium quantity
– Quantity supplied and quantity demanded
at the equilibrium price
Figure 8
The Equilibrium of Supply and Demand
Price of
Ice-Cream
Cones Equilibrium Supply
$3.00
2.50
Equilibrium
2.00 Equilibrium
price
quantity
1.50
1.00
Demand
0.50
0
1 2 3 4 5 6 7 8 9 10 11 12
The equilibrium is found where the supply and demand curves intersect. At the
equilibrium price, the quantity supplied equals the quantity demanded. Here the
equilibrium price is $2.00: At this price, 7 ice-cream cones are supplied, and 7 ice-
cream cones are demanded.
• Using Demand and Supply Equations to
Find the Equilibrium Mathematically
• Exercise
Demand function: Q_d = 90 – 3P
Supply function: Q_s = 2P + 30
Find the equilibrium price and quantity.
• Exercise
Demand function: Q_d = 90 – 3P
Supply function: Q_s = 2P + 30
Find the equilibrium price and quantity.
Solution: In equilibrium, Q_d = Q_s,

That is, 90 – 3P = 2P + 30
P=?
Q=?
2. Temporary out-of-equilibrium situations

- Surplus and Shortage
• Surplus
– Quantity supplied > quantity demanded
– Excess supply
– Downward pressure on price
• Movements along the demand and supply
curves
• Increase in quantity demanded
• Decrease in quantity supplied
Figure 9
Markets Not in Equilibrium
Price of (a) Excess Supply
Ice-Cream
Cones Surplus Supply
$2.50
2.00
Demand
Quantity Quantity
demanded supplied
0 4 7 10
In panel (a), there is a surplus. Because the market price of $2.50 is above the equilibrium price, the
quantity supplied (10 cones) exceeds the quantity demanded (4 cones). Suppliers try to increase sales by
cutting the price of a cone, and this moves the price toward its equilibrium level. In panel (b), there is a
shortage. Because the market price of $1.50 is below the equilibrium price, the quantity demanded (10
cones) exceeds the quantity supplied (4 cones). With too many buyers chasing too few goods, suppliers
can take advantage of the shortage by raising the price. Hence, in both cases, the price adjustment moves
the market toward the equilibrium of supply and demand
• Shortage
– Quantity demanded > quantity supplied
– Excess demand
– Upward pressure on price
• Movements along the demand and supply
curves
• Decrease in quantity demanded
• Increase in quantity supplied
Figure 9
Markets Not in Equilibrium
Price of (a) Excess Supply Price of (b) Excess demand
Ice-Cream Ice-Cream
Cones Surplus Supply Cones Supply
$2.50
2.00 $2.00
1.50
Demand Demand
Shortage
Quantity Quantity Quantity Quantity
demanded supplied supplied demanded
0 4 7 10 0 4 7 10
Quantity of Ice-Cream Cones Quantity of Ice-Cream Cones
In panel (a), there is a surplus. Because the market price of $2.50 is above the equilibrium price, the
quantity supplied (10 cones) exceeds the quantity demanded (4 cones). Suppliers try to increase sales by
cutting the price of a cone, and this moves the price toward its equilibrium level. In panel (b), there is a
shortage. Because the market price of $1.50 is below the equilibrium price, the quantity demanded (10
cones) exceeds the quantity supplied (4 cones). With too many buyers chasing too few goods, suppliers
can take advantage of the shortage by raising the price. Hence, in both cases, the price adjustment moves
the market toward the equilibrium of supply and demand
• Exercise
The current price of neckties is $30, but the equilibrium price of
neckties is $25. As a result,
a. the quantity supplied of neckties exceeds the quantity
demanded of neckties at the $30 price.
b. the equilibrium quantity of neckties exceeds the quantity
demanded at the $30 price.
c. there is a surplus of neckties at the $30 price.
d. All of the above are correct.
• Exercise
Price Quantity Demanded Quantity Supplied
$10 10 60
$8 20 45
$6 30 30
$4 40 15
$2 50 0
The equilibrium price and quantity, respectively, are
a. $2 and 50.
b. $6 and 30.
c. $6 and 60.
d. $12 and 30.

• Exercise
$10 10 60
$8 20 45
$6 30 30
$4 40 15
$2 50 0
If the price were $8, a
a. shortage of 20 units would exist and price would tend to rise.
b. surplus of 25 units would exist and price would tend to fall.
c. shortage of 25 units would exist and price would tend to rise.
d. surplus of 45 units would exist and price would tend to fall.

• Exercise
$10 10 60
$8 20 45
$6 30 30
$4 40 15
$2 50 0
If the price were $4, a
a. surplus of 15 units would exist and price would tend to fall.
b. shortage of 25 units would exist and price would tend to rise.
c. surplus of 25 units would exist and price would tend to fall.
d. shortage of 40 units would exist and price would tend to rise.

3. Changes in Equilibrium
- Situations where demand and/or supply
curves shift
• A change in market equilibrium due to a
shift in demand
– One summer, very hot weather
– Effect on the market for ice cream?
1.Hot weather: shifts the demand curve
(tastes )
2.Demand curve shifts to the right
3.Higher equilibrium price; higher
equilibrium quantity
Figure 10
How an increase in demand affects the equilibrium
Price of
Ice-Cream
Cones Supply
New equilibrium
$2.50
Initial equilibrium
2.00
D1 D2
0 7 10 Quantity of Ice-Cream Cones
Question: - What happens if price stays at $2?
Figure 10
How an increase in demand affects the equilibrium
Price of 1. Hot weather increases the
Ice-Cream demand for ice cream . . .
Cones Supply
2. …resulting in
a higher price . . .
New equilibrium
$2.50
Initial equilibrium
2.00
3. …and a higher
D1 D2
quantity sold.
Question: - Did supply change?

- Did quantity supplied change eventually?
• A change in market equilibrium due to a
shift in supply
– One summer, a hurricane destroys part of
the sugarcane crop: higher price of sugar
– Effect on the market for ice cream?
1.Change in price of sugar: supply curve
2.Supply curve: shifts to the left
3.Higher equilibrium price; lower equilibrium
quantity
Figure 11
How a Decrease in Supply Affects the Equilibrium
Price of 1. An increase in the price of sugar reduces
Ice-Cream the supply of ice cream . . .
Cones New equilibrium S2
2. …resulting in
a higher price . . .
S1
$2.50
2.00
Initial equilibrium
3. …and a lower
quantity sold.
Demand
An event that reduces quantity supplied at any given price shifts the supply curve to the left.
The equilibrium price rises, and the equilibrium quantity falls. Here an increase in the price of
sugar (an input) causes sellers to supply less ice cream. The supply curve shifts from S 1 to S2,
which causes the equilibrium price of ice cream to rise from $2.00 to $2.50 and the equilibrium
quantity to fall from 7 to 4 cones.
• Shifts in both supply and demand
– One summer: hurricane and heat wave
1. Heat wave shifts the demand curve;
hurricane shifts the supply curve
2. Demand curve shifts to the right; Supply
curve shifts to the left (don’t use “up” and “down”!)
3. Equilibrium price rises
Equilibrium quantity??
Figure 12
A Shift in Both Supply and Demand
(a) Price Rises, Quantity Rises (b) Price Rises, Quantity Falls
Price of Price of
Ice-Cream New Ice-Cream Large decrease
New
equilibrium in supply
Cones Large increase Cones equilibrium
in demand S2 D2
S2
S1 D1 S1
P2 P2
P1 D2 P1
Initial equilibrium
Small
decrease Initial Small increase
in supply D1 equilibrium in demand
0 Q1 Q2 0 Q2 Q1
Quantity of Ice-Cream Cones Quantity of Ice-Cream Cones
Here we observe a simultaneous increase in demand and decrease in supply. Two outcomes
are possible. In panel (a), the equilibrium price rises from P1 to P2, and the equilibrium quantity
rises from Q1 to Q2. In panel (b), the equilibrium price again rises from P1 to P2, but the
equilibrium quantity falls from Q1 to Q2.
• Shifts in both supply and demand
– One summer: hurricane and heat wave
1. Heat wave shifts the demand curve;
hurricane shifts the supply curve
2. Demand curve shifts to the right; Supply
curve shifts to the left (don’t use “up” and “down”!)
3. Equilibrium price rises
Equilibrium quantity: Ambiguous!
– If demand increases substantially while supply falls just a
little: equilibrium quantity rises
– If supply falls substantially while demand rises just a little:
equilibrium quantity falls
• Exercise
What would happen to the equilibrium price and quantity of
peanut butter if the price of peanuts went up, and the price of
Nutella (substitute) fell?
a. Price will fall and the effect on quantity is ambiguous.
b. Price will rise and the effect on quantity is ambiguous.
c. Quantity will fall and the effect on price is ambiguous.
d. Quantity will rise and the effect on price is ambiguous.
• Exercise
An Increase in Supply A Decrease in Supply
An Increase in Demand A B
A Decrease in Demand C D
Which space represents a decrease in equilibrium price and an

indeterminate change in equilibrium quantity?
a. A
b. B.
c. C
d. D.
• Exercise
During the confinement period, people couldn’t go to the
movie theaters, what happens to the market of movie tickets?
After the confinement, people can go, but the number of
movies being released declines due to impediments in the
production process, what happens to the market?
We can extend the question further to, say, the market of
movie popcorns, which is a complement of movies, or the
market of online movie streaming products e.g. Netflix, which
is a substitute.
How Prices Allocate Resources
• Supply and demand together
– Determine the prices of the economy’s
many different goods and services
“Two dollars” “—and seventy-five

cents.”
• Exercise
Saddle shoes are not popular right now, so very few are being produced. If saddle shoes become
popular, then how will this affect the market for saddle shoes?
a. The supply curve for saddle shoes will shift right, which will create a shortage at the current
price. That will increase price, which will decrease quantity demanded and increase quantity
supplied. The new market equilibrium will be at a higher price and higher quantity.
b. The supply curve for saddle shoes will shift right, which will create a surplus at the current
price. That will decrease price, which will increase quantity demanded and decrease quantity
supplied. The new market equilibrium will be at a lower price and higher quantity.
c. The demand curve for saddle shoes will shift right, which will create a shortage at the current
price. That will increase price, which will decrease quantity demanded and increase quantity
supplied. The new market equilibrium will be at a higher price and higher quantity.
d. The demand curve for saddle shoes will shift right, which will create a surplus at the current
price. That will decrease price, which will increase quantity demanded and decrease quantity
supplied. The new market equilibrium will be at a lower price and higher quantity.

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Demand schedule: a table

Ice-Cream Ice-Cream Ice-Cream

$3.00 DCatherine $3.00 $3.00

2.00 2.00 2.00

1.50 1.50 1.50 DMarket

0.50 0.50 0.50

Quantity of Ice-Cream Cones Quantity of Ice-Cream Cones Quantity of Ice-Cream Cones

Whose demand does not obey the law of demand?

Notice in this exercise, even though one individual’s demand

3. Movements along the Demand Curve

3. Movements along the Demand Curve

•Shift in the demand curve:

• Number of buyers, increases

– Supply schedule: a table

Price of Price of Price of

2.50 2.50 2.50

2.00 2.00 2.00

1.50 1.50 1.50

1.00 1.00 1.00

0.50 0.50 0.50

3. Movements along the Supply Curve

Solution: In equilibrium, Q_d = Q_s,

2. Temporary out-of-equilibrium situations

The equilibrium price and quantity, respectively, are

d. $12 and 30.

If the price were $8, a

a. shortage of 20 units would exist and price would tend to rise.

b. surplus of 25 units would exist and price would tend to fall.

c. shortage of 25 units would exist and price would tend to rise.

d. surplus of 45 units would exist and price would tend to fall.

If the price were $4, a

a. surplus of 15 units would exist and price would tend to fall.

b. shortage of 25 units would exist and price would tend to rise.

c. surplus of 25 units would exist and price would tend to fall.

d. shortage of 40 units would exist and price would tend to rise.

0 7 10 Quantity of Ice-Cream Cones

Question: - What happens if price stays at $2?

Question: - Did supply change?

0 4 7 Quantity of Ice-Cream Cones

Which space represents a decrease in equilibrium price and an

“Two dollars” “—and seventy-five

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