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1、Chapter3Demand,supplyandthemarketDavidBegg,StanleyFischerandRudigerDornbusch,Economics,8thEdition,McGraw-Hill,2005PowerPointpresentationbyAlexTackieandDamianWardSomekeytermsMarketasetofarrangementsbywhichbuyersandsellersareincontacttoexchangegoodsorservicesDemandthequantity
2、ofagoodbuyerswishtopurchaseateachconceivablepriceSupplythequantityofagoodsellerswishtosellateachconceivablepriceEquilibriumpricepriceatwhichquantitysupplied=quantitydemanded1Catherine’sDemandScheduleThedemandscheduleisatablethatshowstherelationshipbetweenthepriceofthegoodan
3、dthequantitydemanded.Figure1Catherine’sDemandScheduleandDemandCurve(Thedemandcurveisagraphoftherelationshipbetweenthepriceofagoodandthequantitydemanded.)Copyright?2004South-WesternPriceofIce-CreamCone02.502.001.501.000.501234567891011QuantityofIce-CreamCones$3.00121.Adecrea
4、seinprice...2....increasesquantityofconesdemanded.0DPriceofIce-Cream ConesQuantityofIce-CreamConesAtaxthatraisesthepriceofice-creamconesresultsinamovementalongthedemandcurve.AB81.00$2.004ChangesinQuantityDemandedMovementalongthedemandcurvecausedbyachangeinthepriceoftheprodu
5、ct.MarketDemandversusIndividualDemandMarketdemandreferstothesumofallindividualdemandsforaparticulargoodorservice.Graphically,individualdemandcurvesaresummedhorizontallytoobtainthemarketdemandcurve.TheDemandcurveshowstherelationbetweenpriceandquantitydemandedholdingotherthin
6、gsconstant“Otherthings”include:thepriceofrelatedgoodsconsumerincomesconsumerpreferencesChangesintheseotherthingsaffectthepositionofthedemandcurve6DQuantityPricePricesofrelatedgoodsandEffectonDemandSubstituteGoods:coffeefortea;trainridefordrivingyourownauto;coalfornaturalgas
7、IfPriceofcoffeeincreasesthenDemandforteaincreasesComplimentaryGoods:teaandsugar;coffeeandmilk;gasandcar;coalandcoalheatersIfPriceofgasincreases,thenDemandforautomobilesdecreases7EffectofConsumerIncomeonDemand: NormalGoodsversusInferiorGoodsNormalGoods:Fornormalgoods,demandi
8、ncreaseswhenconsumerincomeincreases.Mostgoodsarenormalgoods.InferiorGoods:Forinfer
