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1、●●●●●●●●●●●●●●●●●●●●●●●●●●2Revision–DemandandsupplyDemand:Thewillingnessandabilityofaconsumertopurchaseaquantityofagoodorserviceatacertainprice(inagiventimeperiod).Supply:Thewillingnessandabilityofaproducertoproduceaquantityofagoodorserviceatacertainprice(inagiventimeperiod).Lawofdemand:Asthepriceo
2、fagoodfalls,thequantitydemandedwillnormallyincrease.(Thedemandcurveusuallyslopesdownwards,ceterisparibus).Lawofsupply:Asthepriceofagoodrises,thequantitysuppliedwillnormallyrise.(Thesupplycurveusuallyslopesupwards,ceterisparibus).Ceterisparibus:Anassumptionthatmeans‘allotherthingsbeingequal’.Demanda
3、ndthepriceofthegoodorserviceNormaldemandcurveAchangeinthepriceoftheproductitselfwillleadtoachangeinthequantitydemandedoftheproduct,i.e.amovementMovementalongalongtheexistingdemandcurve.Thephrase‘changeinthePrice($)theDcurveP1quantitydemanded’isimportant,sinceitdifferentiatesachangeinpricefromtheeff
4、ectofachangeinanyoftheotherP2determinantsofdemand.(Seethediagramontheleftbelow.)D0Q1Q2ThedeterminantsofdemandQuantityThereareanumberoffactorsthatdeterminedemandandleadtoanactualshiftofthedemandcurvetoeithertherightortheleft.Wheneverwelookatachangeinoneofthedeterminants,wealwaysmaketheceterisparibus
5、assumption.Income:Changesshiftthedemandcurve.Outcomedependsonwhetherthegoodsarenormalorinferior.Priceofothergoods:Changesshiftthedemandcurve.Outcomedependsonwhethertheproductsaresubstitutesorcomplements.Tastes:Changesshiftthedemandcurve.Outcomedependsonwhetherthechangeisinfavouroforagainsttheproduc
6、t.Causedby:Causedby:?afallinpriceofasubstitute?anincreaseinpriceofasubstitute?anincreaseinthepriceofacomplement?afallinthepriceofacomplementPrice($)?afallinincomeforanormalgood?anincreaseinincomeforanormalgood?anincreaseinincomeforaninferiorgood?afallinincomeforaninferiorgood?achangeintastesagainst
7、oftheproduct?achangeintastesinfavouroftheproductD1D2D30QuantityOtherfactors:Therearelargerfactorswherechangesthatmayalsoshiftthedemandcurve,suchaschangesinthesizeofthepopulation,changesinincomedistribution,
