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Lecture Economics (9/e): Chapter 5 - David C. Colander

Chapter 5, Using supply and demand. In this chapter, the learning objectives are: Apply the supply and demand model to real-word events, demonstrate the effect of a price ceiling and a price floor on a market, explain the effect of excise taxes and tariffs on a market, explain the effect of quantity restrictions on a market, explain the effect of a third-party payer system on equilibrium price and quantity. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1 Chapter Goals Apply the supply and demand model to real-word events Explain the effect of excise taxes and tariffs on a market Demonstrate the effect of a price ceiling and a price floor on a market Explain the effect of quantity restrictions on a market Explain the effect of a third-party payer system on equilibrium price and quantity 2 Application: Apples in the United States D0 Quantity The hurricane damage caused the supply curve to shift left Hurricane Irene destroyed a significant portion of the apple crop in the northeastern U.S. S1 Price rose from P0 to P1 where quantity demanded = quantity supplied Q1 P1 S0 Price P0 Q0 Apples Excess demand 3 Application: Sales of SUVs in the U.S. P0 Q1 P1 Increasing gas costs causes the demand curve to shift left Gasoline in the U.S. is increasingly expensive Price for SUVs fell from P0 to P1 where Q demanded = Q supplied S0 D0 Price Quantity Q0 SUVs Excess supply D1 4 Application: Edible Oils in the World S0 D0 Price Quantity Growing middle class in Asia has increased demand for oils S1 At the same time, U.S. farmers are growing more corn and less soy (less soy oil) Edible Oils P0 P1 D1 The result is increased prices for edible oils 5 A Review of Changes in Supply and Demand No change in Supply Supply increases Supply decreases No change in Demand P same Q same P down Q up P up Q down Demand increases P up Q up P ambiguous Q up P up Q ambiguous Demand decreases P down Q down P down Q ambiguous P ambiguous Q down 6 Government Intervention Price ceilings and price floors Third-party-payer markets Excise taxes and tariffs Quantity restrictions The invisible hand is not the only factor in determining prices; social and political forces also determine price. Other factors include: 7 Government Intervention: Price Ceilings When a government wants to hold prices down to favor buyers, it imposes a price ceiling A price ceiling is a . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 1 Chapter Goals Apply the supply and demand model to real-word events Explain the effect of excise taxes and tariffs on a market Demonstrate the effect of a price ceiling and a price floor on a market Explain the effect of quantity restrictions on a market Explain the effect of a third-party payer system on equilibrium price and quantity 2 Application: Apples in the United States D0 Quantity The hurricane damage caused the supply curve to shift left Hurricane Irene destroyed a significant portion of the apple crop in the northeastern U.S. S1 Price rose from P0 to P1 where quantity demanded = quantity supplied Q1 P1 S0 Price P0 Q0 Apples Excess demand 3 Application: Sales of SUVs in the U.S. P0 Q1 P1 Increasing gas costs causes the demand curve to shift left Gasoline in the U.S. is increasingly expensive Price for SUVs fell from P0 to P1 where Q demanded = Q supplied S0 D0 Price Quantity Q0 SUVs