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Lecture Economics (6/e): Chapter 17 - Stephen L. Slavin

Chapter 17 - Demand, supply, and equilibrium. Learning objectives of this chapter include: Individual and market demand, changes in demand, individual and market supply, changes in supply, graphing supply and demand curves, finding equilibrium price and quantity. | Chapter 17 Demand, Supply, and Equilibrium Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-1 Chapter Objectives Individual and market demand Changes in demand Individual and market supply Changes in supply Graphing supply and demand curves Finding equilibrium price and quantity Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-2 Demand Defined Demand is the schedule of quantities of a good or service that people will purchase at different prices The law of demand: when the price of a good is lowered, more of it is demanded; When it is raised, less is demanded Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-3 Individual and Market Demand The law of demand holds for both individuals and markets Individual demand is the schedule of quantities that a person would purchase at different prices Market demand is the schedule of quantities that everyone in the market would buy at different prices Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-4 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-5 Table 1 Hypothetical Individual Demand and Market Demand Schedules 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 6 12 18 24 30 Quantity P r i c e Quantity demanded by Venus Price QD $30 0 25 2 20 3 15 3 10 4 5 5 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-6 Table 1 Hypothetical Individual Demand and Market Demand Schedules 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 6 12 18 24 30 Quantity P r i c e Quantity demanded by Martina Price QD $30 1 25 1 20 2 15 3 10 5 5 6 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-7 Table 1 Hypothetical Individual Demand and Market Demand Schedules 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 6 12 18 24 30 Quantity P r i c e Quantity demanded by Serena Price QD $30 2 25 3 20 5 15 6 10 7 5 7 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-8 . | Chapter 17 Demand, Supply, and Equilibrium Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-1 Chapter Objectives Individual and market demand Changes in demand Individual and market supply Changes in supply Graphing supply and demand curves Finding equilibrium price and quantity Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-2 Demand Defined Demand is the schedule of quantities of a good or service that people will purchase at different prices The law of demand: when the price of a good is lowered, more of it is demanded; When it is raised, less is demanded Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 17-3 Individual and Market Demand The law of demand holds for both individuals and markets Individual demand is the schedule of quantities that a person would purchase at different prices Market demand is the schedule of quantities that everyone in the market would buy at different prices Copyright 2002 by