微观经济学preliminaries(编辑修改稿)

微观经济学preliminaries(编辑修改稿)内容摘要：

od  Change in costs of production 169。 2020 Pearson Education, Inc. Chapter 1 43 Supply and Demand The Demand Curve The relationship between the quantity of a good that consumers are willing to buy and the price of the good Measures quantity on the xaxis and price on the yaxis ( P ) DD 169。 2020 Pearson Education, Inc. Chapter 1 44 The Demand Curve D The demand curve slopes downward, demonstrating that consumers are willing to buy more at a lower price as the product bees relatively cheaper. Quantity Price ($ per unit) P2 Q1 P1 Q2 169。 2020 Pearson Education, Inc. Chapter 1 45 The Demand Curve Other Variables Affecting Demand Ine  Increases in ine allow consumers to purchase more at all prices Consumer Tastes Price of Related Goods  Substitutes  Complements 169。 2020 Pearson Education, Inc. Chapter 1 46 D P Q D’ Q1 P2 Q0 P1 Q2 Change in Demand  Ine Increases Purchased Q0, at P2 and Q1 at P1 Now purchased Q1 at P2 and Q2 at P1 Same for all prices Demand curve shifts right 169。 2020 Pearson Education, Inc. Chapter 1 47 The Demand Curve Changes in quantity demanded Movements along the demand curve caused by a change in price Changes in demand A shift of the entire demand curve caused by something other than price  Ine  Preferences 169。 2020 Pearson Education, Inc. Chapter 1 48 The Market Mechanism The market mechanism is the tendency in a free market for price to change until the market clears Markets clear when quantity demanded equals quantity supplied at the prevailing price Market clearing price – price at which markets clear 169。 2020 Pearson Education, Inc. Chapter 1 49 The Market Mechanism D S The curves intersect at equilibrium, or market clearing, price. Quantity demanded equals quantity supplied at P0 P0 Q0 Quantity Price ($ per unit) 169。 2020 Pearson Education, Inc. Chapter 1 50 The Market Mechanism In equilibrium There is no shortage or excess demand There is no surplus or excess supply Quantity supplied equals quantity demanded Anyone who wants to buy at the current price can and all producers who want to sell at that price can 169。 2020 Pearson Education, Inc. Chapter 1 51 Market Surplus1 The market price is above equilibrium There is excess supply surplus Downward pressure on price Quantity demanded increases and quantity supplied decreases The market adjusts until new equilibrium is reached 169。 2020 Pearson Education, Inc. Chapter 1 52 The Market Mechanism D S P0 Q0 1. At P1, price is above the market clearing price 2. Qs QD 3. Price falls to the marketclearing price 4. Market adjusts to equilibrium P1 Surplus Quantity Price ($ per unit) QS QD 169。 2020 Pearson Education, Inc. Chapter 1 53 The Market Mechanism The market price is below equilibrium: There is excess demand shortage Upward pressure on prices Quantity demanded decreases and quantity supplied increases The market adjusts until the new equilibrium is reached 169。 2020 Pearson Education, Inc. Chapter 1 54 The Market Mechanism D QS QD P2 Quantity Price ($ per unit) 1. At P2, price is below the market clearing price 2. QD QS 3. Price rises to the marketclearing price 4. Market adjusts to equilibrium Q3 P3 Shortage 169。 2020 Pearson Education, Inc. Chapter 1 55 The Market Mechanism Supply and demand interact to determine the marketclearing price When not in equilibrium, the market will adjust to alleviate a shortage or surplus and return the market to equilibrium Markets must be petitive for the mechanism to be efficient 169。 2020 Pearson Education, Inc. Chapter 1 56 Changes in Market Equilibrium Equilibrium prices are determined by the relative level of supply and demand Changes in supply and/or demand will cause change in the equilibrium price and/or quantity in a free market 169。 2020 Pearson Education, Inc. Chapter 1 57 S’ Changes in Market Equilibrium  Raw material prices fall S shifts to S’ Surplus at P1 between Q1, Q2 Price adjusts to equilibrium at P3, Q3 P Q S D P3 Q3 Q1 P1 Q2 169。 2020 Pearson Education, Inc. Chapter 1 58 D’ S D Q3 P3 Changes in Market Equilibrium  Ine Increases Demand increases to D’ Shortage at P1 of Q1 to Q2 Equilibrium at P3 and Q3 P Q Q1 P1 Q2 169。 2020 Pearson Education, Inc. Chapter 1 59 D’ S’ Changes in Market Equilibrium  Ine increases and raw material prices fall Quantity increases If the increase in D is greater than the increase in S price also increases P Q S P2 Q2 D P1 Q1 169。 2020 Pearson Education, Inc. Chapter 1 60 Shifts in Supply and Demand  When supply and demand change simultaneously, the impact on the equilibrium price and quantity is determined by: 1. The relative size and direction of the change 2. The shape of the supply and demand models 169。 2020 Pearson Education, Inc. Chapter 1 61 The Price of a College Education The real price of a college education rose 55 percent from 1970 to 2020 Increases in costs of modern classrooms and wages increased costs of production – decrease in supply Due to a larger percentage of high school graduates attending college, demand increased 169。 2020 Pearson Education, Inc. Chapter 1 62 Market for a College Education Q (millions enrolled)) P (annual cost in 1970 dollars) D1970 S1970 S2020 D2020 $3,917 New equilibrium was reached at $4,573 and a quantity of million students $2,530 169。 2020 Pearson Education, Inc. Chapter 1 63 The LongRun Behavior of Natural Resource Prices Consumption of copper has increased about a hundredfold from 1880 through 2020 The long term real。