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Demand and Supply Market
Equilibrium
CHAPTER3
Economics Michael Parkin
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Market Equilibrium
Equilibrium is a situation in which opposing forces balanceeach other. Equilibrium in a market occurs when the pricebalances the plans of buyers and sellers.
The equilibrium price is the price at which the quantitydemanded equals the quantity supplied.
The equilibrium quantity is the quantity bought and soldat the equilibrium price.
Price regulates buying and selling plans.
Price adjusts when plans dont match.
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Market Equilibrium
Price as a Regulator
Figure 3.7 illustrates theequilibrium price and
equilibrium quantity.If the price is $2.00 a bar,the quantity suppliedexceeds the quantity
demanded.There is a surplus of 6million energy bars.
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Market Equilibrium
If the price is $1.00 a bar,the quantity demandedexceeds the quantitysupplied.
There is a shortage of 9million energy bars.
If the price is $1.50 a bar, thequantity demanded equalsthe quantity supplied.
There is neither a shortagenor a surplus of energy bars.
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Market Equilibrium
Price AdjustmentsAt prices above theequilibrium price, a surplusforces the price down.
At prices below theequilibrium price, a shortageforces the price up.
At the equilibrium price,buyers plans and sellersplans agree and the pricedoesnt change until someevent changes eitherdemand or supply.
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Predicting Changes in Price and Quantity
An Increase in Demand
Figure 3.8 shows thatwhen demand increasesthe demand curve shiftsrightward.
At the original price, thereis now a shortage.
The price rises, and thequantity supplied increasesalong the supply curve.
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Predicting Changes in Price and Quantity
An Increase in Supply
Figure 3.9 shows thatwhen supply increases
the supply curve shiftsrightward.
At the original price, thereis now a surplus.
The price falls, and thequantity demandedincreases along thedemand curve.
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Predicting Changes in Price and Quantity
All Possible Changes in
Demand and Supply
A change demand or
supply or both demandand supply changes theequilibrium price and theequilibrium quantity.
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Predicting Changes in Price and Quantity
Change in Demand with
No Change in Supply
When demand increases,equilibrium price rises andtheequilibrium quantityincreases.
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Predicting Changes in Price and Quantity
Change in Demand with
No Change in Supply
When demand decreases,the equilibrium price fallsand the equilibriumquantity decreases.
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Predicting Changes in Price and Quantity
Change in Supply with No
Change in Demand
When supply increases,the equilibrium price fallsand theequilibriumquantity increases.
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Predicting Changes in Price and Quantity
Change in Supply with No
Change in Demand
When supply decreases,the equilibrium price risesand theequilibriumquantity decreases.
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Predicting Changes in Price and Quantity
Increase in Both Demandand Supply
An increase in demand and
an increase in supplyincrease the equilibriumquantity.
The change in equilibrium
price is uncertain becausethe increase in demandraises the equilibrium priceand the increase in supply
lowers it.
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Predicting Changes in Price and Quantity
Decrease in Both Demandand Supply
A decrease in both demand
and supply decreases theequilibrium quantity.
The change in equilibriumprice is uncertain because
the decrease in demandlowers the equilibrium priceand the decrease in supplyraises it.
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Predicting Changes in Price and Quantity
Decrease in Demand andIncrease in Supply
A decrease in demand and
an increase in supply lowersthe equilibrium price.
The change in equilibriumquantity is uncertain because
the decrease in demanddecreases the equilibriumquantity and the increase insupply increases it.
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Predicting Changes in Price and Quantity
Increase in Demand andDecrease in Supply
An increase in demand and a
decrease in supply raises theequilibrium price.
The change in equilibriumquantity is uncertain because
the increase in demandincreases the equilibriumquantity and the decrease insupply decreases it.
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THE END