Turning in Chapter 3 homework  Numbers 4, 8, 10, and 18 Theory in Action report.

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Presentation transcript:

Turning in Chapter 3 homework  Numbers 4, 8, 10, and 18 Theory in Action report

Chapter 4 Introduction to the Demand and Supply Framework

Figure 4.1 The Individual Demand Curve for Coffee

Market Demand Horizontal sum of quantities demanded over all people Horizontal???  Holding price constant

Figure 4.2 Individual and Market Demand Schedules and Curves

The Law of Demand There is a negative or inverse relationship between price and quantity demanded.

Changes in Demand Consumers’ income  Normal and inferior goods Prices of related goods  Substitutes and complements Tastes and preferences Expectations about future prices The number of consumers in the market

Changes in Demand (cont’d)

SELF TEST-Do we understand?? Substitutes  Coke vs. Pepsi --- what happens if the price of Coke increases?  Qd of Pepsi? NOTHING  Qd of Coke? DECREASES  Demand for Coke? NOTHING  Demand for Pepsi? INCREASES

Compliments  Tennis Balls and Tennis Rackets --- what happens if the price of Tennis Rackets increase?  Qd of Tennis Balls? NOTHING  Qd of Tennis Rackets? DECREASES  Demand for Tennis Balls? DECREASES  Demand for Tennis Rackets? NOTHING

Life Lessons If you know that the primary “hiring season” is in the spring when should you buy a suit???  Shopping off-season can mean lower prices.

A Decrease in Demand in the Suit Market

Supply The quantity of a good or service that producers are willing and able to produce or offer for sale at a given set of prices over a given period of time.