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1、Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/IrwinUsing Supply and DemandChapter 5Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-2Laugher CurveQ.How many conservative economists does it take to screw in a lightbulb?A.None.If
2、the government would just leave it alone,it would screw itself in.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-3The Power of Supply and DemanduChanges in supply and demand will change equilibrium price and quantity.Copyright 2001 by The McGraw-Hill Companies
3、,Inc.All rights reserved.McGraw-Hill/Irwin5-4The Power of Supply and DemanduA shift in demand that moves the demand curve to the right causes equilibrium price and quantity to rise.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-5The Power of Supply and Demandu
4、A shift in supply that moves the supply curve to the left causes equilibrium price to rise and equilibrium quantity to fall.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-6Price(per cassette)AS0Quantity of cassettes(per week)$2.502.2509810Excess demandD1A Shif
5、t in DemandD0BCopyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-7AA Shift in SupplyPrice(per cassette)Quantity of cassettes(per week)$2.502.2509810D0S1S0CBExcess demandCopyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-8Six Rea
6、l World Examples of Supply and DemanduSupply and demand can shed light on a variety of real-world events:lFlorida freeze.lFinancial assets and the baby boomers.lTen percent excise tax.lRice in Indonesia.lFarm laborers.lChristmas toys.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserve
7、d.McGraw-Hill/Irwin5-9Florida FreezeuThe crop-damaging freeze shifted the supply curve to the left.uAt the original price,quantity demanded exceeded quantity supplied.uPrice rose until the quantity demanded equaled the quantity supplied.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights rese
8、rved.McGraw-Hill/Irwin5-10Florida FreezeDemandS0(c)P1QeP0QDQSS1Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-11Financial Assets and the Baby BoomersuDemographic changes among baby boomers moved the demand curve for financial assets to the right.uAt the origin
9、al price,quantity demanded exceeded quantity supplied.uPrice rose until the quantity demanded equaled the quantity supplied.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-12Financial Assets and the Baby BoomersS(f)D0P1Q1Q0P0D1QDCopyright 2001 by The McGraw-Hil
10、l Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-13Financial Assets and the Baby BoomersuThe same phenomenon occurred in the surging demand for housing among this group during the 1980s.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-14Excise TaxesuCongre
11、ss imposed a 10 percent surtax on luxury boats.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-15Excise TaxesuA 10 percent surtax on luxury boats levied on suppliers shifts the supply curve to the left.uAfter the tax is imposed,the quantity of boats demanded dr
12、ops.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-16Excise TaxesS0D0P1Q1P0Q0S1QDCopyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-17Rice in IndonesiauDrought,pestilence,and the financial crisis shifted the supply curve to
13、the left.uThe steep demand curve means that the quantity demanded does not change much with changes in price.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-18Rice in IndonesiauResponding to high prices,the government imported rice and distributed it to the mar
14、ket,causing the supply curve to shift to the right.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-19Rice in Indonesia(a)S0DemandP1Q1P2Q2P0Q0S1S2Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-20Farm LaborersuThe compresse
15、d harvesting season increased the demand and increased INS patrols decreased supply.uDemand shifted to the right and supply shifted to the left.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-21Farm LaborersuAt the original price,the quantity of workers demande
16、d exceeded the quantity supplied.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-22Farm LaborersuPrice rises until the quantity demanded equaled the quantity supplied.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-23Farm
17、LaborersuThe effect on the number of laborers hired depended on the relative size of the supply shift.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-24Farm Laborers(b)S0D0P1S1D1P0QeCopyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill
18、/Irwin5-25Christmas ToysuA Christmas craze for Furbies shifts demand to the right.uA shortage ensued along with a black market.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-26Christmas ToysuFinally the supplier produced more,shifting the supply curve to the r
19、ight,causing the price to drop.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-27Christmas Toys(d)P1P0QS0S0D0S1D1QD0QD1Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-28A ReviewCopyright 2001 by The McGraw-Hill Companies,I
20、nc.All rights reserved.McGraw-Hill/Irwin5-29Government InterferencesuBuyers look to government for ways to hold prices down.uSellers look to government for ways to hold prices up.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-30Price CeilingsuA price ceiling i
21、s a government-imposed limit on how high a price can be charged.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-31Rent ControlsuRent control is a price ceiling on rents set by government.uAn example is rent control in Paris following World War I and World War I
22、I.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-32Rent ControlsuThe following were the consequences of rent control in Paris:lA huge shortage of living quarters.lNew housing construction stopped.lExisting housing was allowed to deteriorate.Copyright 2001 by T
23、he McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-33Rent ControlsuThe following were the consequences of rent control in Paris:lFor many,the only way to get living quarters was to offer a huge bribe to the landlord.lMany families had to double up with other family members.Copyright
24、 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-34Rent ControlsQSQDSupplyDemandRental Price(per month)Quantity of apartments2.50$17.00ShortageCopyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-35Rent ControlsuA similar situation occur
25、red in New York City.lAll of the consequences of rent control in Paris(called non-price rationing)have occurred in New York City.lIn addition,preferences based upon gender,race,and other characteristics of tenants,although illegal,are brought into play.Copyright 2001 by The McGraw-Hill Companies,Inc
26、.All rights reserved.McGraw-Hill/Irwin5-36Price FloorsuA price floor is a government-imposed limit on how low a price can be charged.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-37Minimum WageuThe minimum wage is an example of a price floor.uA minimum wage i
27、s set by government specifying the lowest wage a firm can legally pay an employee.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-38Minimum WageuThe minimum wage creates winners and losers:lThose who can find work earn a higher wage.lOthers become unemployed.lP
28、roduction costs increase.lConsumers pay higher prices.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-39Minimum WageuEconomists disagree about the effects of the minimum wage.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5
29、-40Taxes,Tariffs,and QuotasuAn excise tax is a tax that is levied on a specific good.uA tariff is an excise tax on an imported good.uTaxes and tariffs raise prices and reduce quantity.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-41The Effect of an Excise Tax
30、 on Price and QuantityuA 10 percent luxury tax on expensive boats was imposed in 1990.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-42The Effect of an Excise Tax on Price and QuantityuBecause the luxury tax was imposed on the boat builders,the supply curve mo
31、ved up by the amount of the tax.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-43The Effect of an Excise Tax on Price and QuantityuAt a price equal to the original price plus the tax there was excess supply.uThe price for boats rose by less than the tax,while
32、quantity supplied and demanded fell.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-4465,000510S1420$70,000 DS0Quantity of luxury boats0Price of luxury boatsThe Effect of an Excise Tax on Price and QuantityThe supply curve shifts up by the$10,000 tax60,000600Co
33、pyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-45The Effect of an Excise Tax on Price and QuantityuThe tax was repealed in 1993 because of tax revenue shortfalls.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-46Quantity Re
34、strictions:QuotasuA quota is a quantitative restriction on the amount that one nation can export to another.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-47Quantity Restrictions:QuotasuThe U.S.government restricted imports of Japanese cars.uThe effect was to
35、raise the prices Japanese automobiles in the U.S.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-485 SupplyDemand9,0008$17,0006,000Japanese exports of cars(in millions)Quantity Restrictions:QuotasQuotaCopyright 2001 by The McGraw-Hill Companies,Inc.All rights r
36、eserved.McGraw-Hill/Irwin5-49The Relationship Between a Quota and a TariffuTariffs and quotas can both be used to reduce quantity and raise prices.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-50The Relationship Between a Quota and a TariffuThere is a differe
37、nce between imposing a tariff and imposing a quota.lIn the case of a quota,the profits from a higher price goes to the manufacturer.lIn the case of the tariff,the tax goes to the government.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-51The Relationship Betw
38、een a Quota and a TariffuAs a consequence,once quotas are instituted,Japanese firms competed intensely to get them.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-52The Relationship Between a Quota and a TariffJapanese exports of cars S1DemandPrice of Japanese
39、carsS0Tariff revenue 9,0008$11,0006,000$17,0005Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-53The Limitations Of Supply And Demand AnalysisuIt is not enough to be able to explain what happens when supply or demand curves shift.uIt is necessary to understand
40、the assumptions underlying the analysis.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-54The Limitations Of Supply And Demand AnalysisuOther things dont remain constant.uSometimes supply and demand are interconnected.uSupply/demand analysis is the first step t
41、o analysis,not the complete analysis.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-55The Limitations Of Supply And Demand AnalysisuDeciding whether the effects are significant to consider requires a knowledge of the structure of the economy because all action
42、s have ripple or feedback effects.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-56The Limitations Of Supply And Demand AnalysisuThe other-things-constant assumption is likely not to hold true when one the goods represent a large percentage of the entire econo
43、my.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-57The Fallacy of CompositionuThe fallacy of composition is the false assumption that what is true for a part will also be true for the whole.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.M
44、cGraw-Hill/Irwin5-58The Fallacy of CompositionuThousands of small effects taken together add up to a large effect.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-59The Fallacy of CompositionuWhen analyzing the aggregate,small effects that can be put aside in mi
45、cro,can add up,and hence cannot be forgotten.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-60The Fallacy of CompositionuSmall effects comprise microeconomics while large effects comprise macroeconomics.Copyright 2001 by The McGraw-Hill Companies,Inc.All right
46、s reserved.McGraw-Hill/Irwin5-61The Roles of GovernmentuProvide a stable institutional framework.uPromote effective and workable competition.uCorrect for externalities.uEnsure economic stability and growth.uProvide for public goods.uAdjust for undesired market results.Copyright 2001 by The McGraw-Hi
47、ll Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-62Provide a Stable Set of Institutions and RulesuOnly the government can create a stable environment and enforce contracts through its legal system.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-63Provide
48、 a Stable Set of Institutions and RulesuWhen governments do not provide a stable environment,as is now happening in Russia,economic growth is difficult-usually such economies are stagnant.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-64Promote Effective and W
49、orkable CompetitionuGovernment promotes competition and protect against monopolies.lMonopoly power is the ability of individuals or firms currently in business to prevent other individuals or firms from entering the same kind of businessCopyright 2001 by The McGraw-Hill Companies,Inc.All rights rese
50、rved.McGraw-Hill/Irwin5-65Promote Effective and Workable CompetitionuMonopoly power gives existing firms or individuals the power to raise prices.Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.McGraw-Hill/Irwin5-66Promote Effective and Workable CompetitionuMany players in the ma