2

2

(Ceteris Paribus) 3 (Price Demand) (Income Demand) (Cross Demand) (Price Demand) () 2.1 (Demand)

2.1.1 (Price Demand) (Willingness to pay) (ability to pay) (Purchasing Power)

2.1.2 (Law of Demand) P Qd P Qd (Substitution Effect) (Income Effect) P Qd P Qd

(Giffen goods) giffen giffen (Conspicuous goods)

3 (Demand Schedule) X (Demand Curve)52DQ2070 P

PX54321QX710142029

(Demand Function)Qd = f (P, X1...............Xn)Qd = f (P) Qd = a bPQd= a= Q b= Q/P = dQ/dP = 1/slope Qd=252P12.5Q250 PQd = 25 - 2PSlope = - 1/2

2.1.3 (Individual Demand and Market Demand) (Individual Demand) (Market Demand) 2 A B

PQAQBMarket Demand Q (A+B)1109192 96153 84124 73105 62 8

A B A BPPP5551110D(A+B)Q92DADB0086QQ1910

2.1.4 - (Normal Goods) Qd Qd3 - (Inferior Goods) Qd Qd2. - A QdAQdB - A QdA QdB

2.1.5 (Change in Quantity Demand and Change in Demand) (Change in Quantity Demand) PAPBP1D0QQQ1

(Change in Demand) (shift) PPD0QQQ1Q0 D1 D2CBA

2.2 (Income Demand) (Cross Demand)2.2.1 (Income Demand) Qd = f(Y) Qd = Y = Y Qd (Normal Goods) (Inferior Goods)

Y Qd Y Qd Y Qd slope YDyYY1Q0QQ1

Y Qd Y Qd Y Qd slope YYY1DyQ0QQ1

2.2.1 (Cross Demand) QA = f (PB)QA = PB = PB QA 2 (Substitution Goods) (Complementary Goods)

QA PB QB QA slope PBDcP2P1QA0Q1Q2

PB QA PB QB QA slope PBP2P1DcQA0Q1Q2

2 B A A slope () DCPBP1PQA0Q

( ) 2.3 (Supply) 2.3.1 (Supply)

2.3.2 (Law of Supply) P Qs P Qs 1. 2.

3 (Supply Schedule) X (Supply Curve)83SQ2050 P

PX876543QX2017141185

(Supply Function)Qs = f (P, X1...............Xn)Qs = f (P) Qs = a + bPQs= a= Q b= Q/P = dQ/dP = 1/slope Qs=20+3P-6.67Q200 PQs = 20+3PSlope = 1/3

2.3.3 (Individual Supply and Market Supply) (Individual Supply) (Market Supply) 2 A B

PQAQBMarket Supply Q (A+B)101422368112031681826451520201010

10 8 A B 11 20 8 11 + 20 = 31 QQQ000814101822102636610210621062PPPSASBSM A B slope

2.3.4

2.3.5 (Change in Quantity Supply and Change in Supply) (Change in Quantity Supply) PAP1BPS0QQQ1

(Change in Supply) (shift) PPS0QQQ2Q1 S2 S1CBA

2.4 (Price Determination)2.4.1 PQ0SDPeQeE

Qd()Qs()10 136 8 331 61026 42020 23710

2 Qd1 = 60 8PQd2 = 20 2P 2 Qs1 = 15 + 3PQs2 = 5 + 7PQdm = (608P) + (202P) = 80-10PQsm = (15+3P) + (5+7P) = 20+10P80-10P = 20+10P Qd = Qs 20P = 60 P = 60/20 = 3 P=3 Qdm Qsm Q=50

2.4.2 (Excess Demand)PeDemandSupply P1 Qe E B A0 excess demand Qs Qd

(Excess Supply)PeDemandSupply P2 EBA 0 excess supply Qs Qd Qe

2.4.3

P1 0 DS P2E ED Q2 Q1

P1 0 DS P2E E SQ1 Q2

D S D SP1 0 DS P2E ED Q2 Q1S'

D SP1 0 DS P2E ED Q2 Q1S'

D = S P1 0 DS P2 =E ED Q2 Q1S'

D = SP1 0 DS P2E ED =Q2 Q1S'