PPT-Equilibrium price

Interaction of Demand amp Supply Demand is the willingness to buy a good or service and the ability to pay for it Supply is the desire and the ability to produce and sell Markets are the place where buyers and sellers come together. Which of the following influences does NOT shift the supply curve?. an increase in consumer income. a decrease in the price firms expect to receive in the future. a rise in the wages paid workers. development of new technology. Demand and . Supply - Week 2. This week we want to apply our tools of supply and demand to help us think logically about real world problems. . Remember the Basic Shifters of Demand. Remember the Basic Shifters of Supply. Fred and Elmer. No Price War. Price War. Players’ Strategies. Strategies: . . Elmer: Price war if Fred opens . . No Price war if Fred opens.. Fred: Open. . Don’t Open. Two Nash equilibrium. Christina Ammon. Overview. Will go through one question today as an example of what to . do + common mistakes. Will go through one more next week. Moodle Quiz 6. Common Mistakes/Tips. Expected to write half a page for each 5 point sub-question. Which of the following influences does NOT shift the supply curve?. an increase in consumer income. a decrease in the price firms expect to receive in the future. a rise in the wages paid workers. development of new technology. SSEMI2c, 3b: . Explain. and illustrate the effects of price floors and ceilings. . The intersection of supply and demand. Equilibrium Price. Where Demand and Supply Meet. Equilibrium is the point where Demand and Supply cross. Fred and Elmer. No Price War. Price War. Players’ Strategies. Strategies: . . Elmer: Price war if Fred opens . . No Price war if Fred opens.. Fred: Open. . Don’t Open. Two Nash equilibrium. 4. Last chapter illustrated scarcity, using the PPF. Societies need a mechanism to allocate scarce resources.. Markets are the most popular mechanism that allocates scarce resources. . Most of the . I. . A change in demand. II. A change in supply.  . I . only . B) II only . C. ) Both I and II . D. ) Neither I nor II. If other factors are held constant, a decrease in supply . causes. quantity . supplied to decrease. . Readings:. Leach, Chapters 2 and 3. Competitive Equilibrium. Q: What kinds of social arrangements cause private (self) interests to become aligned with the public (collective) interest?.  . A: Adam Smith’s central thesis in the Wealth of Nations . Comparative Statics. Dr. Jennifer P. Wissink. ©2011 John M. Abowd and Jennifer P. Wissink, all rights reserved.. Market Equilibrium. We will consider the market for compact disc players.. Recall that we will define the following for our market:. Demand & Supply Together. Bringing Supply and Demand Together. How is the price of a good determined?. The market forces of supply AND demand work simultaneously to determine the price.. The law of supply and demand. “ECONOMICS . ”. By Alan J. Carper. Bob Jones University Press. 1998. Chapter . 4. : . “Supply and Prices”. Unit I: What Is Economics?. Objectives:. Should be able to.... Define supply, budget deficit & surplus. Duna Jogeswar Rao. Price & Output Determination under perfect Competition. Under perfect competition, the buyers and sellers cannot influence the market price by increasing or decreasing their purchases or output, respectively. The market price...