Posts Tagged ‘Demand Curve’

Product Differentiation

Wednesday, September 22nd, 2010


The demand curve indicates that, while the firm could raise its price, the demand for its product is so elastic that it would be unprofitable to do so…too many sales would be lost. However, the firm in monopolistic competition is not always in such a helpless condition. To the extent that a firm can make its product or service different from those of its competitors its operations and its costs. Where can people with such knowledge and experience be found? One likely source is the industry itself, in the person of retired senior officials, such as executives and board members, of the company being regulated. Even if the regulators come from outside the natural monopoly being regulated, they must depend heavily for their information on the management of the company. Thus, the process of regulation is far from the clear cut, objective procedure it is often believed to be, since the people who impose the regulations are not (cannot be) uninfluenced by the corporation they are intended to regulate. This raises the question of whether regulatory boards can always be counted upon to act in the best interests of the consumer, or whether the interests of the producer might not take precedence, as has been suggested in the case of the regulation of the airlines. It is neither possible nor fair to generalize concerning the effectiveness of regulatory boards, since some seem to be much more effective protectors of the consumer’s interests than others.

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Discussion Questions

Monday, August 9th, 2010


  1. Many schools employ student labor for various purposes, such as partime help in the athletic department. Try to draw the supply curve and the demand curve for student labor in your school, so as to estimate the equilibrium wage rate for student help. (Hints: For the supply curve, survey your friends to try to determine how many hours per week they would be willing to work at various wage rates. For the demand side, determine or estimate the school budget for student help so as to calculate how many hours of student help could be bought at various wage rates. The equilibrium price will be a wage rate, while the equilibrium quantity will be the total number of hours of work purchased by the school.)

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The Nature of Supply

Wednesday, July 21st, 2010


For this price will be bid up toward the equilibrium level of $6. Only at a price of $6 per kilogram are the actions of both buyers and sellers in harmony, so that there is neither a surplus nor a shortage. As a result, the price will stabilize at the equilibrium level of $6 per kilogram.

The interaction of supply and demand can also be shown on a graph, as in Figure 7-13. On the graph, the equilibrium price of $6 is determined by the intersection of the supply curve and the demand curve at the equilibrium point (E). Similarly, the intersection of the curves determines the quantity that will be bought (and sold), or the “equilibrium quantity” of 50,000 kilograms.

In summary, the way in which supply and demand interact to determine the price of a product or service can be represented on a schedule such as Figure 7-12, or on a graph such as Figure 7-13. Both the schedule and the graph depict the behavior of buyers (demand) and sellers (supply) in the market for a particular good or service, and the equilibrium price and quantity that will emerge in that market.

Figure 7-13 is a very static representation of a market, showing the demand for and supply of steak at a particular time (March 1982). In reality, however, markets are not static as Figure 7—13 seems to suggest, but are dynamic, with constant changes in supply and demand occurring, causing continual changes in equilibrium prices and quantities. In effect, then, Figure 7—13 is a snapshot of a dynamic, changing situation at a particular point in time. In the next chapter, we will consider how markets change and adjust in response to changes in both supply and demand.

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