Posts Tagged ‘Supply And Demand’
Friday, August 27th, 2010
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In this chapter we have considered the nature of the “business sector” of the economy, which produces the supply of goods and services. In Chapters 6 through 10, we will see how supply and demand interact to determine prices. This task is complicated somewhat by the fact that supply – the production of goods and services by businesses – occurs under various conditions, ranging from industries comprised of large numbers of small firms to industries dominated by a few large firms to industries in which there is only one producer (a monopoly). These different conditions – referred to as “market structures” by economists – are of great significance to the supply of goods and services. If there is only one firm in an industry (a monopoly), it is in a position to control the supply of the product, thereby raising the price of the product and increasing its profits. In industries dominated by a few large firms, it is sometimes possible for these firms to get together to avoid competing on prices and thus increase their profits. On the other hand, in industries in which there are a large number of small firms, such collective action is very difficult or impossible to achieve; as a result, competition in such industries tends to be more intense, ad profits lower, than in either of the first two cases. In Chapter 6, we will examine the concept of “demand,” then in Chapter 7, we will begin our examination of “supply” (and its interactions with “demand”) in those industries in which there are a large number of small firms – industries that economists call “competitive”.
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Tuesday, August 17th, 2010
We have now examined both demand and supply under competitive conditions (in this chapter); these concepts are summarized in Figure 7-11. We are now ready to consider how demand and supply interact, by putting them together, as in Figure 7-12.
Figure 7-11 Supply and demand schedules for steak in Cantown, March 1982
Demand
The Relationship between the price of the product and the number of units buyers will offer to buy
Price of steak per kilogram Quantity demanded (kilograms)
$10 20,000
8 30,000
6 50,000
4 80,000
2 120,000
Supply
The Relationship between the price of the product and the number of units producers will offer to sell
Price of steak per kilogram Quantity supplied (kilograms)
$10 100,000
8 80,000
6 50,000
4 20,000
2 0
As the supply and demand schedules in Figure 7-12 show, the price of steak will tend to settle at $6 per kilogram. This is called the equilibrium price. It is not possible for the price to stabilize at any other level, because all other prices lead to either a shortage or a surplus.
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Thursday, August 5th, 2010
- In competitive industries, the nature of supply is such that increases in the price of a product will cause increases in the quantity supplied.
- Increases in supply will shift the supply curve to the right, while decreases in supply will shift the curve to the left.
- If the quantity supplied does not increase significantly in response to a price increase, supply is “inelastic,” while supply is “elastic” if price increases cause large increases in the quantity supplied.
- In competitive markets, supply and demand interact freely to determine the equilibrium price and quantity, which will change as supply and/or demand change.
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Sunday, August 1st, 2010
Supply Schedule – a table depicting the relationship between the price of a product and the quantity supplied (offered for sale).
Supply Curve - a graphical representation of a supply schedule.
Elastic Supply – a situation in which sellers are responsive to price changes; that is, the quantity supplied increases readily when the price rises.
Inelastic Supply – a situation in which quantity supplied does not increase readily when the price rises.
Equilibrium Price – a price determined in the marketplace by the interaction of supply and demand.
Equilibrium Quantity – the quantity sold (bought) at the equilibrium price.
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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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Friday, December 4th, 2009
But there is the danger that when the banker decides to sell his securities the prevailing market price will be unfavorable, and that he will be obliged to accept a price lower than the one he himself paid for them. The fact is that the market price of bonds shifts about constantly, in accordance with shifts of supply and demand. The face value of a bond, the amount which the bondholder is to receive on its maturity, never changes, but he will only receive that sum at the time specified as the redemption date. If he wishes to sell the bond before then, he must sell it in the market for whatever price investors are prepared to pay. That price will reflect the prevailing demand and supply situation, and may be substantially above or below the bond’s face value.
In the case of bonds which are due to be redeemed in the near future, the divergence between market price and face value is unlikely to be large. Very soon the bondholder will receive the face value, and he would be unwilling to sell now for very much less. In the case of bonds which are due for redemption only in the distant future, however, the divergence between market price and face value may be very great. There is no assurance that the holder will soon receive a specified amount of money for the bond; for a long time to come its market price will be determined by the vagaries of demand and supply.
To avoid the possibility of having to sell securities at a heavy loss, banks prefer to hold those which will mature within a year or two. Because of the proximity of their redemption dates, the prices of such bonds cannot diverge too greatly from their respective face values. The banks, therefore, generally prefer to purchase short term bonds, or long term bonds which were issued a long time before, and are therefore due to mature in the near future. Canadian banks also purchase large quantities of federal government Treasury Bills, most of which have a maturity period of only 91 days.
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Tuesday, March 27th, 2007
It can be said that there are “Seven Reasons why gold should surge”. Indeed there are many more valid reasons for major increases in the price of precious gold metals versus currencies.
Economics , simply supply and demand are the ultimate drivers of long term price trends. Economics all comes down in the end to “Supply and Demand”. If a worldwide surplus of a given commodity exists prices fall. If supply exceeds demand in the marketplace- you can be sure that prices will fall. If a shortage or a deficit exists , then you can be sure that prices will rise. The level at which the price trades today is not relevant. If it is in a bullish situation where the global demand growth exceeds its global supply growth , then the price will and must rise. Gold as a commodity is in such a situation of demand. Worldwide demand for gold far exceeds its demand.
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