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18 PRINCIPLES OF ECONOMICS
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Economists spend much time and effort in analyzing where and how market equilibrium is achieved. Its importance cannot be overstated.
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Equilibrium price and/or equilibrium quantity change when the market demand and/or market supply curves shift. Equilibrium price and equilibrium quantity both rise when there is an increase in market demand with no change in the market supply curve. Equilibrium price falls while equilibrium quantity increases when market supply increases and demand is unchanged.
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Government and Price Determination
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The government may intervene in the market and mandate a maximum price (price ceiling) or minimum price (price oor) for a good or service. For example, some city governments in the U.S. legislate the maximum price that a landlord can charge a tenant for rent. Such rent-control policies, though wellintentioned, result in a disequilibrium in the housing market since, at the government-mandated price ceiling, the quantity of housing supplied falls short of the quantity of housing demanded. An example of minimum prices (price oors) in the U.S. is the minimum wage. Price oors result in market disequilibrium in that quantity supplied at the mandated price exceeds quantity demanded. The government can alter an equilibrium price by changing market demand and/or market supply. The government can restrict demand by rationing a good, as occurred for many items during World War II. Equilibrium price can be altered by shifting the market supply curve. A tax on a good raises its supply price shifts the market supply curve up and to the left and causes the equilibrium price to increase and the equilibrium quantity to fall. A subsidy to the producer will do the opposite and lower equilibrium price and raise equilibrium quantity.
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CHAPTER 2: Demand, Supply, and Equilibrium
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Elasticity
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Market prices will change whenever shifts in supply or demand occur. Example 2.3 Table 2.2 gives a hypothetical market demand and supply schedule for wheat; it shows whether a surplus or shortage occurs at each price and indicates the pressure on price toward equilibrium. Thus, the equilibrium price is $2 because the quantity demanded, 4,500 bushels of wheat per month, equals the quantity supplied. Table 2.2
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The elasticity of demand (ED) measures the percentage change in the quantity demanded of a commodity as a result of a given percentage in its price. The formula is ED = percentage change in the quantity demanded percentage change in price
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ED can be calculated in terms of the new quantity and price, or with the original quantity and price. However, different results would then be obtained. To avoid this problem, economists generally measure ED in terms of the average quantity and the average price, as follows: ED = change in quantity demanded change in price (sum of quantities demanded) / 2 (sum of prices) / 2
ED is a pure number. Thus, it is a better measurement tool than the slope, which is expressed in terms of the units of measurement. ED is always
20 PRINCIPLES OF ECONOMICS
expressed as a positive number, even though price and quantity demanded move in opposite directions. The demand curve is said to be elastic if ED > 1, unitary elastic if ED = 1, and inelastic if ED < 1.
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Different formulas are used to compute elasticity and slope. A simple glance at a graph is not enough to determine whether a curve has a high or low elasticity.
Example 2.4 The elasticity between the quantities demanded at $4 and $3 of Table 2.2 is calculated below using the average quantities and prices. ED = 1 1 1 1 3.5 = = = 1.4 (2 + 3) / 2 ( 4 + 3) / 2 2.5 3.5 2.5
Thus, we say that this demand curve is elastic (on the average) between these two points. The elasticity of demand is greater (1) the greater the number of good substitutes available, (2) the greater the proportion of income spent on the commodity, and (3) the longer the time period considered. When the price of a commodity falls, the total revenue of producers (price times quantity) increases if ED > 1, remains unchanged if ED = 1, and decreases if ED < 1. This occurs because when ED > 1, the percentage increase in quantity exceeds the percentage decline in price and so total revenue (TR) increases. When ED = 1, the percentage increase in quantity equals the percentage decline in price and so TR remains unchanged. Finally, when ED < 1, the percentage increase in quantity is less than the percentage decline in price, and so TR falls. The elasticity of supply (ES) measures the percentage change in the quantity supplied of a commodity as a result of a given percentage change in its price. We again use the average quantity and price as follows:
CHAPTER 2: Demand, Supply, and Equilibrium ES = change in quantity supplied change in price (sum of quantities supplied) / 2 (sum of prices) / 2
ES is a pure number and is positive because price and quantity move in the same direction. Supply is said to be elastic if ES > 1, unitary elastic if ES = 1, and inelastic if ES < 1. Example 2.5 The (average) elasticity between the quantities supplied at $1 and $2 of the supply schedule of Table 2.2 is ES = 2 1 1 1 = 0.43. (2.5 + 4.5) / 2 (1 + 2) / 2 3.5 1.5
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