Upload
lulu-purwanti
View
223
Download
0
Embed Size (px)
Citation preview
7/30/2019 Kuliah 3 Ekonomi Perpajakan
1/40
C
HAPTE
R
3
Prepared by: Fernando Quijano
and Yvonn Quijano
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair
Demand, Supply,
and Market Equilibrium
7/30/2019 Kuliah 3 Ekonomi Perpajakan
2/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 2 of 48
Firms and Households:
The Basic Decision-Making Units
A f i rmis an organization that transforms resources(inputs) into products (outputs). Firms are the
primary producing units in a market economy.
An entrepreneur is a person who organizes,
manages, and assumes the risks of a firm, taking a
new idea or a new product and turning it into a
successful business.
Households are the consuming units in aneconomy.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
3/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 3 of 48
Input Markets and Output Markets:
The Circular Flow
Product or output markets are the markets in
which goods and services are exchanged.
Input marketsare the markets in which resources
labor, capital, and landused to produce products,are exchanged.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
4/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 4 of 48
Input Markets and Output Markets:
The Circular Flow
Inputorfactormarkets
The labo r market, in which households supply work forwages to firms that demand labor.
The capital market, in which households supply theirsavings, for interest or for claims to future profits, tofirms that demand funds to buy capital goods.
The land market, in which households supply land orother real property in exchange for rent.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
5/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 5 of 48
Input Markets and Output Markets:
The Circular Flow
The c i rcular f low of economic act iv i ty
shows how firms and households interact in
input and output markets.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
6/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 6 of 48
Input Markets and Output Markets:
The Circular Flow
Goods and services flow
clockwise. Firms provide
goods and services;
households supply laborservices.
Payments (usually money)
flow in the opposite
direction (counterclockwise)as the flow of labor
services, goods, and
services.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
7/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 7 of 48
Demand in Product/Output Markets
The pr ice of the produc tin question.
The i ncomeavailable to the household.
The households amount ofaccumulated w ealth.
The pr ices o f other products.
The households tastes and p references.
The households expectat ionsabout future.
A households decision about the quantity of aparticular output to demand depends on:
7/30/2019 Kuliah 3 Ekonomi Perpajakan
8/40
C
HAP
TER
3:Demand,Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 8 of 48
Demand in Product/Output Markets
Quant i ty demanded is the amount
(number of units) of a product that a
household wishes to purchase in a given
time period.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
9/40
C
HAP
TER
3:Demand,
Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 9 of 48
Changes in Quantity Demanded
Versus Changes in Demand
The most important relationship in individualmarkets is that between market price andquantity demanded.
For this reason, we use the ceter is par ibusdevice, to examine the relationship betweenthe quantity demanded of a good per period oftime and the price of that good, while holding
income, wealth, other prices, tastes, andexpectations constant.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
10/40
C
HAP
TER
3:Demand,
Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 10 of 48
Changes in Quantity Demanded
Versus Changes in Demand
Changes in price affect the quantity demandedper period.
Changes in income, wealth, other prices,
tastes, or expectations affect demand.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
11/40
C
HAP
TER
3:Demand,
Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 11 of 48
Price and Quantity Demanded:
The Law of Demand
A demand schedule
is a table showing
how much of a given
product a householdwould be willing to
buy at different prices.
Demand curves areusually derived from
demand schedules.
PRICE
(PER
CALL)
QUANTITY
DEMANDED
(CALLS PER
MONTH)
$ 0 30
0,50 25
3,50 77,00 3
10,00 1
15,00 0
ANNA'S DEMAND
SCHEDULE FOR
TELEPHONE CALLS
7/30/2019 Kuliah 3 Ekonomi Perpajakan
12/40
C
HAP
TER
3:Demand,
Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 12 of 48
Price and Quantity Demanded:
The Law of Demand
The demand curveis
a graph illustrating
how much of a given
product a household
would be willing to buy
at different prices.
PRICE
(PER
CALL)
QUANTITY
DEMANDED
(CALLS PER
MONTH)
$ 0 30
0.50 25
3.50 7
7.00 3
10.00 1
15.00 0
ANNA'S DEMAND
SCHEDULE FOR
TELEPHONE CALLS
7/30/2019 Kuliah 3 Ekonomi Perpajakan
13/40
C
HAP
TER
3:Demand,
Supply,andMarketE
quilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 13 of 48
Price and Quantity Demanded:
The Law of Demand
The law of demand
states that there is a
negative, or inverse,
relationship betweenprice and the quantity
of a good demanded
and its price.
This means that
demand curves slope
downward.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
14/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 14 of 48
Other Determinants
of Household Demand
i . In come and Wealth
Incomeis the sum of all households wages,salaries, profits, interest payments, rents, and
other forms of earnings in a given period oftime. It is a f lowmeasure.
Wealth, or net worth, is the total value of
what a household owns minus what it owes.It is a s tockmeasure. It is measured at apoint in time.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
15/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 15 of 48
Other Determinants
of Household Demand
Normal Goodsare goods for which demand
goes up when income is higher and for which
demand goes down when income is lower.
(movie tickets, shirts) Infer ior Goodsare goods for which demand
falls when income rises. (low quality of meat,
public transportation)
7/30/2019 Kuliah 3 Ekonomi Perpajakan
16/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 16 of 48
Other Determinants
of Household Demand
i i . Pr ices o f o ther goods and serv ices
Subst i tutesare goods that can serve asreplacements for one another; when the price
of one increases, demand for the other goesup. Perfect subst i tutes are identicalproducts.
Complementsare goods that go together;
a decrease in the price of one results in anincrease in demand for the other, and viceversa.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
17/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 17 of 48
Shift of Demand Versus
Movement Along a Demand Curve
A change in demandis not
the same as a change in
quant i ty demanded.
A higher price causes lowerquantity demanded and a
move along the demand
curve DA.
Changes in determinants ofdemand, other than price,
cause a change in demand,
or a shi f t of the entire
demand curve, from DA to DB.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
18/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 18 of 48
A Change in Demand Versus
a Change in Quantity Demanded
To summarize:
Change in price of a good or service
leads to
Change in quantity demanded
(Movement along the curve).
Change in income, preferences, or
prices of other goods or servicesleads to
Change in demand
(Shift of curve).
7/30/2019 Kuliah 3 Ekonomi Perpajakan
19/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 19 of 48
The Impact of a Change in Income
Higher income
decreases the demand
for an infer iorgood
Higher income
increases the demand
for a normalgood
7/30/2019 Kuliah 3 Ekonomi Perpajakan
20/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 20 of 48
The Impact of a Change
in the Price of Related Goods
Price of hamburger rises
Demand for
complement
good
(ketchup)
shifts left
Demand for
substitute
good
(chicken)
shifts right
Quantity of hamburger
demanded per month falls
7/30/2019 Kuliah 3 Ekonomi Perpajakan
21/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 21 of 48
From Household
Demand to Market Demand
Demand for a good or service can be defined
for an ind iv idual household, or for a group of
households that make up a market.
Market demandis the sum of all the quantitiesof a good or service demanded per period by all
the households buying in the market for that
good or service.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
22/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 22 of 48
From Household
Demand to Market Demand
Assuming there are only two households in the
market, market demand is derived as follows:
7/30/2019 Kuliah 3 Ekonomi Perpajakan
23/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 23 of 48
Supply in Product/Output Markets
Supply decisions depend on profit potential.
Prof i t is the difference between revenues
and costs.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
24/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 24 of 48
A supp ly scheduleis a table
showing how much of a product
firms will supply at differentprices.
Quant i ty suppl ied representsthe number of units of a product
that a firm would be willing and
able to offer for sale at a
particular price during a giventime period.PRICE
(PER
BUSHEL)
QUANTITY
SUPPLIED(THOUSANDS
OF BUSHELS
PER YEAR)
$ 1,20 0
1,75 10
2,25 203,00 30
4,00 45
5,00 45
AN INDIVIDUAL
FARMER'S SUPPLY
SCHEDULE FOR
SOYBEANS
Supply in Product/Output Markets
7/30/2019 Kuliah 3 Ekonomi Perpajakan
25/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 25 of 48
Price and Quantity Supplied:
The Law of Supply
A supp ly curveis a graph illustrating how much of aproduct a firm will supply per period of time at different
prices.
0
1
2
3
4
5
6
0 10 20 30 40 50Thousands of bushels of soybeans
produced per year
Price
ofsoy
beans
perbushel($)
PRICE
(PERBUSHEL)
QUANTITY
SUPPLIED
(THOUSANDS
OF BUSHELSPER YEAR)
$ 2 0
1,75 10
2,25 20
3,00 30
4,00 45
5,00 45
AN INDIVIDUALFARMER'S SUPPLY
SCHEDULE FORSOYBEANS
7/30/2019 Kuliah 3 Ekonomi Perpajakan
26/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 26 of 48
Price and Quantity Supplied:
The Law of Supply
The law of supply
states that there is a
positive relationship
between price andquantity of a good
supplied.
This means that
supply curves typically
have a positive slope.
0
1
2
3
4
5
6
0 10 20 30 40 50Thousands of bushels of soybeans
produced per year
Price
ofsoybean
s
perbushel($)
7/30/2019 Kuliah 3 Ekonomi Perpajakan
27/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 27 of 48
Other Determinants of Supply
The pr iceof the good or service.
The cos tof producing the good, which in turn
depends on:
The pr ice of requi red inputs (labor,
capital, and land),
The technologies that can be used to
produce the product,
The prices of related p roduc ts.
Shif f S l V
7/30/2019 Kuliah 3 Ekonomi Perpajakan
28/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 28 of 48
A higher price causes
higher quant i ty
suppl ied, and a
move alongthesupply curve.
A change in determinants
of supply other than price
causes an inc rease insupp ly, or a shi f tof the
entire supply curve, from
SA to SB.
Shift of Supply Versus
Movement Along a Supply Curve
7/30/2019 Kuliah 3 Ekonomi Perpajakan
29/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 29 of 48
In this example, since the
factor affecting supply is not
the price of soybeans but a
technological change insoybean production, there is
a shift of the supply curve
rather than a movement
along the supply curve.
The technological advance means that
more output can be supplied for at any
given price level.
Shift of Supply Curve for Soybeans
Following Development of a New Seed Strain
Shift f S l V
7/30/2019 Kuliah 3 Ekonomi Perpajakan
30/40
C
HAP
TER
3:Demand,
Supply,andMarketEquilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 30 of 48
To summarize:
Change in price of a good or service
leads to
Change in quantity supplied
(Movement along the curve).
Change in costs, input prices, technology, or prices of
related goods and servicesleads to
Change in supply
(Shift of curve).
Shift of Supply Versus
Movement Along a Supply Curve
F I di id l
7/30/2019 Kuliah 3 Ekonomi Perpajakan
31/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 31 of 48
From Individual
Supply to Market Supply
The supply of a good or service can be defined
for an individual firm, or for a group of firms that
make up a market or an industry.
Market supp lyis the sum of all the quantities ofa good or service supplied per period by all the
firms selling in the market for that good or
service.
F I di id l
7/30/2019 Kuliah 3 Ekonomi Perpajakan
32/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 32 of 48
From Individual
Supply to Market Supply
As with market demand, market supp lyis thehorizontal summation of individual firms supply
curves.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
33/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 33 of 48
Market Equilibrium
Marketequi l ibr iumis the condition that exists
when quantity supplied and quantity demanded
are equal.
At equilibrium, there is no tendency for the
market price to change.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
34/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 34 of 48
Market Equilibrium
Only in equilibrium isquantity supplied
equal to quantity
demanded.
At any price level
other than P0, such as
P1, quantity supplied
does not equalquantity demanded.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
35/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 35 of 48
Excess Demand
Excess demand, or
shor tage, is the condition
that exists when quantity
demanded exceedsquantity supplied at the
current price.
When quantity demanded
exceeds quantity supplied,price tends to rise until
equilibrium is restored.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
36/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 36 of 48
Excess Supply
Excess supply, or surp lus,
is the condition that exists
when quantity supplied
exceeds quantity demandedat the current price.
When quantity supplied
exceeds quantity demanded,
price tends to fall untilequilibrium is restored.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
37/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 37 of 48
Changes in Equilibrium
Higher demandleads to
higher equilibrium price and
higher equilibrium quantity.
Higher supplyleads to
lower equilibrium price and
higher equilibrium quantity.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
38/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 38 of 48
Changes in Equilibrium
Lower demandleads to
lower price and lower
quantity exchanged.
Lower supplyleads to
higher price and lower
quantity exchanged.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
39/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium
2004 Prentice Hall Business Publishing Principles of Economics, 7/e Karl Case, Ray Fair 39 of 48
Relative Magnitudes of Change
The relative magnitudes of change in supply and demand
determine the outcome of market equilibrium.
7/30/2019 Kuliah 3 Ekonomi Perpajakan
40/40
C
HAP
TER
3:Demand,
Supply,andMarket
Equilibrium Relative Magnitudes of Change
When supply and demand both increase, quantity
will increase, but price may go up or down.