Expat Evertonian The diary of a football fan working abroad Part 2: A Clearer Picture

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This further supposes that the response time for the supplier is zero. In many cases this is far from the case. If it was, then supermarket shelves would never be out of stock of the item you want! Consider the market for houses in a region illustrated in Figure 1 below. Builders are constructing and selling 'Q' houses per month at present at price 'P'.


Suddenly demand increases significantly, as a government department is moving a capital city office there. What can be done? Not much, at least in the next few months. Supply is essentially fixed at Q, regardless of demand. The supply curve is a vertical line. Prices will be put up by the developers if they think it worthwhile - in our diagram prices have risen to P1. Supply will take time to react to the new situation. They need land and planning permission and this can take months or years to organise.

It will then take anything from 6 months to a year to build the house itself. Once adjusted, the builders will actually be operating on another vertical supply curve.

They will now be building Q2 houses per month and the pressure on prices is eased though the exact impact will depend on national effects as well. Let's hope the government does not change its mind! For higher level, you need to be able to understand linear supply functions and to be able to calculate supply and plot a supply curve from a supply function. Using this supply function, answer the following questions. In the previous section we explained markets and the rules of supply and demand.

We now move on to examine market equilibrium, the price mechanism and market efficiency. We can now see how shifts of supply and demand curves cause changes in prices and quantities bought and sold.

In the next two pages, there are two example markets with a series of changes to each. Try working through each one and check that you understand how the curves shift. Click on the right arrow at the top or bottom of the page to look at the first example. Define a market 2. Show how it responds to changes in supply and demand 3. Demonstrate that movements along a demand curve come as a result of a shift in the supply curve, and movements along a supply curve from a shift of the demand curve.

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Now work through the following changes, and adjust the diagram as you go. After you have had a go at each change, follow the answer link below and see if you made the right changes.

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Treat each change as a separate change - in other words start with Figure 1 each time. Change 1. The development of a new microchip enables producers to reduce the price of their products. Let's look at another example, and make sure that you understand how the shifts and movements occur and interact. Figure 1 represents the market for fish at the start of a week. Assume that all demand and supply changes occur without delay, i.

The changes given are all sequential. In other words use the diagram you end up with as the starting point for the next change. Change 2. It is Thursday, a day where the demand for fish is very high. Seas become even rougher and even fewer boats can go to sea. Change 3. It is Friday, when demand for fish is even higher. Storms weaken, though, and fishing becomes easier. In this example, we have seen price rises accompanied by an increase in sales. This does not mean that the rules of price and demand are wrong, just that in such cases there will have been changes in the determinants, other than price, of supply and demand.

Be careful to separate shifts from movements.


Microeconomics - Table of Contents

Notice that movements along a demand curve come as the result of movements shifts of supply. Markets rarely react fast, so it takes time for the market to regain equilibrium after it has experienced a change or a shock. Examine Figure 1, which shows the effect of an increase in demand on the market for new houses in an area. Assume that a major, large government department has just announced that it is to relocate to this area. The initial market was defined by demand curve D and supply curve S. The market was in equilibrium at price P1 when Q1 new houses were bought and sold. The entry of the government department will increase demand and shift the demand curve to D1.

Supply will take time to react so price will rise initially to P2, then fall back slowly to P3 as the supply of houses increases. It will move from one equilibrium position, P1Q1, to another, P3Q2, over a period of time. It will pass through P2Q1 on the way. Further examples are the markets for drugs or alcohol.

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Suppose the police were to really crack down on drug dealing, with considerable but not perfect effect. What would happen? The US Government once tried to ban the sale, and hence consumption, of alcohol in America, but with only partial success. What happened here? Look at Figure 2. In both cases the measures had no effect on demand, but reduced supply. So price would go up but the quantity available would fall. For the drugs, the street price would be an indication of the success of the police. The greater the rise, the greater the degree of success.

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For higher level, you need to be able to understand how to calculate market equilibrium from demand and supply functions. Using these demand and supply functions, answer the following questions. When you make a choice to buy something you exchange cash for a product or service. For most people, cash is relatively scarce. So this choice means that spending the cash on means that it cannot be used to buy something else. This introduces the concept of opportunity cost.

The opportunity cost of an activity is the sacrifice made to do it. It is the real cost of the next best alternative foregone when an economic decision is made. The more a nation produces of one thing, the less of something else it can produce.