1907 Ch02 Supply and Demand Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY Ch02 Supply and Demand
02-2 10 Volatile Markets Markets are skin to the weather.They are always changing,dynamic,unpredictable, subject to frequent periods of storm and calm, complex,and fascinating. The essential tool for understanding the movement of prices and outputs in individual markets is called the analysis of supply and demand. Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 02-2 Volatile Markets • Markets are skin to the weather. They are always changing, dynamic, unpredictable, subject to frequent periods of storm and calm, complex, and fascinating. • The essential tool for understanding the movement of prices and outputs in individual markets is called the analysis of supply and demand
EC年NOMICS Gasoline Prices Move with Demand and Supply Changes T-15 Figure 3-1 300 250 200 g70 19w5 1990 19952000 c Graw-五0wi Source:U.S.Department of Energy and Labor EC米NOMICS|
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 02-3 Gasoline Prices Move with Demand and Supply Changes
02-4 0 砂 Topics to Be Discussed ·Supply and Demand ·The Market Mechanism Changes in Market Equilibrium Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY 02-4 Topics to Be Discussed • Supply and Demand • The Market Mechanism • Changes in Market Equilibrium
1907 2.1 Demand ·Demand Schedule The demand schedule is a table that shows the relationship between the price of the good and the quantity demanded. Economics ECONOMICS MANAGEMENT SCHOOL,TONGJI UNIVERSITY
Economics ECONOMICS & MANAGEMENT SCHOOL, TONGJI UNIVERSITY • Demand Schedule – The demand schedule is a table that shows the relationship between the price of the good and the quantity demanded. 2.1 Demand