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0:00
[Music] Hello! I am Dr. William E. Schlosser, you know me as an Economist. You may also know me as an Ecologist. But more than anything, you are going to know me as an educator. I m Dr. Bill and I welcome you to my classroom! Understanding how prices are determined is essential to grasping the basics of economics. This chapter will explore the interplay between demand and supply; how buyers and sellers
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influence the market to establish prices. First, we will examine the demand side of the market, exploring how consumer behavior and preferences drive their willingness to purchase goods and services. Then, we will turn to the supply side, analyzing how producers respond to incentives and constraints when offering goods for sale. Once we ve laid the groundwork, we ll bring these forces together to find market equilibrium, where supply equals demand. Finally, we ll look at how
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shifts in demand or supply can disrupt this balance, causing prices to adjust. Now, to ground these concepts in reality, let s consider a recent example: the Optus outage in November 2023. This event highlights what happens when supply the availability of essential services like phone and internet suddenly contracts, but demand remains constant or even spikes. For 12 hours, millions of Australians experienced
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firsthand how a disruption in supply can create immediate economic and social consequences, from missed payments to inaccessible healthcare. As we move through this chapter, keep in mind how the principles of supply and demand apply to real-world scenarios like this one.
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In Australia's second-largest telco, Optus, is under the spotlight for its lack of a crisis plan to handle situations like the nationwide outage that occurred earlier this month. This issue emerged during an official probe into the disruption, which left nearly half the country without phone or internet connection for 12 hours. When asked if there was a plan in place for such an event, an Optus representative stated:
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"We didn t have a plan in place for that specific scale of outage. I think it was unexpected. We have high levels of redundancy, and it's not something we anticipated happening. However, we are committed to learning from this outage and will take such exercises into consideration in the future."
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Mr. Kagar Ratnam s comments have amplified concerns about the resilience of Australia s telecommunications networks, which have faced criticism since a massive data breach last year. When asked if Optus was overly reliant on third-party contractors, the company s CEO acknowledged this as an area for review. Optus explained that the November 8 outage was triggered by a standard software upgrade at its parent company, Singtel.
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However, the Singapore-based telco stated that the fault lay in Optus safety mechanisms, not the software upgrade itself. The outage left much of Australia unable to make payments, access healthcare, or contact emergency services.
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The Optus outage serves as a real-world example of how supply disruptions impact consumer utility. When essential services like internet and healthcare are unavailable, consumer choices are constrained, leading to reduced satisfaction and increased economic inefficiencies. This event underscores the critical relationship between supply, demand, and the utility consumers derive from available goods and services.
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Smartphones, mobile phones with more advanced computing capabilities and connectivity than regular mobile phones, came onto the consumer market in the late 90s, but only gained mainstream popularity with the introduction of Apple s iPhone in 2007. The iPhone revolutionized the industry by offering customer friendly features such as a touch screen interface and a virtual keyboard. The first smartphone running on Android was introduced to the consumer market in late 2008.
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The smartphone industry has been steadily developing and growing since then, both in market size, as well as in models and suppliers. Over a third of the world s population is projected to own a smartphone, an estimated total of almost 2.6 billion smartphone users in the world. Although Apple once had a commanding share of the smartphone market, other companies such as Samsung and Nokia introduced their own smartphones
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and followed Apple in developing apps. The competition among smartphone sellers is an example of how the market responds to changes in consumer tastes. Competition increases consumers choices of available products and lowers the prices consumers pay for those products.
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A perfectly competitive market is a market that meets the conditions of (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market. The main factor in most consumer decisions is the price of the product. When we discuss demand, we are considering not what a consumer wants to buy, but what a consumer is willing and able to pay.
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[Music]
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A demand schedule is a table that shows the relationship between the price of a product and the quantity of the product demanded. The amount of a good or service that a consumer is willing and able to purchase at a given price is called the quantity demanded. Economists use a graph to plot the numbers from a demand schedule as a demand curve, which shows the relationship between the price of a product and the quantity of the product demanded.
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Market demand curves show the product demand by all the consumers of goods or services. The demand schedule, the table, and the demand curve both display the same information, only one is tabular and the other graphical.
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The ceteris paribus, or all else equal condition is the requirement that when analyzing the relationship between two variables, such as price and quantity demanded, other variables must be held constant. If we allowed a variable other than price to change that might affect the willingness of consumers to buy a product, consumers would change the quantity they demand at each price. We can illustrate this result by shifting the market demand curve.
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The law of demand is the rule that, holding everything else constant, when the price of a product falls, the quantity demanded of the product will increase, and when the price of a product rises, the quantity demanded of the product will decrease. The law of demand holds for almost every market demand curve. It is not enforced by the economics police, it is how open markets performs in response to consumer choice. Think of your own buying habits:
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you would rent more movies if the price went down. You would rent fewer movies if the price went up. You will hear often in this class about the downward sloping demand curve. It is as constant as wet water and talkative economists. The law of demand is explained by the substitution and income effects of a change in price. The substitution effect refers to the change in the quantity demanded of a good resulting from a change in price that makes the good more or less expensive
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relative to other goods that are substitutes. This might be your willingness to purchase a less expensive Android smartphone when the cost of your favorite I-Phone increases. To some extent, they are substitutes for each other with price being the leveler between them. The income effect is the change in the quantity demanded of a good that results from the effect of a change in the good s price on consumers purchasing power.
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When the price of a good falls, the increased purchasing power of consumers incomes will usually lead them to purchase a larger quantity of the good. The substitution and income effects happen simultaneously whenever a price changes.
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A change in demand refers to a shift in the demand curve. A shift will occur if there is a change in one of the variables, other than the price of the product that affects the willingness of consumers to buy the product. A change in quantity demanded refers to a movement along the demand curve as a result of a change in the product s price. An advertising campaign can influence consumers demand for a product. Economists would say that the advertising campaign
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has affected consumers tastes for the product. Taste is a catch-all category that refers to many subjective elements that enter into a consumer s decision to buy a product. When consumers taste for a product increases, the demand curve will shift to the right, and when consumers taste for a product decreases, the demand curve for the product will shift to the left.
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Other than price, the five most important variables that affect demand are: income, prices of related goods, tastes, population demographics, and expected future prices. Changes to each factor causes consumer decisions to change. You might think of your decision to purchase something like new jeans is influenced by how you spend your money when you need to first cover other obligations like rent, food, and books for class.
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Your decisions first pivot on your income and then migrate to other factors like your personal preferences of tastes and price.
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The income that consumers have to spend affects consumers willingness and ability to buy a good. A normal good is a good for which the demand increases as income rises and decreases as income falls. This includes most of us with things like celebrating a new job by going out to dinner as a group at a nice restaurant. An inferior good is a good for which the demand increases as income falls and decreases as income rises.
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These are things like shopping for winter clothes at Goodwill or the Salvation Army. Loads of people do this when economic times are tight, but when that new job comes along their demand for Salvation Army clothes decreases in favor of the better known fashion outlets. Run a quick confirmation, what type of good are smartphones? Hmmm. Yup, they are Normal goods.
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Substitutes are goods and services that can be used for similar purposes. When two goods are substitutes, the more you buy of one, the less you will buy of the other. It is seen as the fast foods you sometimes consume, vehicles you drive, and even the apartment you rent versus the dorm room you live in. An increase in the price of a substitute causes the demand curve for the good of interest to shift to the right. It means that when the price of the
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Whopper increases consumers demand more Big Macs. A decrease in the price of a substitute causes the demand curve for a good to shift to the left.
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Complements are goods and services that are used together. When two goods are complements, the more you buy of one, the more you will buy of the other. A decrease in the price of a complement causes the demand curve for a good to shift to the right. An increase in the price of a complement causes the demand curve for a good to shift to the left.
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In the modern world, we are surrounded by devices that seem to blur the lines between technology categories. This brings us to a common question: Are tablets substitutes for laptops? Tablets are lightweight, portable, and designed for versatility. They excel in media consumption, note-taking, and light productivity tasks, often paired with accessories like a stylus or a detachable keyboard.
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With app ecosystems supporting creativity and connectivity, tablets cater to a broad audience. Laptops, on the other hand, are known for their robust hardware and software capabilities. They are designed for heavy productivity tasks like coding, video editing, and running complex software. Equipped with physical keyboards and powerful processors, they are go-to choices for many professionals and students.
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With rapid advancements in technology, tablets have evolved from simple touch-screen devices into powerful tools for productivity, entertainment, and communication. This raises an important question: Are tablets overtaking laptops as substitutes? Substitutes are products that can fulfill similar needs or wants, creating competition in the marketplace. Tablets are increasingly substituting laptops
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because they address core consumer demands: portability, affordability, and versatility. As tablets close the performance gap with laptops, their appeal continues to grow.
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Portability and Design: Tablets are slimmer, lighter, and more portable than laptops. This makes them the preferred choice for students, professionals, and travelers who value mobility. Features like detachable keyboards and stylus support enhance their versatility." Enhanced Productivity Features: Modern tablets now run full-featured operating systems and apps, supporting tasks like document editing, video calls, and even coding.
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Accessories like Apple s Magic Keyboard or Samsung s DeX transform tablets into laptop-like workstations. Price Advantage: Tablets are generally more affordable than laptops, making them accessible to a broader audience. For users who don't require high processing power, tablets are an economical alternative. Touchscreen and Intuitive Interfaces: The touchscreen interface on tablets offers a more intuitive and flexible
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user experience compared to laptops. This is particularly appealing for creative professionals and users who rely on drawing, designing, or annotating documents. Battery Life: Tablets often boast longer battery life than laptops, thanks to their energy-efficient hardware. This makes them ideal for extended use throughout the day without needing frequent recharging. Integration of Emerging Technologies:
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Tablets are at the forefront of adopting new technologies like AR (Augmented Reality), advanced cameras, and 5G connectivity. These features are redefining how users interact with their devices and the world around them. From an economic standpoint, the growing demand for tablets as substitutes is driven by their ability to meet consumer needs more efficiently than laptops in many cases. The declining demand for laptops in
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certain sectors indicates a shift in consumer preferences and market trends. An advertising campaign can influence consumers demand for a product. Economists would say that the advertising campaign has affected consumers taste for the product. Taste is a catch-all category that refers to many subjective elements that enter into a consumer s decision to buy a product. When consumers taste for a product decreases, the demand curve will shift to the left, and when consumers taste for
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a product increases, the demand curve for the product will shift to the right. Demographics refer to the characteristics of a population with respect to age, race, and gender. As the demographics of a country or region change, the demand for particular goods will increase or decrease because different categories of people tend to have different preferences for those goods.
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Expected future prices also affect current demand. For example, if enough consumers become convinced that houses will be selling for lower prices in three months, the demand for houses will decrease now. If enough consumers become convinced that the price of houses will be higher in three months, the demand for houses will increase now as some consumers try to beat the expected price increase. In 2000, I returned to the USA after living in the Russian Federation.
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With my family, we outfitted our new home with appliances and fittings. We found a new for me replacement to traditional incandescent light bulbs: florescent bulbs. Lighting effects were not the same, even though energy use was lower. We liked the lighting effects of the traditional incandescent bulbs so we sought those supplies. We found articles announcing that the US government would soon issue a new law preventing
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the manufacture and sale of the traditional bulbs. In a bit of overreaction, we purchased a lot of the going-out-of-stock traditional bulbs. We would have the lighting we wanted! Soon, the halogen bulbs were replaced by LED bulbs with a more familiar lighting effect. Energy use was a lot lower with this new generation bulbs. But, traditional bulbs are still being sold in stores. There was no law created to stop traditional incandescent light bulb manufacture and sale.
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Those stories were fabricated to increase demand for a current product type based on preferences, price and quality.
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You can imagine how producers may want to limit news about new upgrades to their products anticipating that consumers may reduce current demand because of a better product coming to market in the near-future. This is a substitute product, management strategy. It is consumers learning about a higher quality product coming to market or near-term prices falling because of new updates, the demand for the current models will drop.
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Apple takes the approach to just sell what is on the shelf right now. When the new phone hits the market, it becomes the hot topic.
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Now we take a close look at movements along the demand curve or a shifting of the curve. A change in quantity demanded refers to a movement along the demand curve as a result of a change in the product s price. When looking at a change to one of the variables on the graph, it is called an endogenous variable change.
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It moves along the demand curve. A change in demand refers to a shift in the demand curve. A shift will occur if there is a change in one of the variables, other than the price of the product that affects the willingness of consumers to buy the product. Since the changed variable is from outside the graph it is called an exogenous variable.
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The most important of the variables that influence the willingness and ability of firms to sell a good or service is price. Quantity supplied is the amount of a good or service that a firm is willing and able to supply at a given price. Holding other variables constant, when the price of a good rises, producing the good is more profitable and the quantity supplied will increase. When the price of a good falls, the good is less profitable and the quantity supplied will decrease.
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Devoting more resources to the production of a good results in increasing marginal costs. With higher marginal costs, firms will supply a larger quantity only if the price is higher.
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A supply schedule is a table that shows the relationship between the price of a product and the quantity of the product supplied. A supply curve is a curve that shows the relationship between the price of a product and the quantity of the product supplied. This is the same approach we used to talk about the Demand Schedule and Demand Curve. In the case of the Supply Curve, it is upward sloping to the right.
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Always ask yourself, who supplies goods and services? It is the suppliers of the products and the more money suppliers can make by selling their products, the more they will produce. For $100 each phone, suppliers may only make 8 million smartphones, but at $300 each, producers would create 12 million per week. This is the rational thinking supplier in action.
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The law of supply is the rule that, holding everything else constant, increases in price cause increases in the quantity supplied, and decreases in price cause decreases in the quantity supplied. If only the price of a product changes, there is a movement along the supply curve, which is an increase or decrease in the quantity supplied. If any other variable that affects the willingness of firms to supply a good changes then the supply curve will shift;
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this results in an increase or decrease in supply. When firms increase the quantity of a product they wish to sell at a given price, the supply curve shifts to the right. When firms decrease the quantity of a product they wish to sell at a given price, the supply curve shifts to the left.
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The most important variables that shift market supply are: prices of inputs, technological change, prices of substitutes in production, the number of firms in the market, and expected future prices. The factor most likely to cause a supply curve to shift is a change in the price of an input.
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If the price of an input rises, the supply curve will shift to the left. If the price of an input declines, the supply curve will shift to the right. This might be seen when the cost of phone processor chips climbs quickly causing smartphone manufacturers to increase the prices they charge for new smartphones. Conversely, a drop in plastic costs will decrease the end products cost. Both situations caused shifts in the supply curves.
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Technological change is a positive or negative change in the ability of a firm to produce a given level of output with a given quantity of inputs. A positive technological change will shift a firm s supply curve to the right; a negative technological change will shift a firm s supply curve to the left.
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Alternative products that a firm could produce are called substitutes in production. If the price of a substitute in production increases, the supply of the product will shift to the left. If a firm expects that the price of its product will be higher in the future, the firm has an incentive to decrease supply in the present and increase supply in the future. When firms enter a market, the supply curve shifts to the right; when firms exit a market,
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the supply curve shifts to the left. Expected future prices can also affect demand. For example, if enough consumers become convinced that houses will be selling for a lower price in three months, the demand for houses will decrease now. If enough consumers become convinced that the price of houses will be higher in three months, the demand for houses will increase now as some consumers try to beat the expected price increase.
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Think about the products this really targets. You may be able to store a warehouse of smartphones, but could you do this with crates of tomatoes? You get the idea, they need to be non-perishable goods.
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Timing is critical for the success of any product. This is especially true in the entertainment industry. A powerful example of this is the release of the James Bond movie No Time to Die. The 25th film in the James Bond series, was one of the most anticipated movies in recent history. Originally slated for release in April 2020, the movie faced delays due to the COVID-19 pandemic, pushing the release to December 2021.
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The pandemic led to theater closures worldwide, significantly reducing the potential audience. Releasing the film in April 2020 would have meant lower ticket sales and a diminished return on investment. The production company, MGM, decided to delay the release until theaters could reopen globally, ensuring that the movie reached its maximum audience. This decision allowed the movie to gross
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over $774 million worldwide, despite increased marketing and promotional costs due to the delay. This highlights an important economic concept: expected future prices. By delaying the release, MGM anticipated higher demand when conditions improved, ultimately securing higher revenue. This strategic timing is a key factor in maximizing profits. The release of No Time to Die demonstrates how businesses weigh current conditions against future opportunities to optimize product success.
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Timing isn t just about the calendar it s about understanding market conditions, consumer behavior, and global events. A change in quantity supplied refers to a movement along the supply curve as a result of a change in the product s price. Along the curve movement means we have an endogenous variable change. A change in supply refers shift in the supply curve. The supply curve will shift
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when there is a change in one of the variables, other than the price of the product, that affects the willingness of suppliers to sell the product. This is another example of an exogenous variable.
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The purpose of markets is to bring buyers and sellers together. The interaction of buyers and sellers in markets results in firms producing goods and services most desired by consumers. Market equilibrium is a situation in which quantity demanded equals quantity supplied. A competitive market equilibrium is a market equilibrium with many buyers and many sellers. We spend a lot of time looking at graphs of these curves. Their intersection
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is the sweet-spot called equilibrium . This intersection shows where price and quantity are found when the markets are stable. Equilibrium shows what quantities are expected at the indicated price.
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A surplus is a situation in which the quantity supplied is greater than the quantity demanded. When there is a surplus, firms have unsold goods piling up, which gives them an incentive to increase their sales by cutting the price. Cutting the price simultaneously increases the quantity demanded and decreases the quantity supplied. Equilibrium will eventually be achieved.
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A shortage is a situation in which the quantity demanded is greater than the quantity supplied. When a shortage occurs, some consumers will be unable to obtain the product, and firms will realize they can raise the price without losing sales. A higher price will simultaneously increase the quantity supplied and decrease the quantity demanded. At a competitive market equilibrium, all consumers willing to pay the market price will be able to buy as much as they want, and all
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firms willing to accept the market price will be able to sell as much of the product as they want. There will be no reason for the price to change unless either the demand curve or the supply curve shifts. A shortage is not scarcity. Remember, Buzz Lightyear doll shortage in 1995 was because shortsighted retailers did not order enough dolls to meet demand. That defined the shortage situation.
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In the USA, we live in a Free Enterprise Economy where we have freedom of choice to buy what we want and how much we want, based on our ability to purchase the scarce resources available. Similarly, businesses can produce the products they are best suited to provide and at the cost guaranteed through competition. Neither consumers nor firms can dictate what the equilibrium price will be. No firm can sell anything at any price unless it can find a willing buyer,
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and no consumer can buy anything at any price without finding a willing seller. In a market situation called Perfect Competition, there are many buyers and many sellers. All market participants exercise free will, but none are Price Setters. Perfect Competition includes markets for goods such as carrots, corn, and potatoes sold in the local markets. If a seller increases price too high, buyers will go to the next store to buy them at the market price.
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By the same consideration, buyers cannot step into Walmart and negotiate a lower price for a bag of russets. All participants are price takers in Perfect Competition.
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[Music]
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As we explore these tables and figures, focus on how they are formed and react to changes. Develop reasoning considerations to confirm that buyers Demand goods and sellers Supply goods. Always keep them straight in your mind and remember the downward sloping to the right Demand, and the Upward Sloping to the right Supply . Trust me on this one, remembering this will serve you well. When the market supply
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curve shifts to the right, there will be a surplus at the original equilibrium price. The surplus is eliminated as the price falls to the new equilibrium and the quantity rises to a new equilibrium. If existing firms exit the market, the supply curve will shift to the left, causing the equilibrium price to rise and the equilibrium quantity to fall. Really, at this stage of our considerations,
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we can only predict directions of the shifts in price and quantity, not specific dollar amounts. At least, not yet.
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Consider the effects of an exogenous variable, like consumer incomes it is not shown on the graph so income increases will shift the demand curve to the right. We call smartphones a Normal good because as incomes go up, consumer demand also goes up. A new intersection with the supply curve is identified where a higher price is predicted and a higher quantity is demanded at the new price.
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A series of Demand curve scenario are presented on the left side column with Supply curve changes along the column headings. If Demand is held constant while the supply curve shifts to the right, we can predict what we saw two figures earlier, that quantity will increase and price will fall. Conversely, we can consider a supply curve shifting to the left and the result being as we just most recently saw on the last graph that
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quantity will decrease and price will increase. Right here, I ask you to recreate this table on paper in front of you. For you to really get these ideas, you need to stop the video and fill the four predicted outcomes you would expect to see. Draw the graphs, label price on the vertical axis and quantity on the horizontal. Create your supply and demand lines, pencil in the shifts indicated in each instance.
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Really, you need to be able to complete this table without me showing you the answers to each scenario. You want to use the next 30 seconds to fill the table and stop the video if you need some more time. This is the time you really want to spend for yourself. Do it, make it happen.
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OK, so now we get to check a couple of these scenario. Consider the market for smartphones in general, as the market has grown so have the number of firms making these gadgets of high demand. The Supply curve shifts to the right. At the same time, an economic expansion has been in effect and incomes have risen. Because smartphones are a normal good the demand for smartphones also shifted to the right.
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We get a new equilibrium set at the new intersection of both shifted lines. There is a bit of ambiguity resulting from this graph, because I have shown demand shifting more than supply shifted. This scenario shows both equilibrium price and equilibrium quantity increasing.
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What if incomes rose only slightly and the number of suppliers went up drastically more? It could result in price dropping and quantity increasing. Consider that even if incomes did not increase, but the number of suppliers did increase how price would still be predicted to drop and quantity also increase.
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I hope you can see this table completed now in comparison to what you created a few minutes ago. See if your answers are consistent with these. Really, you need to nail these responses knowing that some of them give firm increase or decrease responses, while others will be a range of options based on the magnitude of the shift.
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Increased supply occurs when producers bring more goods or services to the market, often driven by technological advancements, improved production methods, or increased competition. One of the best modern examples of this is the streaming services market.
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1. Main Content:The Evolution of Streaming Services: When Netflix launched its streaming platform in 2007, it revolutionized how consumers accessed movies and TV shows. Over time, other companies recognized the demand and entered the market, including Hulu, Disney+, Amazon Prime Video, and HBO Max. Today, there are dozens of platforms competing for subscribers. 2. Why Did Supply Increase? Technological Advancements: "Advances
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in internet speed and cloud-based infrastructure made streaming accessible to millions worldwide. Competition: As companies entered the market, the number of available streaming options grew exponentially. Lower Barriers to Entry: With the rise of platforms like YouTube and TikTok, content creation and distribution became easier than ever. 3. Impact on Prices and Quantity: The increase in supply led to more affordable subscription prices and a dramatic increase
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in the number of streaming subscribers. For example, Disney+ launched at just $6.99 per month, undercutting competitors and accelerating consumer adoption. 4. Economic Insight: Streaming services highlight how an increase in supply can benefit consumers by driving down prices and increasing the variety of options available. This creates more competitive markets and often higher-quality products.
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If both the demand and supply curves increase, whether the equilibrium price in a market rises or falls over time depends on whether demand shifts to the right more than supply does. When demand shifts more than supply, the equilibrium price rises. When supply shifts to the right more than demand, the equilibrium price falls. When a shift in the supply curve causes a change in equilibrium price, the change in price does not cause a further change in demand.
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This is an important consideration of these facts. There is a difference between an increase in suppliers of the market versus a change of demand. If the change in demand happens because prices went down, then there is a movement along the demand curve to the point of new intersection with the shifted supply curve. The demand curve displays what quantity consumers will demand at all price points. Find the new equilibrium point and your solution
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will be there waiting for your discovery.
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When describing changes to supply and demand curves be very specific about curves shifting to the right and shifting to the left. They do not shift up and down: those terms will confuse you and muddle your best understanding. You might see a movement up or down a demand curve but that is a movement along the curve, not a shift of it. If you keep your focus on these terms and apply them accurately each time, you will not confuse yourself.
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That is a monumental accomplishment all by itself! As we wrap up this presentation, remember the principles of demand and supply form the backbone of any market system. Whether it s the pricing of everyday goods or the impact of events like the Optus outage, these concepts help us understand the forces that shape our economy. Take a moment to reflect on how shifts in demand or supply influence the prices
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you encounter daily, and think critically about how businesses and consumers adapt. Until next time, keep exploring how demand and supply interact in the world around you. [Music]
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