Ch16Equilibrium-v.ppt

Ch16Equilibrium-v.ppt

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ChapterSixteenEquilibriumMarketEquilibriumuAmarketisinequilibriumwhentotalquantitydemandedbybuyersequalstotalquantitysuppliedbysellers.MarketEquilibriumpD（p）q=D（p）MarketdemandMarketEquilibriumpS（p）Marketsupplyq=S（p）MarketEquilibriumpD（p）,S（p）q=D（p）MarketdemandMarketsupplyq=S（p）MarketEquilibriumpD（p）,S（p）q=D（p）MarketdemandMarketsupplyq=S（p）p*q*MarketEquilibriumpD（p）,S（p）q=D（p）MarketdemandMarketsupplyq=S（p）p*q*D（p*）=S（p*）;themarketisinequilibrium.MarketEquilibriumpD（p）,S（p）q=D（p）MarketdemandMarketsupplyq=S（p）p*S（p）D（p）S（p）;anexcessofquantitysuppliedoverquantitydemanded.pD（p）MarketEquilibriumpD（p）,S（p）q=D（p）MarketdemandMarketsupplyq=S（p）p*S（p）D（p）S（p”）;anexcessofquantitydemandedoverquantitysupplied.p”S（p”）MarketEquilibriumpD（p）,S（p）q=D（p）MarketdemandMarketsupplyq=S（p）p*D（p”）D（p”）S（p”）;anexcessofquantitydemandedoverquantitysupplied.p”S（p”）Marketpricemustrisetowardsp*.MarketEquilibriumuCanwecalculatethemarketequilibriumusingtheinversemarketdemandandsupplycurves?

MarketEquilibriumuCanwecalculatethemarketequilibriumusingtheinversemarketdemandandsupplycurves?

uYes,itisthesamecalculation.MarketEquilibriumuTwospecialcases:

lquantitysuppliedisfixed,independentofthemarketprice,andlquantitysuppliedisextremelysensitivetothemarketprice.MarketEquilibriumMarketquantitysuppliedisfixed,independentofprice.pqq*MarketEquilibriumS（p）=c+dp,sod=0andS（p）c.pqq*=cMarketquantitysuppliedisfixed,independentofprice.MarketEquilibriumS（p）=c+dp,sod=0andS（p）c.pqq*=cD-1（q）=（a-q）/bMarketdemandMarketquantitysuppliedisfixed,independentofprice.MarketEquilibriumS（p）=c+dp,sod=0andS（p）c.pqp*D-1（q）=（a-q）/bMarketdemandq*=cMarketquantitysuppliedisfixed,independentofprice.MarketEquilibriumS（p）=c+dp,sod=0andS（p）c.pqp*=（a-c）/bD-1（q）=（a-q）/bMarketdemandq*=cp*=D-1（q*）;thatis,p*=（a-c）/b.Marketquantitysuppliedisfixed,independentofprice.MarketEquilibriumS（p）=c+dp,sod=0andS（p）c.pqD-1（q）=（a-q）/bMarketdemandq*=cp*=D-1（q*）;thatis,p*=（a-c）/b.p*=（a-c）/bMarketquantitysuppliedisfixed,independentofprice.MarketEquilibriumS（p）=c+dp,sod=0andS（p）c.pqD-1（q）=（a-q）/bMarketdemandq*=cp*=D-1（q*）;thatis,p*=（a-c）/b.withd=0givep*=（a-c）/bMarketquantitysuppliedisfixed,independentofprice.MarketEquilibriumuTwospecialcasesarelwhenquantitysuppliedisfixed,independentofthemarketprice,andlwhenquantitysuppliedisextremelysensitivetothemarketprice.MarketEquilibriumMarketquantitysuppliedisextremelysensitivetoprice.pqMarketEquilibriumMarketquantitysuppliedisextremelysensitivetoprice.S-1（q）=p*.pqp*MarketEquilibriumMarketquantitysuppliedisextremelysensitivetoprice.S-1（q）=p*.pqp*D-1（q）=（a-q）/bMarketdemandMarketEquilibriumMarketquantitysuppliedisextremelysensitivetoprice.S-1（q）=p*.pqp*D-1（q）=（a-q）/bMarketdemandq*MarketEquilibriumMarketquantitysuppliedisextremelysensitivetoprice.S-1（q）=p*.pqp*D-1（q）=（a-q）/bMarketdemandq*=a-bp*p*=D-1（q*）=（a-q*）/bsoq*=a-bp*QuantityTaxesuAquantitytaxleviedatarateof$tisataxof$tpaidoneachunittraded.uIfthetaxisleviedonsellersthenitisanexcisetax.（消费税，货物税，执照（消费税，货物税，执照税）税）uIfthetaxisleviedonbuyersthenitisasalestax.（营业税营业税）QuantityTaxesuWhatistheeffectofaquantitytaxonamarketsequilibrium?

uHowarepricesaffected?

uHowisthequantitytradedaffected?

uWhopaysthetax?

uHowaregains-to-tradealtered?

QuantityTaxesuAtaxratetmakesthepricepaidbybuyers,pb,higherbytfromthepricereceivedbysellers,ps.QuantityTaxesuEvenwithataxthemarketmustclear.uI.e.quantitydemandedbybuyersatpricepbmustequalquantitysuppliedbysellersatpriceps.QuantityTaxesanddescribethemarketsequilibrium.Noticethatthesetwoconditionsapplynomatterifthetaxisleviedonsellersoronbuyers.Hence,asalestaxrate$thasthesameeffectasanexcisetaxrate$t.QuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*NotaxQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*$tAnexcisetaxraisesthemarketsupplycurveby$tQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*Anexcisetaxraisesthemarketsupplycurveby$t,raisesthebuyerspriceandlowersthequantitytraded.$tpbqtQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*Anexcisetaxraisesthemarketsupplycurveby$t,raisesthebuyerspriceandlowersthequantitytraded.$tpbqtAndsellersreceiveonlyps=pb-t.psQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*NotaxQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*Ansalestaxlowersthemarketdemandcurveby$t$tQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*Ansalestaxlowersthemarketdemandcurveby$t,lowersthesellerspriceandreducesthequantitytraded.$tqtpsQuantityTaxes&MarketEquilibriumpD（p）,S（p）MarketdemandMarketsupplyp*q*Ansalestaxlowersthemarketdemandcurveb