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Pengantar Ek Makro Ses 2 Ds
Pengantar Ek Makro Ses 2 Ds
Artinya bila harga barang meningkat, jumlah barang yang diminta cenderung turun, dan sebaliknya, dengan asumsi ceteris paribus (the other being fixed), yaitu faktor laktor lain tetap (tidak berpengaruh), seperti: tingkat pendapatan, harga barang lain yang berkaitan, selera, jumlah penduduk, dst HUKUM PENAWARAN: Harga barang berbanding lurus dengan jumlah barang yang ditawarkan. Artinya bila harga barang naik, jumlah barang yang ditawarkan cenderung meningkat, dan sebaliknya. Asumsi ceteris paribus (faktor-faktor lain) tidak mempengaruhi, seperti: harga input, tujuan perusahaan, teknologi, kebijakan pemerintah, harga barang yang berkaitan, dst. HUKUM PASAR (HUKUM PERMINTAAN-PENAWARAN): 1. Bila permintaan meningkat, sedangkan penawaran tetap atau turun, maka harga barang cenderung meningkat (ceteris paribus); 2. Bila penawaran meningkat, sedangkan permintaan tetap atau turun, maka harga cenderung menurun (ceteris paribus).
3
HUKUM EKONOMI
MARKETS DEFINED
POTENTIAL BUYERS
POTENTIAL SELLERS
MARKETS
DEMAND DEFINED
P QD $5 10 4 20 3 35 2 55 1 80
A schedule or a curve that shows the various amounts of a product that consumers are willing and able to purchase at each of a series of possible prices.
LAW OF DEMAND
As Price Falls Quantity Demanded Rises As Price Rises Quantity Demanded Falls
LAW OF DEMAND
DIMINISHING MARGINAL UTILITY INCOME EFFECT SUBSTITUTION EFFECT DEMAND CURVE INDIVIDUAL AND MARKET DEMAND
GRAPHING DEMAND
Price CORN
P
5 4 3
P QD 10 20 35 55 80
$5 4 3 2 1
Q
20 35
55 80
Quantity
GRAPHING DEMAND
Price of Corn
P
CORN
$5
P $5 4 3 2 1
QD 10 20 35 55 80
D
10 20 30 40 50 60 70 80 Quantity of Corn
GRAPHING DEMAND
Price of Corn
P
CORN
$5
P $5 4 3 2 1
QD 10 20 35 55 80
GRAPHING DEMAND
Price of Corn
P
CORN
$5
P $5 4 3 2 1
D D Q
10 20 30 40 50 60 70 80 Quantity of Corn
GRAPHING DEMAND
Price of Corn
P
CORN
$5
P $5 4 3 2 1
QD 10 20 35 55 80
GRAPHING DEMAND
Price of Corn
P
CORN
$5
P $5 4 3 2 1
QD 4 -10 10 3 20 20 35 40 2 Decrease 55 60 80 in
1
Demand o
10 20 30 40 50 60 70 80 Quantity of Corn
D D Q
Expectations
SUPPLY DEFINED
CORN
Supply is a schedule or a curve showing the amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices.
P QS $1 5 2 20 3 35 4 50 5 60
LAW OF SUPPLY
A direct relationship exists between price and quantity supplied
As Price Rises
Quantity Supplied Rises
As Price Falls
Quantity Supplied Falls
GRAPHING SUPPLY
Price of Corn
$5
CORN
P QS $5 4 3 2 1 60 50 35 20 5
GRAPHING SUPPLY
Price of Corn
$5
CORN
P QS $5 4 3 2 1
Q
60 50 35 20 5
GRAPHING SUPPLY
Price of Corn
$5
Increase in Supply
S
CORN
in Quantity Supplied
10 20 30 40 50 60 70 80 Quantity of Corn
P QS 80 $5 60 70 4 50 60 3 35 45 2 20 Increase 30 1 5
Q
GRAPHING SUPPLY
Price of Corn
$5
CORN
P QS $5 4 3 2 1
Q
60 50 35 20 5
GRAPHING SUPPLY
Price of Corn Decrease
$5
in Supply
S S
CORN
10 20 30 40 50 60 70 80 Quantity of Corn
DETERMINANTS OF SUPPLY Resource Prices Technology Taxes & Subsidies Prices of Other Goods Price Expectations Number of Sellers
DETERMINANTS OF SUPPLY Resource Prices Technology Combining Taxes & with Subsidies Prices Demand of Other Goods Price Expectations Number of Sellers
P $5 4 3 2 1
QD 10 20 35 55 80
MARKET
BUSHELS OF CORN
P QS $5 4 3 2 1 60 50 35 20 5
MARKET
x 7,000
E
S
x 7,000
4,000 E 1,000
R S
11,000 R 16,000
EQUILIBRIUM
$5
CORN MARKET
PQ
4 3
D
2 4 6
78
10 12 14 16
Quantity of Corn
$5
Surplus
S
At a $4 price
CORN MARKET
PQ
78
10 12 14 16
Quantity of Corn
$5
S
At a $2 price
CORN MARKET
PQ
78
101112 14 16
Quantity of Corn
$5
Surplus
CORN MARKET
PQ
S $5 12,000 4 10,000 3 7,000 2 4,000 1 1,000
Shortage
2 4 6
D
78
101112 14 16
Quantity of Corn
MARKET EQUILIBRIUM
Equilibrium Price & Quantity Rationing Function of Prices Changes in Demand Changes in Quantity Demanded Changes in Supply Changes in Quantity Supplied
Multiple Shifts
Complex Cases
Multiple Shifts
Complex Cases
Price Floors
Surpluses
Price Ceiling
A maximum price that sellers may charge for a good, usually set by government.
Price ceiling
Price Rationing :The process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied. Ration coupons Tickets or coupons that entitle individuals to purchase a certain amount of a given product per month. Black market A market in which illegal trading takes place at market-determined prices.
PRICE FLOORS Price floor A minimum price below which exchange is not permitted. Minimum wage A price floor set under the price of labor. Agricultural Products
INFLATION
Inflation : Inflation This is the process by which the price level rises and money loses value. There are two kinds of inflation: a) Demand pull b) Cost push
Demand pull inflation : Demand pull inflation , may be due to : Increase in money supply and Increase in government purchases Increase in exports
Cost push Inflation : Cost push Inflation Cost push inflation may arise because of : Increase in money wage rates Increase in money prices of raw materials.
AD
AD
Demand pull inflation : Demand pull inflation , may be due to : Increase in money supplyAS and Increase in government purchases Increase in exports
P P E
AS
AD
AS
P P
E E
Cost push Inflation : Cost push Inflation Cost push inflation may arise because of : Increase in money wage rates Increase in money prices of raw materials.
AD P AD P E P P E P AS P
AS
AD E; E AS
THE
BASIS OF RATE OF INFLATION: CREEPING INFLATION. WALKING INFLATION. RUNNING INFLATION. HYPER-INFLATION.
PRICE FLOORS
Price Floor
u A legally established minimum price at which a good can be sold.
Price Floors
When the government imposes a price floor, two outcomes are possible.
u The price floor is not binding if set below the equilibrium price. u The price floor is binding if set above the equilibrium price, leading to a surplus.
Supply
Equilibrium quantity
100
Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.
Surplus $4 $3
Equilibrium price
Supply
Price floor
Demand
0
Quantity demanded
80
Quantity supplied
120
Quantity of #2 Wheat
Effects of a Price Floor A binding price floor causes . . . a surplus because QS >QD. nonprice rationing is an alternative mechanism for rationing the good, using discrimination criteria.
uExamples: The minimum wage, Agricultural price supports
Equilibrium wage
Labor demand 0
Equilibrium employment
Quantity of Labor
Labor supply
Minimum wage
Labor demand 0
Quantity demanded Quantity supplied
Quantity of Labor
Summary
u Price controls include price ceilings and price floors. u A price ceiling is a legal maximum on the price of a good or service. An example is rent control. u A price floor is a legal minimum on the price of a good or a service. An example is the minimum wage.
Price Ceilings
ECON 130(3) September 14-16, 2009 Sumner La Croix
Price Controls...
u
Are usually enacted when policymakers believe the market price is unfair to buyers or sellers. Result in government-created price ceilings or price floors.
Price Floor
u A legally established minimum price at which a good can be sold.
Price Ceilings
Two outcomes are possible when the government imposes a price ceiling:
The price ceiling is not binding if set above the equilibrium price. The price ceiling is binding if set below the equilibrium price, leading to a shortage.
Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.
Supply
4 $3 Equilibrium price Price ceiling
Demand
0 100 Equilibrium Quantity Quantity of Oranges lbs
Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.
Supply
Equilibrium price $3 2 Price ceiling
Shortage
Demand
0 75 Quantity supplied 125 Quantity demanded Quantity of Oranges-lbs
nonprice rationing
u u
Rationing Resources
u Price Rationing
Efficient Impersonal
u Non-price Rationing
Long lines
Waste buyers time Inefficient
Discrimination by sellers:
Goods may not go to buyer who value it most highly Inefficient Potentially unfair
What was responsible for the long gas lines? Economists blame government regulations that limited the price oil companies could charge for gasoline.
Initially
Price of Gasoline
Price ceiling
Then
Price of Gasoline
S2
P2 Price ceiling P1 4. . . . resulting in a shortage. QS QD Q 1 3. . . . the price ceiling becomes binding . . . Demand Quantity of Gasoline
Rent Control
u Rent controls are ceilings placed on the rents that landlords may charge tenants u Goal: to help the poor by making housing more affordable u New York City rent controls were enacted as a WWII emergency measure
u Some units still under rent control today u Many rich tenants in rich neighborhoods paying low WWII prices.
Supply
Controlled rent
Shortage
Demand
0 Quantity of Apartments
Because the supply and demand for apartments are more elastic...
Supply
Controlled rent
Shortage
Demand
0 Quantity of Apartments
u You are already in a desirable house? u You are a UH student looking for a place to live? u You are a member of a minority group subject to discrimination? u You are poor and cannot afford market rents in an uncontrolled market? u You are the owner of a rental unit?
Who would gain and Who would lose From rent control in Honolulu?