Perloff Chapter 1 Summary Essay

1148 words - 5 pages

Microeconomics Chapter 1

* The study of how individuals and firms make themselves as well of as possible in a world of scarcity(shortage) and the consequences of those individual decisions for markets and the entire economy.
* Often called price theory: emphasize the important role of the price
1.1 Microeconomics: The Allocation of Scare Resources

* Which goods and services to produce: limitation of production, resources ( worker, raw materials, capital and energy)
* How to produce: to produce a given output a firm needs to use more of one resource and less of another
* Who gets the goods and services: the more of ...view middle of the document...

1 Demand:
* The quantity of a good that consumers demand depends on price and other factors such as consumers’ incomes and the price of related goods, taste, information
* Taste: consumers only buy thinks they like
* Information: affect the buying-decision
* Prices of related products:
* Substitute: a product that you view as similar
* Complement: a good that you like to consume at the same time; e.g. the price of the other product affects the buying decision of your product
* Income: are you able to afford the product
* Governments rules and regulations: e.g. taxes

* The demand curve:
* Quantity demand: the amount of a good that consumers are willing to buy at a given price, holding constant the other factors that influence purchases
* Demand curve: the quantity demand at each possible price, holding constant the other factors that influence purchases

* Effect of Prices on the Quantity Demanded: (example. The demand of pork in Canada)
* Law of demand: Consumers demand more of a product the lower its price, holding constant tastes, the price of other goods, and other factors that influence the amount they consume

* Effects of Other Factors on Demand:
* E.g. the price of beef increases:
* Causes a shift in the demand curve instead of a movement along the demand curve

* The Demand Function:
* Q = D(p,pb,pc,Y)
* Q: quantity of demand
* p: the price of pork
* pb: the price of beef
* pc: the price of chicken
* Y: income of consumers

Values for the function:
Pb: 4 Dollars per kg
Pc: 3/1/3 Dollars per kg
Y: 12.5 Dollars
Calculation in the folder for Microeconomics

Summing Demand Curves
* Demand for consumer 1
* Q1=D1(p)
* Demand for consumer 2
* Q2=D2(p)
* The demand of both consumers at the price p:
* Q=Q1+Q2= D1(p)+ D2(p)

2.2 Supply:
* The amount of products a firm offers at the market

* Factors that influence the supply:
* Costs of production
* Government rules and regulations

* The supply curve:
* Quantity supplied: the amount of a good that firms want so sell at a given price, holding constant other factors that influence firms’ supply decisions, such as costs and government actions
* Supply curve: the quantity supplied at each possible price, holding constant the other factors that influence firms’ supply decisions

* Effect of Price on Supply:
* An increase in the price causes a movement along the supply curve

* Effects of other Variables on Supply:
* Other variables cause the entire supply curve to shift

* The Supply Function:

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