Changes in market equilibrium

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Changes in market equilibrium발음듣기

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What I want to do in this video is how supply and / or demand might change based on changes on some factors of the market and then think about what that might do to the equilibrium price and equilibrium quantity.발음듣기

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So let's say at some period, this is what the supply curve looks like, and this is what the demand looks like and then all of a sudden this thing happens.발음듣기

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A new disease resistant apple is invented what's likely to happen for the next period?발음듣기

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Well a new disease resistant apple being invented, this is something that clearly impacts the growers and clearly impacts the suppliers.발음듣기

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All of a sudden you'll have fewer apples vulnerable to disease and so they will be able to produce more apples, so at any given price point this will shift the quantity of apples supplied up, or you could say that entire supply curve is shifted to the right or supply goes up,발음듣기

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and obviously, if now we have disease resistant apples even our minimum price of producing apples is lower.발음듣기

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Now, when we have supply curve shifted this way, shifted to the right what happens to the equilibrium price?발음듣기

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Well our old equilibrium price was over here, our new equilibrium price. So this is old one and this is our new equilibrium price, we're assuming that the demand has not changed at all so this is our new equilibrium price so our new equilibrium price is lower, so the price went down.발음듣기

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And you don't have to, you could've probably reason through that before taking an e-class.발음듣기

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But this way you have some way to think about it, think about how the curves are changing.발음듣기

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Now let's think about this scenario.발음듣기

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So this is before, so all of these examples, this is the graph is what happened before.발음듣기

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the event came out, so this is before and the studies release on how apples prevent cancer.발음듣기

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So what is that likely to do?발음듣기

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Well no one want cancer and more people would be eager to have apples, this will change customer preferences.발음듣기

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they will prefer apples even more when they're. When they're at the supermarket.발음듣기

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So this is clearly affecting demand customer preferences and at the given price customers will want to get, people will demand higher quantity of apples, quantity demanded of the apples would go up.발음듣기

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So the demand curve will shift to the right, or you could say that demand would go up so that's the new demand curve, so here the demand goes up, and let me write over here in this situation supply went up, here demand goes up, and what happens to the price?발음듣기

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This is our old equilibrium price and this is our new equilibrium price.발음듣기

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The price is clearly went up.발음듣기

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Actually over here, let's think about the quantity too in this first situation.발음듣기

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This is our old equilibrium quantity; this is our new equilibrium quantity.발음듣기

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Quantity went up which makes sense.발음듣기

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If you have fewer apples dying, price went down, more people want to buy it.발음듣기

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Here, price went up and what happened to quantity?발음듣기

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Quantity.발음듣기

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This is our old equilibrium quantity; this is our new equilibrium quantity.발음듣기

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Quantity also went up.발음듣기

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More people just want to buy apples; they don't want to get cancer.발음듣기

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Now let's think about these scenarios right over here.발음듣기

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The pear cider industry launches an ad campaign.발음듣기

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For the sake of this, let's assume the same growers who grow apples can also grow pears.발음듣기

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That makes it interesting.발음듣기

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So you have a couple of interesting things.발음듣기

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By launching this advertising campaign - we assume it's a good advertising campaign - this will clearly make demand go up for pear cider relative to apple cider.발음듣기

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Most people when they think of cider, they think of apple cider.발음듣기

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Now all of a sudden, pear cider comes out.발음듣기

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It'll make demand for apple cider go down.발음듣기

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So this is, apple cider demand will go down.발음듣기

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If the apple cider demand goes down, the apple cider producers are going to demand fewer apples.발음듣기

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This means apple demand will go down.발음듣기

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At any given price point, apple demand will go down.발음듣기

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So the apple demand curve will shift to the left I should say at any given price point, the quantity demanded will go down so the entire curve, the entire relationship will shift to the left.발음듣기

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Now that is not all that might happen because if you think about it from the suppliers' point of view I don't know if this is really the case, but let's assume that the farmers who grow apples can also grow pears.발음듣기

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Well, they might say, well, now that there's more demand for pears they're doing this advertising campaign and probably the price of pears has gone up.발음듣기

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They might say, well, I'm going to devote more of my land to pears and less of my land to apples.발음듣기

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And so the apple supply might go down.발음듣기

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It also shift to the left.발음듣기

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So they're both shifting to the left.발음듣기

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Now what is likely to happen here?발음듣기

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The demand went down and the supply went down; they both shifted to the left.발음듣기

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Well, here the way I drew it.발음듣기

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This was our old equilibrium price; this is our new equilibrium price.발음듣기

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It actually looks the way that I drew it right over here that it did not change.발음듣기

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The equilibrium quantity definitely.발음듣기

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This was our old equilibrium quantity; this is our new equilibrium quantity.발음듣기

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Clearly the quantity went down.발음듣기

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It was a bad day for apples but the price didn't change because at least in the example we assume that the farmers also produced fewer apples.발음듣기

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It turns out that I can have drawn it in multiple ways.발음듣기

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Let me draw it in different ways here.발음듣기

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So the quantity definitely - So let's think about other scenarios.발음듣기

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Let me draw it slightly different.발음듣기

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Let's say that the supply goes down even more dramatically.발음듣기

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Let's say that the supply shifts all the way the supply shifts really far back.발음듣기

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Now what happens?발음듣기

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Well now our equilibrium price because the reduction in supply was more extreme than the reduction in the demand.발음듣기

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Now - and it really depends on how the curve shapes and all that.발음듣기

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The main thing is to reason through so as to see what the actually results are but in this situation, all of a sudden, the price went up, but the quantity definitely still went down.발음듣기

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So in this case, the one thing that you're always going to be sure is that the quantity went down but the price went up because this effect.발음듣기

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The supply went down much more than the demand did.발음듣기

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So the price went up.발음듣기

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Now I could have done another scenario where maybe the supply barely barged or maybe the demand went down dramatically.발음듣기

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Let me draw it where the supply barely barges.발음듣기

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So maybe the supply, it only gets shifted a little bit to the left.발음듣기

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So maybe the supply curve looks like this.발음듣기

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Now all of a sudden, quantity definitely goes down.발음듣기

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So in all of the scenarios, the quantity will go down.발음듣기

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But I've just done 3 scenarios where the price could be neutral, the price could go up or the price could go down.발음듣기

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So you actually don't know what is going to happen to price based on this.발음듣기

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You'd actually have to look at the actual curve and see what the new equilibrium prices are.발음듣기

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Now let's look at this.발음듣기

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The apple pickers unionize and demand wage increases.발음듣기

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So this is an issue for the suppliers.발음듣기

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So all of a sudden, one of their inputs, one of the costs of production which is labor has gone up.발음듣기

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So the cost of production has gone up.발음듣기

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Now at a given price point, they're less profitable less willing to produce apples.발음듣기

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So at a given price point--so we're talking about the suppliers at a given price point they will supply a lower quantity.발음듣기

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So this is going to lower supply.발음듣기

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When you lower supply, what's going to happen?발음듣기

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Well your equilibrium quantity, this was our old one, this is our new one equilibrium quantity definitely goes down.발음듣기

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And what happened to the price, assuming nothing changes to the demand?발음듣기

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So this was our old equilibrium price; this is our new equilibrium price; it went up.발음듣기

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Quantity went down and price went up I encourage you to--I should've told you at the beginning to try these for yourself but I encourage you to try these out with different situations.발음듣기

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Think of situations yourself and even think about different markets other than the apple market.발음듣기

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