Changes in market equilibrium

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Changes in market equilibrium

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.

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.

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

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

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,

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

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

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.

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

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

Now let's think about this scenario.

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

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

So what is that likely to do?

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

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

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.

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?

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

The price is clearly went up.

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

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

Quantity went up which makes sense.

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

Here, price went up and what happened to quantity?

Quantity.

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

Quantity also went up.

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

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

The pear cider industry launches an ad campaign.

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

That makes it interesting.

So you have a couple of interesting things.

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.

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

Now all of a sudden, pear cider comes out.

It'll make demand for apple cider go down.

So this is, apple cider demand will go down.

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

This means apple demand will go down.

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

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.

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.

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.

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

And so the apple supply might go down.

It also shift to the left.

So they're both shifting to the left.

Now what is likely to happen here?

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

Well, here the way I drew it.

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

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

The equilibrium quantity definitely.

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

Clearly the quantity went down.

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.

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

Let me draw it in different ways here.

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

Let me draw it slightly different.

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

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

Now what happens?

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

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

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.

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.

The supply went down much more than the demand did.

So the price went up.

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

Let me draw it where the supply barely barges.

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

So maybe the supply curve looks like this.

Now all of a sudden, quantity definitely goes down.

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

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

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

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

Now let's look at this.

The apple pickers unionize and demand wage increases.

So this is an issue for the suppliers.

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

So the cost of production has gone up.

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

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

So this is going to lower supply.

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

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

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

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

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.

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

번역 0%

Changes in market equilibrium발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

Now let's think about this scenario.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

So what is that likely to do?발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

The price is clearly went up.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

Quantity went up which makes sense.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

Quantity.발음듣기

다른 번역문 등록

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

다른 번역문 등록

Quantity also went up.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

The pear cider industry launches an ad campaign.발음듣기

다른 번역문 등록

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

다른 번역문 등록

That makes it interesting.발음듣기

다른 번역문 등록

So you have a couple of interesting things.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

This means apple demand will go down.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

And so the apple supply might go down.발음듣기

다른 번역문 등록

It also shift to the left.발음듣기

다른 번역문 등록

So they're both shifting to the left.발음듣기

다른 번역문 등록

Now what is likely to happen here?발음듣기

다른 번역문 등록

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

다른 번역문 등록

Well, here the way I drew it.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

The equilibrium quantity definitely.발음듣기

다른 번역문 등록

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

다른 번역문 등록

Clearly the quantity went down.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

Let me draw it in different ways here.발음듣기

다른 번역문 등록

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

다른 번역문 등록

Let me draw it slightly different.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

Now what happens?발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

So the price went up.발음듣기

다른 번역문 등록

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

다른 번역문 등록

Let me draw it where the supply barely barges.발음듣기

다른 번역문 등록

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

다른 번역문 등록

So maybe the supply curve looks like this.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

Now let's look at this.발음듣기

다른 번역문 등록

The apple pickers unionize and demand wage increases.발음듣기

다른 번역문 등록

So this is an issue for the suppliers.발음듣기

다른 번역문 등록

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

다른 번역문 등록

So the cost of production has gone up.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

So this is going to lower supply.발음듣기

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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

다른 번역문 등록

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