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• So, let's say we are in the apple market.

• What I want to do in this video is think about

• both demand and supply for the apples at

• different prices.

• Let's draw ourselves a little graph here.

• We already know this right over here,

• the vertical axis is the price axis, and

• this we're going to say is price per pound.

• The horizontal axis this is the quantity.

• The quantity of apples.

• Let's put some tick marks here.

• Let's say that's \$1 a pound, \$2 a pound,

• \$3 a pound, \$4 a pound, and \$5, and

• let's say this is thousands of pounds produce

• and we have to set a period.

• Let's say this is for the next week, and so this is

• 1000 pounds, 2000, 3000, 4000, and 5000.

• Now, let's think about both the supply and the

• demand curves for this market, or potential

• supply and demand curves.

• First I will do the demand. If the price of apples were

• really high, and I encourage you to always

• your demand and supply curves. If the price

• of apples were really high, what would happen

• to consumers? Well, they wouldn't demand much.

• The quantity demanded would be low.

• If the price were high, maybe the quantity

• demanded is like 500 apples.

• And once again I am being very careful to say

• the quantity demanded is 500 apples.

• I'm not saying the demand is 500 apples.

• The demand is the entire relationship.

• The actual specific quantity, we call that

• the quantity demanded.

• The price of \$5 of quantity demanded would

• be about 500. Maybe at a price of \$1, the quantity

• demanded would be maybe 4000 pounds.

• Our demand curve might look something like this.

• Might look something like that.

• Let me draw it a little bit less bumpy.

• So, our demand curve might look something like that.

• I can label it. That is our demand curve.

• I'll think about our supply curve.

• Well, there some price below which we aren't

• even willing to produce apples.

• Let's say that's like 50 cents.

• So at 50 cents that's where were even just willing

• to start producing apples.

• Let's say if apples ... if the price of apple got

• to a dollar where the quantity we've be willing

• to supply is about a 1000 pounds, and

• it just keeps increasing as the price increases.

• So this is the supply curve, and

• all the suppliers in this market.

• We could be doing this for a specific supplier.

• We could be doing this for a specific market.

• We could be doing for the global apple market.

• However, you want to view it, but for the

• sake of this video let's just assume its like

• our little town that is fairly isolated and all of that.

• Let's think about what happens in different scenarios.

• What happens if the suppliers of the apples

• going into that week for their own planning purposes ...

• They just think for whatever reason, that their only going

• to be able to sell the apples at \$1 per pound.

• Given the supply curve, they only supply 1000 pounds.

• This is what the suppliers plan for,

• and this is where they set the price point at \$1.

• One dollar per pound. Now, what's going to

• happen in that scenario? Well in that scenario

• they supplied 1000. The quantity supplied is 1000 pounds.

• Let me write this down. So, I'll do it in pink

• for this scenario. So, this scenario the quantity

• supplied is 1000 pounds.

• What is the quantity demanded? Quantity demanded.

• This is all the scenario where the price ... the price or the

• initial price that the growers or producers set

• was \$1 per pound. One dollar per pound.

• Well the quantity demanded at \$1 per pound is

• 4000 pounds of apples. 4000 pound of apples.

• What do we have here?

• Well, here we have a shortage.

• We have a shortage of 3000 apples at that price point.

• At a dollar, a lot more people are going to want to buy apples,

• and the producers just didn't ... I guess

• they didn't figure that out right.

• They didn't produce enough apples.

• Now what will naturally start happening?

• If you have the shortage ... you have all these

• people who want to buy apples, and you

• only have so many apples there,

• what might happen in the next period in the next week?

• Well, first of all, those apples that are out

• there they might get bid up, so, the prices start going

• to start going up. The prices are going to start

• going up. People are going to start bidding up

• the apples. They want them so badly.

• Their going to start bidding them up,

• and as they start getting bid up, the producers

• are going to say, "Wow! There's so many people

• are running out of apples. We also need to increase

• the quantity produce."

• The quantity will also go up. The price will go up.

• If you look at from the suppliers point of view.

• The price will go up, and the quantity will go up.

• They will move along this line there.

• So maybe in the next period there's less of a shortage,

• or they move away from that shortage situation.

• If the price and quantity increase a little bit,

• so maybe the price goes to \$2, and the quantity

• goes to ... I don't know, this looks like about

• 1900 ... 1900 pounds, now all of a sudden you

• have less of a shortage. I think you see that I'm getting

• to an interesting point over here.

• I won't go there just yet. I won't go there

• just yet. Let's think about another situation.

• Let's think about after this happens.

• Price and quantity increases so much that essentially

• overshoots this interesting point right over here.

• So in the next week the suppliers they'll say,

• "Wow! People want our apples so badly, let's set

• the price really high at \$3, and at \$3 we're really

• So, we the suppliers are going to produce ...

• let me do this in a color I haven't used yet.

• We the suppliers are going to produce at \$3 a pound.

• We are hoping to sell 3000 pounds of apples.

• This is where, maybe, they adjust to the next week.

• What's going to happen there at a price of \$3.

• That's the scenario right over here. The price of \$3.

• So, the price is now \$3 per pound.

• Well, now the quantity supplied is going to be 3000 pounds.

• I could write 3000 pounds.

• What is the quantity demanded?

• The quantity demanded is now much lower.

• The price is high now, because the consumers

• might want to go buy other things, or they

• can't afford an apple, or whatever it might be.

• Now the quantity demanded, now that's looks

• like about 1300. 1300 pounds.

• What situation do we have now?

• Well, now we have a much bigger supply then ... or

• the quantity supply is much bigger than the

• quantity demanded. Now we face a surplus.

• So, now we have a surplus.

• Let me draw that line there. I want to make it

• clear this is all the same scenario.

• We now have a surplus of ... what is this?

• 700 will get us to 2000. We have a surplus of 1700

• pounds of apples. Now what happens in a

• surplus situation? Well, apples won't stay good

• forever, so maybe the producers get a little

• desperate. They start selling.

• They start reducing the price, maybe to start attracting

• some consumers. They start reducing the price.

• When they start seeing that the prices are going down,

• and you have this glut of apples, there're all going bad

• and not getting sold, the quantity is also going to

• start going down. They'll produce fewer and

• fewer apples, so we'll move here along the supply curve.

• As you decrease the price, what's going to

• happen to the demand curve?

• Well the demand is going to go up.

• Over here the prices was too high, so it's

• natural for the sellers to lower the price.

• When you lower the price it also reduces the quantity.

• We go this way.

• When you lower the price it increases demand.

• You go that way.

• If the price from the get-go were too low,

• then you have this huge shortage, things get

• bid up. The prices go up. As the price goes

• up, the suppliers want to produce more.

• They move up the curve. As the price goes up

• then the people will demand less.

• You see that's it's all converging on a point

• right over here where the two lines intersect.

• Let me do that in a ... its all converging right over there.

• That's the price at which the quantity supplied will equal

• the quantity demanded. We call this, which looks like

• for this scenario, maybe about \$2.15.

• Let me just write it there \$2.15.

• We call that the equilibrium price.

• Equilibrium price is \$2.15 a pound.

• It's the price at which the quantity supplied

• is equal to the quantity demanded.

• This quantity supplied is equal to the quantity

• demanded. That's the equilibrium quantity.

• That right over here looks like it's right

• about ... I don't know ... 2200 pounds.

• 2200 pounds.

• Assuming that nothing else changes, this is a

• good scenario for both the consumers and the

• producers. They keep producing 2200.

• They charge this price, and everything's happy.

• All the apples get sold and none of them go bad.

So, let's say we are in the apple market.

A2 初級

市場の均衡 (Market Equilibrium)

• 37 7
Bravo001 に公開 2021 年 01 月 14 日