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  • What I want to do in this video is

  • think about how supply and/or demand might change based

  • on changes in some factors in 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 curve 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,

  • clearly impacts the suppliers.

  • All of a sudden, they'll have fewer apples

  • succumbing to disease.

  • And so they will be able to produce more apples.

  • So at any given price point, this

  • will shift the quantity supplied up.

  • So at any given price point, it will

  • shift the quantity of apples supplied up.

  • Or you could say that the entire supply

  • curve is shifted to the right, or supply goes up.

  • And let me draw the entire curve.

  • And obviously, if now we have disease-resistant apples,

  • even our minimum price to start producing apples is lower.

  • Now, when we had the supply curve shift in this way,

  • when it shifted to the right, what

  • happens to the equilibrium price?

  • Well our old equilibrium price was right over here.

  • Our new equilibrium price-- so this is the old one.

  • And this is our new equilibrium price.

  • We're assuming that 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 have probably reasoned

  • through that before, taking an econ class.

  • But this way, at least you have some way to think about it

  • and think about how the curves are changing.

  • Now, let's think about this scenario.

  • So this is before.

  • So in all of these examples, the graph

  • is what happened before the news came out,

  • or the event came out.

  • So this is before.

  • And then a study is released on how apples prevent cancer.

  • So what is that likely to do?

  • Well, no one wants cancer.

  • And so more people are going to be eager to have apples.

  • This will change customer preferences.

  • They will prefer apples even more

  • when they're at the supermarket.

  • So this is clearly affecting demand customer preferences.

  • And so at a given price, people will

  • want-- they will demand a higher quantity of apples.

  • The quantity of apples demanded at a given price will go up.

  • So the demand curve will shift to the right.

  • Or you could say, the demand would go up.

  • So that's the new demand curve.

  • So here, demand goes up.

  • And let me write it over here.

  • In this situation, supply went up.

  • Here, demand goes up.

  • And what happens to the price?

  • Well, this is our old equilibrium price.

  • This is our new equilibrium price.

  • The price clearly went up.

  • So the price went up.

  • And 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.

  • You have fewer apples dying, price went down,

  • more people want to buy them.

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

  • Quantity-- this was 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.

  • And for the sake of this, let's assume

  • that 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're going to assume it's a good advertising

  • campaign-- this clearly will make demand go up for-- sorry,

  • it'll make demand go up for cider, 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.

  • Now, if apple cider demand goes down,

  • the apple cider producers are going to demand fewer apples.

  • So this is going to mean that apple demand will go down.

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

  • So apple demand, the demand curve, will shift to the left.

  • Or I should say at any given price point,

  • the quantity demanded will go down.

  • And so the entire demand curve, the entire relationship,

  • will shift to the left.

  • Now, that's not all that might happen.

  • Because if you think about it from the suppliers

  • point of view, and I don't know if this really is 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, I want to-- 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 supply of apples-- so apple supply-- want to be clear

  • here that we're talking about apple-- the apple supply

  • might go down.

  • So it'll also shift to the left.

  • So they're both shifting to the left.

  • Now what is likely to happen here?

  • So 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 did change.

  • So let's see, this is our old equilibrium quantity.

  • This is our new equilibrium quantity.

  • This 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 actually also

  • produced fewer apples.

  • It turns out, I could have drawn this in multiple ways.

  • And actually, 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.

  • So let's say the supply shifts all the way-- the supply shifts

  • really far back.

  • Now, what happened?

  • Well now, our equilibrium price--

  • because the reduction in supply was kind of more extreme

  • than the reduction in demand.

  • And it really depends on how the curve shapes and all of that.

  • The main thing is to reason through it

  • or to actually see what the actual results are.

  • But in this situation, all of a sudden that 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 of is that the quantity

  • will go down but the price went up.

  • Because this effect-- the supply went down much more

  • than the demand did.

  • And so the price went up.

  • Now I could have done another scenario.

  • I could have done another scenario where maybe the supply

  • barely budged or maybe the demand went down dramatically.

  • Let me draw it where the supply barely budges.

  • 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, once again, quantity definitely goes down.

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

  • But I've just done three 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 the price based on this.

  • You would actually have to look at the actual curve

  • and see what the new equilibrium prices are.

  • Now let's look at this one.

  • The apple pickers unionize and they demand wage increases.

  • So this is an issue for the suppliers.

  • So all of a sudden, one of their inputs,

  • one of their costs of production, which is labor,

  • has gone up.

  • So if their cost of production has gone up,

  • now at a given price point, they are 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.

  • And when you lower supply, what's going to happen?

  • Well, your equilibrium quantity--

  • this was our old one, this was our new one-- equilibrium

  • quantity definitely goes down, the quantity went down.

  • And what happened to the price?

  • We're 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.

  • And I encourage you to-- well one,

  • I should have told you this at the beginning, too.

  • You should have tried to do these yourself and then see

  • what I had to say about them-- but I

  • encourage you to try this out with different situations.

  • Think of situations yourself and even

  • think about different markets other than the apple market.

What I want to do in this video is

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B1 中級

市場の均衡の変化 (Changes in Market Equilibrium)

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    Bravo001 に公開 2021 年 01 月 14 日
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