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Introductory Microeconomics 22: Shapes of Demand and Supply Curves
Introductory Microeconomics 22: Shapes of Demand and Supply Curves
Introductory Microeconomics 22: Shapes of Demand and Supply Curves
3.2 Supply – Principles of Economics [1]
– Define the quantity supplied of a good or service and illustrate it using a supply schedule and a supply curve.. – Distinguish between the following pairs of concepts: supply and quantity supplied, supply schedule and supply curve, movement along and shift in a supply curve.
What determines the quantity of a good or service sellers are willing to offer for sale? Price is one factor; ceteris paribus, a higher price is likely to induce sellers to offer a greater quantity of a good or service. Variables that affect production cost include the prices of factors used to produce the good or service, returns from alternative activities, technology, the expectations of sellers, and natural events such as weather changes
The quantity supplied of a good or service is the quantity sellers are willing to sell at a particular price during a particular period, all other things unchanged. Ceteris paribus, the receipt of a higher price increases profits and induces sellers to increase the quantity they supply.
Price-Setting Buyers: The Case of Monopsony [2]
This is “Price-Setting Buyers: The Case of Monopsony”, section 14.1 from the book Economics Principles (v. For details on it (including licensing), click here.
See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don’t make money from it, and do make it available to everyone else under the same terms.. This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book.
However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed. Additionally, per the publisher’s request, their name has been removed in some passages
Imperfectly Competitive Markets for Factors of Production [3]
On October 30, 2004, Columbus Blue Jackets’ center Todd Marchant would ordinarily have been getting ready to open the 2004–2005 National Hockey League (NHL) season before a packed house in a game against the Dallas Stars in Dallas. Instead, he was home and devoting his season to coaching his six-year-old daughter’s hockey team.
Bettman had warned for five years that he would take the drastic action of shutting down the hockey season unless owners and players could agree on a system to limit player salaries. In the NHL, player salaries amounted to 75% of team revenues
Bettman contended that the league’s 30 franchises had lost a combined $500 million in the previous two years.. Players and owners alike had a great deal of money at stake
Monopsony in American Labor Markets [4]
The term “monopsony,” first used in print by Joan Robinson (1969, p. Like a monopolist (a single seller), a monopsonist has power over price through control of quantity
The tradeoff between price paid and quantity purchased is the supply curve that the monopsonist confronts. A competitive buyer, by contrast, confronts no such tradeoff — it must accept a price determined by the market
Monopsony power, like monopoly power, results in economic inefficiency. This is because the monopsonist avoids purchasing the last few units of a good whose value to the monopsonist is greater than their marginal cost, in order to hold down the price paid for prior units
The Number of Sellers [5]
The supply curve for an industry, such as coffee, includes all the sellers in the industry. A change in the number of sellers in an industry changes the quantity available at each price and thus changes supply
The market for cellular phone service has been affected by an increase in the number of firms offering the service. Over the past decade, new cellular phone companies emerged, shifting the supply curve for cellular phone service to the right.
The first is similar to the Heads Up! on demand curves: it is important to distinguish carefully between changes in supply and changes in quantity supplied. A change in supply results from a change in a supply shifter and implies a shift of the supply curve to the right or left
Hockey Sticks, Pro Stock, NHL Ice Hockey Sticks [6]
The bond shared between a player and their favorite stick is sometimes difficult for other people to understand. We know the feeling you get when you find that perfect stick – the one with the perfect grip, weight, length, curve and flex for your specific position and play style
We’ve been there before, and we’re here to help ease your pain. If you’re looking for a new one-piece stick, you’ve really got two choices: pay the price for retail or shop for pro stock sticks designed for NHL players
These sticks have been custom manufactured for hundreds of current and former NHL players and are now available to the public at some of the lowest prices you’ll find anywhere. Hockey sticks have seen tremendous advances in technology over the last 15 years
Economics of the Hockey Equipment industry? [7]
In high school (International Baccalaureate program), we have to write a 4000 word essay on any topic and I have chosen mine to be:. How Supply/Demand and the Oligopolistic nature of the hockey equipment industry affects pricing strategies for products
I already know a lot about what I’m gonna say, but I’d like some insight from you guys too.. 1: Is the equipment industry dominated by these 5 firms (in order of power)?
4: What would be the best place to obtain such industry information first hand? By contacting the companies, asking LHS owners or internet pricing (ex. I really look forward to writing this essay, thanks for your help
1.2 Opportunity Costs & Sunk Costs – Principles of Microeconomics [8]
– Understand the three step process for making binary decisions. – Understand how sunk costs influence our decision making
An important part of being a rational decision maker is considering opportunity costs. In our introductory section we identified the concept of scarcity
What we are less good at considering is scarcity of time.. Consider the following image that shows the number of weeks an average human lives
Sources
- https://open.lib.umn.edu/principleseconomics/chapter/3-2-supply/#:~:text=An%20increase%20in%20the%20number,supply%20curve%20to%20the%20left.
- https://2012books.lardbucket.org/books/economics-principles-v1.0/s17-01-price-setting-buyers-the-case-.html
- https://saylordotorg.github.io/text_principles-of-economics-v2.0/s17-imperfectly-competitive-market.html
- https://eh.net/encyclopedia/monopsony-in-american-labor-markets/
- https://www.opentextbooks.org.hk/ditatopic/24447
- https://www.prostockhockey.com/sticks/
- https://forums.hfboards.com/threads/economics-of-the-hockey-equipment-industry.780462/
- https://pressbooks.bccampus.ca/uvicecon103/chapter/1-2-opportunity-costs-sunk-costs/
