CHAPTER 2: DEMAND AND SUPPLY THEORY

CHAPTER 2: DEMAND AND SUPPLY THEORY

LEARNING OUTCOMES

At the end of this session, student should be able to:

1. Illustrate and explain the demand theory.
2. Illustrate and explain the supply theory

2.1 Demand Theory (DD)

2.1.1 Demand

 Demand refers to the desire of a consumer or buyer to obtain a quantity of goods

or services, supported by the willingness or ability to purchase and pay for the
goods or services at a particular price in a given period of time (ceteris paribus).
 This refers to how much (quantity) of a product or service is desired by buyers.
 Quantity demanded refer to the quantity of goods or services that are purchased
at a certain price in a given period of time.

2.1.2 Law of Demand

 With the assumption of other factors remain constant – When price increase,
quantity demanded will decrease. When price decrease, quantity demanded will
increase.
 A negative relationship between price and quantity demanded

When P Qd and P Qd

2.1.3 Demand Curve

 A demand curve is a curve describing the quantities of a good a consumer is

willing and able to buy at alternative prices in a given time period.
 It illustrates the relationship between quantity demanded and the price of goods
and services.

Table 2.1: Demand Schedule

Price (RM) Quantity Demanded (kg)

1 50
2 40
3 30
4 20

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Price

Quantity
Figure 2.1: Demand Curve

2.1.4 Compare Between Individual demand and market demand curve

 Individual Demand is the demand of an individual consumer for a specific good at a

certain price in a given period of time.

 Market Demand is the quantity of goods demanded by all individuals or consumers in

a market at a certain price in a given period of time.

Table 2.2: A Individual and Market Demand Schedule

Quantity Demanded
Price (RM) YAYA ADU DU PAPA Total Quantity
Demanded
ZOLA
5 10 12 8 (10 + 12 + 8) = 30
4 20 23 17 60
3 35 39 26 100
2 55 60 39 154
1 80 87 54 221

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Price

Quantity

Figure 2.2: Market Demand Curve

2.1.5 Calculate the Demand Function

Demand function – relationship between quantity demanded and price in a

mathematical form.

Qd = a – bP

Qd : quantity demanded
a : the quantity of the demand when the price (P) is zero.
- : the negative symbol that indicates the inverse relationship between the price and
quantity demanded
b : the gradient of the demand curve
P : the price of the goods

Example:

The table below shows the quantity demand of a good at various prices. Find the
demand function.

Price (RM) Quantity Demanded (units)

1 30
2 28
3 26
4 24

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Using simultaneous equations:

Qd = a – bP
30 = a – 1b …… (1)
(-) 28 = a – 2b …… (2)

Equation (1) minus equation (2)

2 = 0+b

Therefore, b = 2

Substituting b = 2 into equation (1)

30 = a – 1(2)
30 = a–2
a = 30 + 2
a = 32

Therefore, the demand function is

Qd = 32 – 2P

Question:

The table below shows the quantity demand of a good at various prices. Find the
demand function.

Price (RM) Quantity Demanded (units)

1 42
2 36
3 30
4 24
5 18

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The table below shows the price and quantity demanded good T. Based on the
demand function Qd = 300 – 10P, complete the table below.

Price (RM) Quantity Demanded (units)

2
4
6
8
10

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2.1.6 The factors that influencing demand/ Determinants of Demand

a) Internal factor

i. Price of Goods

 Assuming all other factors are equal or ceteris paribus, changes in the price
of a good will affect the quantity demanded of the goods.
 When the price of goods falls, the quantiy demanded good will increase.

b) External Factors

i. Society’s income

 The exact effect depends on the type of good (normal good or inferior
good).
 Normal good – when consumer income increases, demand for this kind of
good increases. When consumer income decreases, demand for this kind
of good decreases. (example; cars, shirts, books, and others).
 Inferior good - when consumer income increases, demand for this kind of
good decreases. When consumer income decreases, demand for this kind
of good increases.(example; low-grade rice).

ii. Change in consumer’s tastes

 A favorable change in tastes means that people now like this good more
than before, which will increase demand (shift the curve to the right).
 An unfavorable change means that people now like this good less than
before, which will decrease demand (shift the curve to the left).
 Example Coffee and Nescafe.

iii. Expectations on future price and income

 In particular, about future prices.

 If there is a belief that prices will increase in the future, people will buy more
today while it is relatively cheaper. This will shift the demand curve to the
right.
 If there is a belief that prices will fall in the future, people will consume less
today and more tomorrow. This will shift the demand curve to the left.

iv. Number of buyers

 If the number of buyers increases, the demand curve will shift to the right.
 If the number of buyers falls, the demand curve will shift to the left. (shift the
market demand curve, but not the individual demand curve)

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v. Festive Seasons and Climate/Weather

 During festive seasons, different products will be in high demand.

 For example; during Chinese New Year, the demand for mandarin oranges
will be greater and during Hari Raya, the demand for lemang will be greater.

vi. Interest Rate

 When the housing loan interest rate rise, the loan interest rates rise, the
cost of taking out a loan will increase
 The availability of credit or payment instalment facilities will cause the
demand for a good to increase although the price of the good does not
change.
 The low interest rate will encourage increase credit expenditure or loans.
For example, the demand for durable and expensive goods such as cars
and houses will increase.

vii. Government Policies

 Government policies can influence demand through taxation or subsidies.

 When the government increase the taxation rate on imported goods, reduce
demand for import good due to increase price and vice versa.
 When the government subsidizes the production of a good, the demand for
good will increase. This is because the price of the goods will decrease due
to subsidy and vice versa.

viii. The price of other goods

a) Substitutes Goods

 Substitutes are goods that can serve as replacements for one another –
goods that are consumers consume as alternatives to one another, such as
coffee and Nescafe, apples and oranges, coke and Pepsi, etc.
 Substitutes are pairs of goods where an increase in the price of one good
causes an increase in the demand for the other and a decrease in the price
of one good causes a decrease in the demand for the other.
 Example: When the price of Coke increases, the quantity demanded of
Coke will decrease and the demand for Pepsi will increases, ceteris
paribus.

b) Complementary Goods

 These are goods that are consumed together, such as cars and petrol,
camera and film, pen and ink.

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 Complements are pairs of goods where an increase in the price of one

causes a decrease in the demand for the other and a decrease in the price
of one causes an increase in the demand for the other.
 Example: When the price of cars increases, the quantity demanded of the
car will decrease and the demand for petrol will decrease, ceteris paribus.

2.1.7 Movement Along the Demand Curve and Shift in The Demand Curve

a) Change in quantity demanded or Movement Along Demand Curve

 Changes in quantity demanded to occur due to changes in the price of

goods. When the price of goods increases, the quantity demanded will fall.
This is known as contraction demand. When the price falls, the quantity
demanded will increase. This is known as the expansion of demand

Quantity

Figure 2.3 (a) Change in quantity demanded

 A movement refers to a change along a curve. This occurs when the price
of product changes and there is movement along the demand curve, ceteris
paribus.
 In other words, a movement occurs when a change in the quantity
demanded is caused only by a change in price.
 From figure 2.3 (a) when price increase from 0P to 0P2, the quantity
demanded decrease from 0Q to 0Q2. However, if the price falls from 0P to
0P1, the quantity demanded will increase from 0Q to 0Q1.
 Therefore, the movement from point Y to point X on the demand curve DD
is known as a contraction of demand, while the movement from point Y to
point Z is known as expansion of demand.

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 The inverse relationship between price and quantity demanded is shown by

the negative slope of the demand curve, as shown in figure 2.3 (a)

i. The change in quantity demanded caused by the changed price

of the goods. An increased price will cause a decreased
demand for the good and a decreased price will cause in
increased demand for the goods.
ii. The changing quantity demanded caused by the changing price
of goods occurs on the same demand curve. Therefore,
changes in quantity demanded are known as movements along
a demand curve due to changing prices.

 An upward movement along the demand curve – decrease in quantity

demanded.
 A downward movement along the demand curve – increase in quantity
demanded.

b) Change in Demand or Shift in a Demand Curve

 Changes in demand occur due to changes in factors other than the price of
the goods. The demand curve will shift to the right when demand increases
or left when demand decreases.
 If the demand curve shifts to the right, it is known as increased demand.
However, if the demand curve shifts to the left, it is known as reduce
demand.

Figure 2.3 (b) Changes in demand

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 Frim figure 2.3 (b), curve DD is the demand curve for petrol. The original
price and quantity are 0P and 0Q respectively. If the price of cars falls and
ceteris paribus, the quantity demanded cars will increase. The increased
demand for cars will cause increases in the demand for petrol. Thus the
demand curve for petrol will shift to the right to D1D1.
 At the price 0P, the demand for petrol increases to 0Q1. The movement of
the demand curve to the right is known as increases demand.
 However, if the price of cars increases and ceteris paribus, the quantity
demanded cars will fall. The decreased demand for cars will cause the
demand for petrol to fall correspondingly. Thus, the demand curve for
petrol will shift to the left to D2D2.
 At the price 0P, the demand for petrol will decrease to 0Q. The shift in the
demand curve to the left from D2D2 is known as decreased demand.

2.1.8 Exceptional Demand Curve

 Exceptional demand is where as the price of a product increases, the demand for it
will also increase (the normal demand curve shows that when price increases,
quantity demanded will decrease and when price decreases, the quantity
demanded will decrease)

a) Status Symbol Goods

Price

Quantity

Figure 2.4 (a): Exceptional Demand Curve (Symbol Status Goods)

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b) Inferior Goods

Price

Quantity

Figure 2.4 (b): Exceptional Demand Curve (Inferior Goods)

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2.2 Supply Theory

2.2.1 Supply

 Supply is the total quantities of a good that sellers are willing and able to sell at
alternative prices in a given time period, ceteris paribus.
 It represents how much the market can offer.
 Quantity supplied: the amount a producer or group of producers are willing and
able to sell at a given price.

2.2.2 Law of Supply

 When price increase, quantity supplied will increase. When price decrease,
quantity supplied will decrease.
 A positive relationship between price and quantity supplied
 This means that the higher the price, the higher the quantity supplied. Producers
supply more at a higher price because selling a higher quantity at a higher
price increases revenue.

 When P Qs and P Qs

2.2.3 Supply Curve

Table 2.3: A Supply Schedule

Price (RM) Quantity Supplied (kg)

1 5
2 10
3 15
4 20
5 25

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Price

Quantity

Figure 2.5: A Supply Curve

2.2.4 Firm and Industrial Supply Curve (Firm and industrial Supply)

 A supply curve is the graphic representation of the law of supply. The supply curve
slopes upward to the right.
 Firm supply is the quantity of goods or services that a producer is able and willing
to produce or supply at a certain price in a given period.
 Industry / Market supply is the total quantity of gods and services that all firms in an
industry or market are able and willing to produce at a certain price in a given
period.

Table 2.4: Market Supply Schedule

Price (RM) McDonald KFC Industrial Supply

1 3 4 (3 + 4 ) = 7
2 6 8 14
3 9 12 21
4 12 16 28
5 15 20 35

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Price

Quantity

Figure 2.6: Industrial Supply Curve

2.2.5 Calculate Supply Function

Supply function – the relationship between quantity supplied and price in a

mathematical form.

Qs = C + dP

Qs : quantity supplied
C : the quantity of the supply when the price (P) is zero.
+ : the positif symbol that indicates the inverse relationship between the price
and quantity supplied
d : the gradient of the supply curve
P : the price of the goods

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Example:

Price (RM) Quantity Supplied (units)

1 20
2 24
3 28
4 32

Qs = C + dP
20 = C + 1d ….(2)
24 = C + 2d ….(2)

Equitqtion (1) minus equation (2)

-4 = -d

Therefore,
d = 4

Substitute d=4 into equitation (1)

20 = C + 1(d)
20 = C + 1(4)
20 = C+4
C = 20 – 4
= 16

Qs = 16 + 4P

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Question:

The table below shows the quantity supplied of a good at various prices. Find the supply
function.

Price (RM) Quantity Supplied (units)

1 15
2 30
3 45
4 60
5 75

The table below shows the price and quantity demanded Good K. Based on the supply
function Qs = 200 + 14P complete the table below.

Price (RM) Quantity Supplied (units)

20
40
60
80
100

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2.2.6 The factors that influence the supply/determinants of Supply.

a) Internal Factor

i. Price of Goods
 The higher the price og goods will be, the higher the quantity that will be
supplied, and vice versa.

b) External Factor

i. Technology
 An improvement in technology means that the same amount of output can
be produced at a lower price.
 This will increase the amount supplied and at the same time will shift the
supply curve to the right.

ii. Prices of related goods

a) Substitute Goods
 The supply of a product will decrease if there is an increase in the price
of a substitute product, for example, Pepsi and Coke.
 When the price of Pepsi increases, the quantity supplied will increase
and the quantity of Coke will decrease (supply curve will shift to the
left)

b) Complementary Goods
 An increase in the price of a product will increase the supply of a
complementary product. For examples car and petrol.
 When the price of cars increases, the quantity of cars supplied will
increase and the supply of petrol will also increase (supply curve will
shift to the right) since both are complementary goods.

iii. Expectations about future prices

 If the producer’s aspect the price of their goods increase in the future, they
will sell fewer goods today in anticipation of a greater profit tomorrow (the
supply curve will shift to the left)
 If the producer’s aspect the price of their goods will decrease in the future,
they will sell more goods today (the supply curve will shift to the right)

iv. Number of producers

 If the number of seller increases, the supply curve will shift to the right.
 If the number of seller falls, the supply curve will shift to the left.

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v. Cost of input
 Supply will change in response to the factors of production; labor, capital
or land. When the cost of production increases, the quantity supplied will
decrease and vice versa.
 If the price of inputs increases, the supply curve will shift to the left.
 If the price of inputs falls, the supply curve will shift to the right.

vi. Government policy

 Government policies on taxation and subsidies will affect supply.
 If government exposes taxes on goods, the cost to produce the goods will
increase. Therefore, producer will decrease production of the goods.
 If the government provides subsidies to producer to produce goods, the
cost to produce the goods will decrease. Therefore, the producer will
increase production of the goods.

vii. Weather
 Weather condition such as storm, winds and floods will affect the supply of
goods from certain industries such as agriculture and fishing.

viii. Producer’s objective

 to maximize profits or to maximize the productions
 if the producer’s objective to maximize profit – the supply curve will shift to
the left, and
 if the producer’s objective to maximize production – the supply curve will
shift to the right

2.2.7 Movement along the supply curve and shift in the supply curve

a) Movement along the supply curve

 Changes in quantity supply or movement along a supply curve occur due

to the price of the goods itself.
 When the price of the goods rises, the quantity supply will increase. This is
known as the expansion of supply. However, when the price of the goods
falls, the quantity supply will decrease. This is known as a contraction of
supply.
 The expansion or contraction of supply due to price fluctuation only occurs
along a supply curve.
 Figure 2.7(a), when the price rises from 0P to 0P1, the quantity supply will
rise from 0Q to 0Q1. However, if the price falls from 0P to 0P2, the quantity
supply will decrease from 0Q to 0Q2. Therefore, the movement from point
A to point B along supply curve SS is known as expansion of supply, while
the movement from point A to point C along the supply surve SS is known
as the contraction of supply.

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Price

Quantity

Figure 2.7 (a): Change in quantity supply

b) Shift in a supply curve

 Change in supply occurs when the supply curve shifts to the right to left
due to changes in a factor other than the price of the goods itself.
 The supply curve will shift to the right when the supply increases and the
supply will shift to the left when the supply decrease.
 The shift un the supply curve to the right is known as increase supply.
However, the shift in the supply curve to the left is known as decreased
supply.
 Figure 2.7(b) shows the supply curve for coffee. When the price of tea
falls, the supply for tea will decrease. Because tea and coffee are
substitute goods, the decreased supply of tea will result in an increase
supply of coffee. At price level 0P, the supply curve for coffee will shift to
the right from SS to S1S1 is known as increase supply.
 However, when the price of tea increases, the quantity supply of tea will
increase correspondingly. The increased supply of tea will result in a
decreased supply of coffee. At price 0P, the supply curve for coffee will
shift to the left from SS to S2S2. Thus, the supply of coffee will decrease
from 0Q to 0Q2. The shift in the supply curve for coffee from SS to S2S2 is
known as decreased supply.

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Price

Quantity

Figure 2.7 (b): Change in Supply

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2.2.8 Exceptional Supply Curve

The exceptional – when the price of a product increases and the supply decrease.
The normal supply curve – when the price increases, quantity supplied will increase
and when price decreases, quantity supplied will decrease.

Wage rate (RM)

Labor (hours)

Figure 2.8: Exceptional Supply Curve

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TUTORIAL EXERCISES
Answer all the questions below. Choose one correct answer

1. As price falls,

A. Demand rises.
B. Quantity demand falls.
C. Demand falls.
D. Quantity demand rises.

2. In the market for tea, for some consumers

A. Cola is a complement.
B. Coffee is a substitute.
C. Sugar is a substitute.
D. Green tea is a complement.

3. Sugar and honey are viewed as substitutes for each other in many cooking
applications. If the price of sugars rises, we would expect.

A. The demand for honey to increase.

B. The quantity demanded of honey increases.
C. The demand for honey to decrease.
D. The quantity demanded of honey to decrease.

4. A shift to either the left or right of a supply curve is called

A. A change in quantity demanded.

B. A change in supply.
C. A change in demand.
D. A change in quantity supplied.

5. The law of supply indicates that:

A. Decrease the supply of a good when its price falls.

B. Increase the supply of a good when its price rises.
C. Increase the quantity supplied of a good when its price rises.
D. Decrease the quantity supplied of a good when inputs used to make the product.

6. The quantity of cars that people plan to buy this month depends on all of the following
except the

A. Population.
B. The expected future price of a car.
C. Quantity of cars that dealers have for sale.
D. Price of a van.

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7. The concept of derived demand is best illustrated by the statement that:

A. The largest demand for automobiles, the lesser the demand for petrol.
B. The demand for cooking oil increase, the demand for palm oil also increases.
C. The demand for Pepsi varies directly with the price of Coke.
D. The demand for food depends on the buyer’s income.

8. Other things unchanged, which of the following will shift the demand curve for a
product?

i. A fall in consumer income.

ii. An increasing in advertising.
iii. A change in fashion.
iv. Relative importance of the product in a budget.

A. i only
B. i and ii
C. i. ii and iii
D. i, ii, iii and iv

9. If an increase in the price of good A causes the demand for good B to shift to the left,
then

A. A and B are a substitute.

B. A and B are a complement.
C. B must be an inferior good.
D. A must be a normal good.

10. Which one of the following would be most closely associated with a decrease in
supply?

A. A change in consumer income.

B. A decrease in the price of the goods.
C. A leftward shift in the supply curve.
D. The existence of a surplus in the market.

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Tutorial 1
The table below shows the quantity of pizzas demanded by 2 individuals.

Price Per Pizza Quantity Of Pizzas Demanded (Units)

(RM) Amarra’s Demand Adam’s Demand
9.00 2 3
8.50 4 6
8.00 6 9
7.50 8 12
7.00 10 15

a. Calculate the market demand for pizzas for each level of price. (5 marks)
b. Draw the market demand curve to show the relationship between price and quantity
demand of pizzas. (4 marks)
c. Derive the market demand function. (4 marks)
d. What will happen to the quantity demand of pizzas if the price decreases to RM 5.50?
(2 marks)

Tutorial 2

The table below shows the quantity of cakes supplied by 2 sellers.

Price Per Cakes Quantity Of Cakes Supplied (Units)

(RM) Widad Bakery Solehah Bakery
9.00 10 15
8.50 8 12
8.00 6 9
7.50 4 6
7.00 2 3

a. Calculate the market supply of cakes above. (5 marks)

b. Draw the market supply to show the relationship between price and quantity supplied
of cakes. (4 marks)
c. Derive the market supply function. (4 marks)
d. What will happen to quantity supply of pizzas if the price increases to RM13.00?
(2 marks)

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Tutorial 3

The following is the individual supply schedule at each price level for eggs.

Price of Eggs Quantity Supplied Quantity Supplied Market Supply

(RM Dozen) by Sha Mini Market by Fisyah Mini (Dozen)
(Dozen) Market (Dozen)
3.20 80 150
3.00 70 140
2.80 60 130
2.60 50 120
2.40 40 110
2.20 30 100

a. Plot the individual supply curve on the graph paper. (6 marks)

b. Fill in the market supply value and construct the market supply curve. (3 marks)
c. Assume that the government imposes taxes for eggs and as a result, the market
supply falls by 20 dozens at each price level. Indicate the changes in the graph.
(6 marks)

Tutorial 4

Price (RM) Quantity Demanded Quantity Supplied

P Q R S T
1 30 5 10 15 4
2 25 4 9 20 5
3 20 3 8 25 6
4 15 2 7 30 7
5 10 1 6 35 8

a. Based on the table above, determine the market demand and market supply.
(2.5 marks)
b. Calculate the demand and supply functions. (6 marks)
c. Draw the market demand and market supply curves. Determine the market demand
and market supply at the price RM 3.50. (6.5 marks)

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Tutorial 5

a. What is the definition of demand and supply? (4 marks)

b. What is the meaning of individual demand and market demand? (4 marks)
c. List FOUR (4) factors that determine demand. (4 marks)

Tutorial 6

a. Define the meaning of demand (3 marks)

b. With the aid of a diagram, explain the law of demand. (5 marks)
c. The table below shows the market demand and supply of a product.

Price Quantity Demanded Quantity Supplied

1.00 8
2.00 14
3.00 20
4.00 26
5.00 32

i. Complete the table above if the demand function for the product is Qd = 35 –
5P. (5 marks)
ii. Sketch the demand and supply curves. Show the equilibrium price and quantity
(5 marks)
iii. Build the supply function. (4 marks)
iv. Illustrate why RM4 is not an equilibrium price? State your reason. (3 marks)

Tutorial 7

a. With the aid of a diagram, explain the law of demand. (5 marks)

b. Explain five factors that influence demand. (15 marks)

Tutorial 8

a. Give the definition of individual demand and market demand. (6 marks)

b. Differentiate between the change in quantity demand and the change in demand with
suitable diagrams. (16 marks)

Tutorial 9

a. With the aid of a diagram, explain the law of supply. (5 marks)

b. Explain five factors that influence supply. (15 marks)

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Tutorial 10

a. Give the definition of individual supply and market supply. (6 marks)

b. Explain the differences between the following concepts: (16 marks)
i. Movement along a supply curve.
ii. Shift in a supply curve.

Tutorial 11

a. Define the law of demand and law of supply (5 marks )

b. Demand can be divided into individual demand and market demand. (5 marks)
Explain each type of demand
i. Individual demand
ii. Market demand

c. By giving an example, explain FIVE (5) determinants of demand. (15 marks)

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