2021-22S2

Foundations of
Economics and
Systems Thinking
CHAPTER The Market Forces
of Supply and Demand
5 供给和需求的市场力量
SZTU BS

1
IN THIS CHAPTER
• What factors affect buyers’ demand for goods? 需
求受什么因素影响？
• What factors affect sellers’ supply of goods? 供给受
什么因素影响？
• How do supply and demand determine the price of
a good and the quantity sold? 供给和需求怎样决定
价格和销售量？
• How do changes in the factors that affect demand
or supply affect the market price and quantity of a
good? 影响供求的因素变化如何影响价格和数量？
• How do markets allocate resources?市场如何分配
资源？
2
Markets and Competition市场和竞争
• Market 市场
– A group of buyers and sellers of a
particular good or service 由产品或者劳务
的买者和卖者组成
– Buyers as a group 买者决定需求
• Determine the demand for the product
– Sellers as a group 卖者决定供给
• Determine the supply of the product

3
Markets and Competition 市场和竞争
• Competitive market 竞争市场
– Many buyers and many sellers, each has a
negligible impact on market price 由很多买者和
卖者组成，对市场价格影响力可忽略
• Perfectly competitive market 完全竞争市场
– All goods are exactly the same 销售的物品完全
相同
– Price takers: so many buyers and sellers that no
one can affect the market price 被动价格接受者
– At the market price, buyers can buy all they
want, and sellers can sell all they want
4
 Demand 需求
• Quantity demanded 需求量
– Amount of a good that buyers are willing and
able to purchase 买者想购买并有能力购买的物
品数量
• Law of demand 需求定理
– Other things equal 其他条件不变
– When the price of a good rises, the quantity
demanded of the good falls 价格上升，需求量将
减少
– When the price falls, the quantity demanded
rises 价格下跌，需求量将增加
5
 Demand Schedule and Demand Curve
需求表和需求曲线
• Demand schedule:
− A table that shows the relationship
between the price of a good and the
quantity demanded 表示某物品价格和需
求量之间关系的表格
• Demand curve
− A graph of the relationship between the
price of a good and the quantity
demanded表示某物品价格和需求量之间
关系的曲线
6
EXAMPLE 1A: Sofia’s demand for muffins

Sofia’s demand Price Quantity

of of muffins
schedule for muffins muffins demanded
Sofia对麦芬蛋糕的需求 $0.00 16
1.00 14
2.00 12
− Notice that Sofia’s
3.00 10
preferences obey the 4.00 8
law of demand. Sofia 5.00 6
的个人偏好符合“需求 6.00 4
定理”

7
EXAMPLE 1B: Sofia’s demand schedule and
Price of demand curve Price Quantity
Muffins
of of muffins
$6.00
muffins demanded
$5.00 $0.00 16

$4.00 1.00 14
2.00 12
$3.00 A decrease
in price… 3.00 10
$2.00 4.00 8
$1.00 5.00 6
6.00 4
$0.00
Quantity of
0 5 10 15 Muffins
… increases the quantity of muffins demanded.

8
 Market Demand 市场需求
• Market demand
– Sum of all individual demands for a good or
service 所有个体买者对某一物品的需求量的总和
– Market demand curve: sum the individual
demand curves horizontally 市场需求曲线是在每
个价格点上，将个体需求量相加得到
• To find the total quantity demanded at any
price, we add the individual quantities

9
EXAMPLE 1C: Market vs. individual demand
市场需求和个人需求：Suppose Sofia and Jack are
the only two buyers in the market for muffins. (Qd =
quantity demanded)
Price Sofia’s Qd Jack’s Qd Market Qd
$0.00 16 + 8 = 24
1.00 14 + 7 = 21
2.00 12 + 6 = 18
3.00 10 + 5 = 15
4.00 8 + 4 = 12
5.00 6 + 3 = 9
6.00 4 + 2 = 6
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EXAMPLE 1D: Market demand curve for muffins
P
Qd
$6.00 P
(Market)
$5.00 $0.00 24
A movement 1.00 21
$4.00 along the
An demand curve 2.00 18
$3.00 increase in
price… 3.00 15
$2.00 4.00 12
$1.00 5.00 9

$0.00
6.00 6
Q
0 5 10 15 20 25
… decreases the quantity of muffins demanded.

11
Demand Curve Shifters – 1 需求曲线的移动
• The demand curve
– Shows how price affects quantity demanded,
other things being equal
• These “other things” are non-price determinants of
demand “其他条件”指决定买者需求的非价格因素
– Things that determine buyers’ demand for a
good, other than the good’s price
• Changes in them shift the D curve “非价格因素”变
化会引起需求曲线位移

12
Demand Curve Shifters – 2需求曲线的移动
• Shifts in the demand curve are caused by
changes in: 引起需求曲线位移的因素
– Number of buyers 买者数量
– Income 收入
– Prices of related goods 相关物品价格
– Tastes 偏好
– Expectations 预期

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Changes in Number of Buyers买者数量变化
• Increase in number of buyers 买者增加
– Increases the quantity demanded at each price
每个价格的需求量增加
– Shifts the demand curve to the right 需求曲线右
移
• Decrease in number of buyers 买者减少
– Decreases the quantity demanded at each price
每个价格的需求量减少
– Shifts the demand curve to the left 需求曲线左移

14
EXAMPLE 1E: Demand curve shifts
P Suppose the number of
$6.00 buyers increases.
$5.00 • Then, at each P, Qd
will increase (by 5 in
$4.00 this example).
$3.00 • The demand curve
$2.00 shifts to the right
$1.00
$0.00
Q
0 5 10 15 20 25 30

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 Changes in Income 收入变化
• Normal good, other things constant 正常物品
– An increase in income leads to an increase in
demand 收入增加导致需求增加
– Shifts the demand curve to the right 需求曲线右
移
• Inferior good, other things constant 劣质物品
– An increase in income leads to a decrease in
demand 收入增加导致需求减少
– Shifts the demand curve to the left 需求曲线左移

16
 Changes in Prices of Related Goods – 1
相关物品价格变化
• Two goods are substitutes if 替代品
– An increase in the price of one leads to an
increase in the demand for the other 其中之一
价格上升会导致另一个需求上升
• Example: pizza and hamburgers
– An increase in the price of pizza increases
demand for hamburgers, shifting hamburger
demand curve to the right
• Other examples:
– Coke and Pepsi, laptops and tablets, movie
streaming and movie theater
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Changes in Prices of Related Goods – 2
• Two goods are complements if 互补品
– An increase in the price of one leads to a
decrease in the demand for the other 其中一个
价格上升会导致另一个需求减少
• Example: smartphones and apps
– If price of smartphones rises, people buy fewer
smartphones, and therefore fewer apps; App
demand curve shifts to the left
• Other examples:
– College tuition and textbooks, bagels and cream
cheese, milk and cookies
18
 Changes in Tastes 偏好变化
• Tastes
– Anything that causes a shift in tastes toward a
good will increase demand for that good and
shift its demand curve to the right 对某物品偏好
的增加会使该物品的需求增加，从而需求曲线右
移
– Example:
• Advertising convinces consumers that
drinking 3 glasses of orange juice a day will
help lower cholesterol: demand for orange
juice increases
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 Expectations about the Future 预期
• People expect an increase in income 预期收入增加
– The current demand increases 当前需求增加
• People expect higher prices 预期价格上涨
– The current demand increases 当前需求上涨
• Example:
– If people expect their incomes to rise (because
they got a promotion at work), their demand for
meals at expensive restaurants may increase
now

20
 Shift vs. Movement Along Curve
位移 vs. 沿需求曲线移动
• Change in demand 需求变化:
– A shift in the demand curve 需求曲线位移
– Occurs when a non-price determinant of
demand changes (like income or number of
buyers) 由非价格因素变化引起
• Change in the quantity demanded 需求量变化:
– A movement along a fixed demand curve 沿需求
曲线移动
– Occurs when the price changes 由价格变化引起

21
Summary: variables that influence buyers

22
自主学习 Active Learning 1: The demand curve
Draw the demand curve for orange juice, D1, and a
point A (P1, Q1) on the demand curve. What
happens in each of the following scenarios? Why?
做出橙汁的需求曲线。分析以下场景需求曲线会如何
变化，并给出理由。

A. The price of apple juice increases 苹果汁价格上

涨
B. The price of orange juice falls 橙汁价格下降
C. Consumers’ income falls (and orange juice is a
normal good) 消费者收入减少

23
 Supply 供给
• Quantity supplied 供给量
– Amount of a good 物品的数量
– Sellers are willing and able to sell 卖者希望并能
够出售的物品的数量
• Law of supply 供给原理
– Other things equal 其他条件不变
– When the price of a good rises, the quantity
supplied of the good rises 价格上涨，供给量增
加
– When the price falls, the quantity supplied falls
价格下降，供给量减少
27
Supply Schedule and Supply Curve 供给表
和供给曲线
• Supply schedule 供给表:
− A table that shows the relationship
between the price of a good and the
quantity supplied 表示价格与供给量之间
关系的表格
• Supply curve
− A graph of the relationship between the
price of a good and the quantity supplied
表示价格与供给量之间关系的曲线

28
EXAMPLE 2A: Starbucks’ supply of muffins
Price Quantity
Starbucks’ supply of of muffins
schedule of muffins muffins supplied
星巴克的麦芬蛋糕供给表 $0.00 0
1.00 3
2.00 6
− Notice that Starbucks’ 3.00 9
supply schedule obeys 4.00 12
the law of supply 星巴 5.00 15
克的供给表符合供给原 6.00 18
理

29
EXAMPLE 2B: Starbucks’ supply schedule and
supply curve
P Price Quantity
of of muffins
$6.00
muffins supplied
$5.00 $0.00 0
$4.00 1.00 3
2.00 6
$3.00
3.00 9
$2.00 4.00 12
$1.00 5.00 15
6.00 18
$0.00
Q
0 5 10 15
30
 Market Supply vs. Individual Supply
市场供给vs.个体供给
• Market supply 市场供给
– Sum of the supplies of all sellers of a good
or service 某一物品所有卖者供给量总和
– Market supply curve: sum of individual
supply curves horizontally 市场供给曲线由
某一价格点所有个体供给量之和得到
• To find the total quantity supplied at any
price, we add the individual quantities

31
EXAMPLE 2C: Market vs. individual supply
Suppose Starbucks and Costa’s Coffee are the
only two sellers in this market. (Qs = quantity
supplied) Q Q
s s
Price Starbucks Costa’s Market Qs
$0.00 0 + 0 = 0
1.00 3 + 2 = 5
2.00 6 + 4 = 10
3.00 9 + 6 = 15
4.00 12 + 8 = 20
5.00 15 + 10 = 25
6.00 18 + 12 = 30
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EXAMPLE 2D: Market supply curve of muffins
P QS
P
$6.00 (Market)
$5.00 $0.00 0
An 1.00 5
$4.00 increase in A movement
price… along the
2.00 10
$3.00 supply curve 3.00 15
$2.00 4.00 20
5.00 25
$1.00
6.00 30
$0.00
0 5 10 15 20 25 30 35 Q
… increases the quantity of muffins supplied.

33
Supply Curve Shifters – 1 供给曲线的移动
• The supply curve
– Shows how price affects quantity supplied,
other things being equal
• These “other things” “其他条件”是影响供
给的非价格因素
– Are non-price determinants of supply
• Changes in them shift the S curve… 这些
因素变化会引起供给曲线位移

34
 Supply Curve Shifters – 2
• Shifts in the supply curve are caused by
changes in 引起供给曲线位移的非价格因
素:
– Input prices 生产投入品价格
– Technology 科技技术
– Number of sellers 卖者数量
– Expectations about the future 预期

35
Changes in Input Prices 生产投入品价格变化
• Examples of input prices
– Wages, prices of raw materials 工资、生产原料
• A fall in input prices 生产投入品价格下降
– Makes production more profitable at each output
price 每个价格下更有利可图
– Firms supply a larger quantity at each price: the
supply curve shifts to the right 企业扩产，供给
曲线右移
– Supply is negatively related to prices of inputs
供给与价格负相关

36
EXAMPLE 2E: Changes in input prices
P Suppose the price
$6.00 of oranges falls.
• At each price,
$5.00
the quantity of
$4.00 orange juice
supplied will
$3.00
increase (by 5 in
$2.00 this example).
$1.00 • The supply curve
shifts to the right
$0.00
Q
0 5 10 15 20 25 30 35

37
 Changes in Technology 技术变化
• Technology
– Determines how much inputs are required
to produce a unit of output 决定生产单一
物品所需的投入品
• A cost-saving technological improvement 一
项节约成本的技术发明
– Has the same effect as a fall in input
prices 相当于降低投入品价格
– Shifts the supply curve to the right 使得供
给曲线右移
38
Changes in Number of Sellers 卖者数量变化
• An increase in the number of sellers 卖者增加
– Increases the quantity supplied at each price 每
个价格下，供给增加
– Shifts the supply curve to the right 供给曲线右移
• A decrease in the number of sellers 卖者减少
– Decreases the quantity supplied at each price
每个价格下，供给减少
– Shifts the supply curve to the left 供给曲线左移

39
 Expectations about Future 预期
• Example: Events in the Middle East lead to
expectations of higher oil prices 中东局势导致预期
原油价格上涨
– Owners of Texas oil fields reduce supply now,
save some inventory to sell later at the higher
price 得克萨斯州石油公司减少供给，留住库存等
价高时再卖
– The supply curve shifts left 当前供给曲线左移
• Sellers may adjust supply* when their expectations
of future prices change 卖者会根据未来价格预期
调整他们的物品供给（物品不易腐烂）
(*If good not perishable)
40
 Shift vs. Movement Along the Supply
位移vs.沿供给曲线移动
• Change in supply 供给变化:
– A shift in the supply curve 供给曲线位移
– Occurs when a non-price determinant of supply
changes (like technology or costs) 由非价格因素
变化引起
• Change in the quantity supplied 供给量变化:
– A movement along a fixed supply curve 沿供给
曲线移动
– Occurs when the price changes 由价格变化引
起

41
Summary: variables that influence sellers

42
自主学习 Active Learning 2: The supply curve
Draw a supply curve for apple juice, S1, and a point
A (P1, Q1) on the supply curve. What happens to it in
each of the following scenarios? Why? 做出苹果汁供
给曲线。分析以下场景：
A. Grocery stores cut the price of apple juice. 商店
里苹果汁降价
B. A technological advance allows apple juice to be
produced at lower cost. 一项技术改进使得苹果汁
生产成本降低
C. Grocery stores cut the price of orange juice. 商店
里橙汁价格降低

43
Supply and demand together – 1 供给和需求合在一起

Equilibrium 均衡:
P
• Price has D
$6.00
S
reached the
$5.00
level where
quantity $4.00
supplied $3.00
equals quantity $2.00
demanded 供 $1.00
给和需求达到
$0.00
平衡时的状态 0 5 10 15 20 25 30 35
Q

47
 Supply and demand together – 2
Equilibrium price: price where QS = QD = equilibrium
Q
P D
S
$6.00
P QD QS
$5.00 $0 24 0
$4.00 1 21 5
2 18 10
$3.00
3 15 15
$2.00
4 12 20
$1.00 5 9 25
$0.00 6 6 30
Q
0 5 10 15 20 25 30 35
48
 Markets not in equilibrium: surplus – 1 过剩
Surplus (excess supply):
P
D
quantity supplied is
S
$6.00 Surplus greater than quantity
demanded 供过于求
$5.00
If P = $5,
$4.00
– then QD = 9 muffins
$3.00 – and QS = 25 muffins,
$2.00 – Resulting in a
$1.00
surplus of 16 muffins

$0.00
Q
0 5 10 15 20 25 30 35
49
 Markets not in equilibrium: surplus – 2 过剩
Facing a surplus, sellers try to
increase sales by cutting the
P
D S price 市场供过于求时，卖者会
$6.00 Surplus 降价来促进销量:
– This causes QD to rise 会
$5.00 导致需求量增加
$4.00 – and QS to fall… 供给量减
少
$3.00
– …which reduces the
$2.00 surplus. 过剩减少
$1.00 – And so on… until market
reaches equilibrium. 直到
$0.00 市场达到均衡状态
Q
0 5 10 15 20 25 30 35
50
 Markets not in equilibrium: shortage – 1 短缺
Shortage (excess
P demand): quantity
D S demanded is greater than
$6.00 quantity supplied 需求量大
$5.00 于供给量

$4.00
If P = $1,
$3.00
- then QD = 21 muffins
$2.00 - and QS = 5 muffins
$1.00 - Resulting in a shortage
of 16 muffins
$0.00 Shortage
Q
0 5 10 15 20 25 30 35
51
Markets not in equilibrium: shortage – 2 短缺
Facing a shortage,
P sellers raise the price, 市场面
D S 临短缺时，卖者会提高价格
$6.00 - Causing QD to fall 会导致
$5.00 需求量减少
- and QS to rise, 供给量增
$4.00
加
$3.00 - …which reduces the
shortage. 缓解短缺
$2.00
– And so on… until market
$1.00 reaches equilibrium 最终
Shortage
达到市场均衡
$0.00
Q
0 5 10 15 20 25 30 35
52
 Supply and Demand Together
供需合在一起
Three steps to analyzing changes in equilibrium
分析均衡改变的三个步骤:
1. Decide whether the event shifts the supply curve,
the demand curve, or, in some cases, both curves
确定某件事是影响供给曲线，需求曲线还是二者皆有
2. Decide whether the curve(s) shifts to the right or to
the left 确定曲线是右移还是左移
3. Use the supply-and-demand diagram 用供求曲线图
说明这种变化如何改变均衡价格和均衡数量
• Compare the initial and the new equilibrium
• Effects on equilibrium price and quantity

53
EXAMPLE 3: The market for muffins 麦芬的市场
P
price of
S1
muffins

Market
P1 equilibrium

D1
Q
Q1

quantity of
muffins

54
EXAMPLE 3A: A shift in demand 需求变化
EVENT A: Increase in the price of doughnuts.甜甜圈
价格上涨
P
STEP 1: D curve shifts
S1
• muffins and doughnuts
are substitutes. P2

STEP 2: D shifts right

P1
• Consumers will buy
fewer expensive doughnuts
and switch to muffins. D1 D2
STEP 3: Increase in price Q
Q1 Q2
and quantity of muffins.
55
EXAMPLE 3B: A shift in supply 供给变化
EVENT B: New technology of producing muffins. 生
产麦芬蛋糕的新技术 P
S1 S2
STEP 1: S curve shifts
• because new technology
reduces production costs
P1
STEP 2: S shifts right
P2
• because lower
production cost makes
D1
production more profitable
Q
at any given price. Q1 Q2
STEP 3: Decrease in price and increase in quantity
56
EXAMPLE 3C: A shift in both S and D – 1
EVENTS: Price of doughnuts rises AND new technology
reduces production costs. 供需都变化：甜甜圈的价格上涨
并且新技术降低生产成本
P
STEP 1: Both curves shift. S1 S2
STEP 2: Both shift
to the right.
P2
STEP 3: P1
Q rises but the effect
on P is ambiguous:
D1 D2
If demand increases more
than supply, P rises. Q
Q1 Q2
57
EXAMPLE 3C: A Shift in Both S and D – 2
EVENTS: Price of doughnuts rises AND new
technology reduces production costs
P S1 S2

STEP 3:
P1
Q rises, but the effect
P2
on P is ambiguous:
D1 D2
If supply increases more Q
than demand, P falls. Q1 Q2

58
 How Prices Allocate Resources
价格如何配置资源
• “Markets are usually a good way to organize
economic activity” 市场往往是组织经济活动的好方
法
• In market economies
– Prices adjust to balance supply and demand 市
场经济中，价格调节供给和需求，使它们相等
• These equilibrium prices
– Are the signals that guide economic decisions
and thereby allocate scarce resources 均衡价格
作为信号引导着人们的经济决策和稀缺资源配置

59
自主学习Active Learning 3: Shifts in supply and demand

Use the three-step method to analyze the effects of

each event on the equilibrium price and quantity of
orange juice. 用三步法分析以下事件对橙汁的均衡价
格和均衡数量的影响。
Event A: A fall in the price of apple juice 苹果汁降
价
Event B: The price of oranges declines because
of an abundant orange crop. 因为橙子大丰收而引起
的橙子降价
Event C: Events A and B both occur
simultaneously. A和B同时发生

60
 CHAPTER IN A NUTSHELL 本章小结
• Economists use the model of supply and demand to
analyze competitive markets. 经济学家用供需模型分析竞争
市场
– Many buyers and sellers, all are price takers
• The demand curve shows how the quantity of a good
demanded depends on the price. 需求曲线表示物品需求量
如何受价格影响
– Law of demand: as the price of a good falls, the quantity
demanded rises; the D curve slopes downward
• Other determinants of demand: income, prices of
substitutes and complements, tastes, expectations, and
number of buyers. 需求也受其他非价格因素影响
– If one of these factors changes, the D curve shifts
65
CHAPTER IN A NUTSHELL 本章小结
• The supply curve shows how the quantity of a good
supplied depends on the price. 供给曲线表示物品供给量如
何受价格影响
– Law of supply: as the price of a good rises, the quantity
supplied rises; the S curve slopes upward.
• Other determinants of supply: input prices, technology,
expectations, and number of sellers. 供给也受其他非价格因
素影响
– If one of these factors changes, supply curve shifts.
• The intersection of the supply and demand curves
determines the market equilibrium. 供需曲线焦点决定了市
场均衡
– At the equilibrium price, quantity demanded = quantity
supplied
66
CHAPTER IN A NUTSHELL 本章小结
• The behavior of buyers and sellers naturally drives
markets toward their equilibrium. 买者和卖者的行为天
然驱使市场达到均衡状态。
– When the market price is above the equilibrium
price, there is a surplus of the good, which causes
the market price to fall. 当市场价格高于均衡价格，
出现物品过剩，从而引起市场价格下跌。
– When the market price is below the equilibrium
price, there is a shortage, which causes the market
price to rise.当市场价格低于均衡价格，出现短缺，
从而引起市场价格上升。

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CHAPTER IN A NUTSHELL 本章小结
• To analyze how any event influences a market, we use the
supply-and-demand diagram to examine how the event
affects the equilibrium price and quantity. 我们使用供需图
来分析事件如何影响均衡价格和数量，从而理解事件如何影
响市场。
1. Decide whether the event shifts the supply curve or the
demand curve (or both). 确定事件是造成供给曲线还是
需求曲线或者两者的位移
2. Decide in which direction the curve shifts.确定位移方向
3. Compare the new equilibrium with the initial one.将新
的均衡点与初始的均衡点进行比较。
• In market economies, prices are the signals that guide
economic decisions and thereby allocate scarce resources.
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