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Supply and Demand: Quantities
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Practical uses of supply and demand analysis often center on the different variables that change equilibrium price and quantity, represented as shifts in the respective curves. Comparative statics of such a shift traces the effects from the initial equilibrium to the new equilibrium.
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A, B and C are points on the supply curve. Each point on the curve reflects a direct correlation between quantity supplied (Q) and price (P). At point B, the quantity supplied will be Q2 and the price will be P2, and so on.
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Display Figure 1 and point out that when a market is in equilibrium, the quantity of a product the producer is willing to supply is equal to the quantity of that product consumers are willing to purchase. Events occur in the marketplace... that will cause the quantity supplied of a product and the quantity demanded of a product to be unequal.
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A shift in a demand or supply curve occurs when a good's quantity demanded or supplied changes even though price remains the same. For instance, if the price for a bottle ofbeerwas $2 and the quantity of beer demanded increased from Q1 to Q2, then there would be a shift in the demand for beer. Shifts in the demand curve imply that the original demand relationship has changed, meaning that quantity demand is affected by a factor other than price. A shift in the demand relationship would occur if, for instance, beersuddenly became the only type of alcohol available for consumption.
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The supply curve is a second method of showing the relationship between quantity supplied and price. It is a graphical representation of the supply schedule showing the quantity supplied at each different price, other things remaining the same. The seven price-quantity combinations shown in Table 5-2 are plotted on the graph shown in Fig. 5-4. Price is plotted on the vertical axis and quantity supplied on the horizontal axis. The points on the curve labelled a through s represent the rows of the supply schedule.
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The law of supply is ... vital to understanding the relationship between supply and demand. According to the law of supply, higher quantities of a product or service are supplied at a higher price. Those who produce goods and offer services are willing to supply more at higher prices because selling their wares at higher prices provides increased revenues.
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