Demand, Supply, Market

Demand, Supply, Market Course: Pengantar Ekonomi

www.aeunike.ub.ac.id

Normal & Inferior Goods • Normal Goods Goods for which demand goes up when income is higher and for which demand goes down when income is lower

• Inferior Goods Goods for which demand tends to fall when income rises


Market & Price • Market (Pasar) Sebentuk organisasi dimana penjual dan pembeli dapat berhubungan satu sama lain, dan terjadi interaksi antara pembeli dan penjual dalam menentukan harga

• Price (Harga) Suatu tingkat penilaian dimana barang yang bersangkutan dapat ditukar dengan sesuatu yang lain Ditentukan oleh permintaan dan penawaran www.aeunike.ub.ac.id

The Price System: Rationing and Allocation Resources • The adjustment of price is the rationing mechanism in free market • Price rationing: whenever there is a need to ration a good (when a shortage exists) the price of good will rise until quantity supplied equals to quantity demanded (market clears)

• Exception: Some products (example: rare painting) www.aeunike.ub.ac.id

Membaca Mandiri: • Contraints on the Market and Alternative Rationing Mechanisms – Oil, Gasoline, and OPEC – Rationing Mechanisms for Concert and Sports Tickets

• Prices and the Allocation of Resources • Price Floor • Supply and Demand and Market Efficiency – Consumer Surplus – Produser Surplus – Competitive Markets Maximize the Sum of Producer and Consumer Surplus – Potential Causes of Deadweight Loss From Under- and Overproduction www.aeunike.ub.ac.id

Elasticity Course: Pengantar Ekonomi


Changes in Equilibrium

D↑→P↑→Q↑

S↑→P↓→Q↑


Changes in Equilibrium

D↓→P↓→Q↓

S↓→P↑→Q↓


Number of Changes in Equilibrium


Number of Changes in Equilibrium


Price Elasticity of Demand  the ratio of the percentage of change in quantity demanded to the percentage change in price

 Example Apabila harga kedelai naik dari $ 2.00 menjadi $ 2.20 dan jumlah yang dibeli turun dari 10 unit menjadi 8 unit, maka elastisitas permintaan dapat dihitung sebagai berikut :


Calculating Elasticities: The Midpoint Formula  To describe percentage changes more accurately

 Example Apabila harga kedelai naik dari $ 2.00 menjadi $ 2.20 dan jumlah yang dibeli turun dari 10 unit menjadi 8 unit, maka elastisitas permintaan dapat dihitung sebagai berikut :


Types of Elasticity • Inelastic Demand ( e < 1) – Kuantitas yang diminta sedikit saja bereaksi terhadap perubahan harga yang terjadi

• Elastic Demand (e > 1) – Kuantitas yang diminta bereaksi dengan kuat terhadap perubahan harga yang terjadi

• Perfectly Inelastic (e = 0) – Kuantitas yang diminta tidak merespon sama sekali terhadap perubahan harga yang terjadi

• Perfectly Elastic (e = ∞ ) – Kuantitas yang diminta berubah secara tak terbatas dengan adanya sedikit perubahan harga

• Unitary Elastic (e = 1) – Kuantitas yang diminta berubah dengan persentase yang sama seperti perubahan harga www.aeunike.ub.ac.id

Inelastic Demand ( e < 1)


Elastic Demand (e > 1)


Perfectly Inelastic (e = 0)


Perfectly Elastic (e = ∞ )


Unitary Elastic (e = 1)


The Determinants of Demand Elasticity • Availability of Subtitutes – When the subtitutes item is easy to get, the item will be more elastic

• The Importance of Being Unimportant – An item will be inelastic when it is relatively small part of our total budget – An item will be elastic when it is expensive item – An item will be elastic when it is multi-function item

• The Time Dimension – The elasticity of demand in the short run may be very different from the elasticity of demand in the long run – In the longer run, demand is likely to become more elastic, or responsive – Long-term item will be more elastic than short-term item


Membaca Mandiri: • Elasticity Changes Along a Straight-Line Demand Curve • Income Elasticity of Demand • Cross-Price Elasticity of Demand • Elasticity of Supply • Elasticity and Total Revenue


Demand, Supply, Market

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