Pengantar Ek Makro Ses 2 Ds

7/28/2019 Pengantar Ek Makro Ses 2 Ds

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3HUKUM

EKONOMI

HUKUM PASAR (HUKUM PERMINTAAN-PENAWARAN):1. Bila permintaan meningkat, sedangkan penawaran tetap atau

turun, maka harga barang cenderung meningkat (ceteris

paribus);

2. Bila penawaran meningkat, sedangkan permintaan tetap atau

turun, maka harga cenderung menurun (ceteris paribus).

HUKUM PENAWARAN:

Harga barang berbanding lurus dengan jumlah barang yang

ditawarkan. Artinya bila harga barang naik, jumlah barang yang

ditawarkan cenderung meningkat, dan sebaliknya. Asumsi ceteris

paribus (faktor-faktor lain) tidak mempengaruhi, seperti: harga

input, tujuan perusahaan, teknologi, kebijakan pemerintah, harga

barang yang berkaitan, dst.

HUKUM PERMINTAAN:

Harga barang berbanding terbalik dengan jumlah barang yang

diminta. Artinya bila harga barang meningkat, jumlah barang yang

diminta cenderung turun, dan sebaliknya, dengan asumsiceteris

paribus (the other being fixed), yaitu faktor laktor lain tetap (tidakberpengaruh), seperti: tingkat pendapatan, harga barang lain yang

berkaitan, selera, jumlah penduduk, dst


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Demand & Supply


3/72

MARKETS DEFINED

MARKETS

POTENTIAL

SELLERS

POTENTIAL

BUYERS


4/72

$5

432

1

DEMAND DEFINED

P QD

10

203555

80

A schedule or a curve that shows the

various amounts of a product that

consumers are willing and able topurchase at each of a series of possible

prices.


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LAW OF DEMAND

As Price Falls

Quantity Demanded Rises

As Price Rises

Quantity Demanded Falls

An inverse relationship existsbetween price and quanti ty

demanded


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LAW OF DEMAND

DIMINISHING MARGINAL UTILITY

INCOME EFFECTSUBSTITUTION EFFECT

DEMAND CURVE

INDIVIDUAL AND MARKET DEMAND


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1

GRAPHING DEMAND

P

Qo

Price

Quantity

CORNConnect the PointsP QD

$5

432

1

10

203555

80

3

4

5

2

20 35 55 80


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P

Qo

$5

4

3

2

1

P QD

$5

432

1

10

203555

80D

Price of Corn

Quantity of Corn

CORNConnect the Points

10 20 30 40 50 60 70 80

GRAPHING DEMAND


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P

Qo

$5

4

3

2

1

P QD

$5

432

1

10

203555

80D

Price of Corn

Quantity of Corn

CORN

10 20 30 40 50 60 70 80

What if

DemandIncreases?

GRAPHING DEMAND


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P

Qo

$5

4

3

2

1

P QD

$5

432

1D

Price of Corn

Quantity of Corn

CORN

10 20 30 40 50 60 70 80

D

Increase

inDemand

Increasein Quant i ty

Demanded10

203555

80

30

406080

+

GRAPHING DEMAND


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P

Qo

$5

4

3

2

1

P QD

$5

432

1

10

203555

80D

Price of Corn

Quantity of Corn

CORN

10 20 30 40 50 60 70 80

What if

DemandDecreases?

GRAPHING DEMAND


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P

Qo

$5

4

3

2

1

P QD

$5

432

1

10

203555

80D

Price of Corn

Quantity of Corn

CORN

10 20 30 40 50 60 70 80

--

102040

60

D

Decrease

in

Demand

Decrease

in Quant i ty

Demanded

GRAPHING DEMAND


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DETERMINANTS OF

DEMAND

Tastes Number of Buyers

Income Normal (Super ior) & I nfer ior Goods Prices of Related Goods

Substi tutes & Complements Unrelated Goods

Expectations


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SUPPLY DEFINED

$1

234

5

P QSCORN

Supply is a schedule or a curve showing the

amounts of a product that producers arewilling and able to make available for sale

at each of a series of possible prices.

5

203550

60


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LAW OF SUPPLY

As Price Rises

Quantity Supplied Rises

As Price Falls

Quantity Supplied Falls

A direct relationship existsbetween price and quanti ty

supplied


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SP

Qo

$5

4

3

2

1

10 20 30 40 50 60 70 80

$5

432

1

60

503520

5

P QS

Price of Corn

Quantity of Corn

CORN

Connect the Points

GRAPHING SUPPLY


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SP

Qo

$5

4

3

2

1

10 20 30 40 50 60 70 80

$5

432

1

60

503520

5

P QS

Price of Corn

Quantity of Corn

CORN

What if

Supply

Increases?

GRAPHING SUPPLY


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SP

Qo

$5

4

3

2

1

10 20 30 40 50 60 70 80

Price of Corn

Quantity of Corn

$5

432

1

60

503520

5

P QSCORN

80

706045

30

SIncreasein

Supply

Increase

in Quant i ty

Suppl ied

GRAPHING SUPPLY


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SP

Qo

$5

4

3

2

1

10 20 30 40 50 60 70 80

$5

432

1

60

503520

5

P QS

Price of Corn

Quantity of Corn

CORN

What if

Supply

Decreases?

GRAPHING SUPPLY


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SP

Qo

$5

4

3

2

1

10 20 30 40 50 60 70 80

$5

432

1

60

503520

5

P QS

Price of Corn

Quantity of Corn

CORN

S

45

30200

--

Decrease

in

Supply

Decrease

in Quant i tySuppl ied

GRAPHING SUPPLY

DETERMINANTS OF


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DETERMINANTS OF

SUPPLY

Resource Prices

Technology

Taxes & Subsidies

Prices of Other Goods

Price Expectations

Number of Sellers DETERMINANTS OF


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DETERMINANTS OF

SUPPLY

Resource Prices

Technology

Taxes & Subsidies

Prices of Other Goods

Price Expectations

Number of Sellers

Combining

with

Demand

MARKET DEMAND &


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MARKET DEMAND &

SUPPLY

$5

432

1

10

203555

80

$5

432

1

60

503520

5

200

B

U

Y

E

R

S

P QD

BUSHELSOF CORN

MARKET

DEMAND

2,000

4,0007,000

11,000

16,000

200

S

E

L

L

E

R

S

12,000

10,0007,0004,000

1,000

P QS

BUSHELSOF CORN

MARKET

SUPPLY

EQUILIBRIUM

x x

MARKET DEMAND &


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7

SP

Qo

$5

4

3

2

1

2 4 6 8 10 12 14 16

P QD

$5

432

1

2,000

4,0007,000

11,000

16,000

$5

432

1

12,000

10,0007,0004,000

1,000D

P Q

S

Price of Corn

Quantity of Corn

CORNMARKET

CORNMARKET

Market

ClearingEquilibrium

MARKET DEMAND &

SUPPLY

MARKET DEMAND &


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7

SP

Qo

$5

4

3

2

1

2 4 6 8 10 12 14 16

P QD

$5

432

1

2,000

4,0007,000

11,000

16,000

$5

432

1

12,000

10,0007,0004,000

1,000D

P Q

S

Price of Corn

Quantity of Corn

CORNMARKET

CORNMARKETSurplus

At a $4 pr ice

more is being

supplied than

demanded

MARKET DEMAND &

SUPPLY

MARKET DEMAND &


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117

SP

Qo

$5

4

3

2

1

2 4 6 8 10 12 14 16

P QD

$5

432

1

2,000

4,0007,000

11,000

16,000

$5

432

1

12,000

10,0007,0004,000

1,000D

P Q

S

Price of Corn

Quantity of Corn

CORNMARKET

CORNMARKET

At a $2 pri ce

more is being

demanded than

supplied

Shortage

MARKET DEMAND &

SUPPLY

MARKET DEMAND &


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117

SP

Qo

$5

4

3

2

1

2 4 6 8 10 12 14 16

P QD

$5

432

1

2,000

4,0007,000

11,000

16,000

$5

432

1

12,000

10,0007,0004,000

1,000D

P Q

S

Price of Corn

Quantity of Corn

CORNMARKET

CORNMARKET

Shortage

MARKET DEMAND &

SUPPLY

Surplus


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MARKET EQUILIBRIUM

Equilibrium Price & Quantity

Rationing Function of Prices

Changes in Demand Changes in Quantity

Demanded

Changes in Supply

Changes in QuantitySupplied
http://highered.mcgraw-hill.com/sites/0072819359/student_view0/chapter3/interactive_graphs.html


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Complex Cases

Supply Increases;Demand DecreasesPrices DecreaseQuantity Indeterminate

Supply Decreases;

Demand IncreasesPrice IncreasesQuantity Indeterminate

Multiple Shifts


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Complex Cases

Supply Increases;Demand IncreasesPrices IndeterminateQuantity Increases

Supply Decreases;

Demand DecreasesPrice IndeterminateQuantity Decreases

Multiple Shifts


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Government Set Prices

Price CeilingsShortages

Rationing ProblemBlack Markets

Rent Controls

Price FloorsSurpluses
http://highered.mcgraw-hill.com/sites/0072819359/student_view0/chapter3/interactive_graphs.html


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Price Ceiling

A maximum price that sellers may charge for a good,

usually set by government.

Excess Demand

(Shortage)

Created by a

Price Ceiling


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Price ceiling

Price Rationing :The process by which the market system

allocates goods and services to consumers when quantity

demanded exceeds quantity supplied.

Ration coupons Tickets or coupons that entitleindividuals to purchase a certain amount of a given product

per month.

Black market A market in which illegal trading takes

place at market-determined prices.


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PRICE FLOORS

Price floor A minimum price

below which exchange is not

permitted.

Minimum wage A price floorset under the price of labor.

Agricultural Products


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INFLATION


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Inflation :

Inflation This is the process bywhich the price level rises andmoney loses value. There are two

kinds of inflation:a) Demand pullb) Cost push


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Demand pull inflation :Demand pull inflation , may be due to :

Increase in money supply and Increasein government purchases Increase inexports

Cost push Inflation :Cost push Inflation Cost push inflation mayarise because of : Increase in money wagerates Increase in money prices of rawmaterials.

Demand pull inflation :


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ADAD AS

P

P

O Q Q

P

Q

E

E

p

Demand pull inflation , may be due to :Increase in money supply and Increasein government purchases Increase inexports


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ADAS

AS

P

P

O Q Q

P

Q

E

E

Cost push Inflation :Cost push Inflation Cost pushinflation may arise because of :Increase in money wage rates

Increase in money prices ofraw materials.


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DEMAND PULL INFLATION COST PUSH INFLATION

P

O QQ

P

O

E

QQ

P

P

P

PE

E

E;

AS

AS

AD

QQ

AD

AD

AS


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THE BASIS OF RATE OFINFLATION: CREEPING INFLATION.WALKING INFLATION.

RUNNING INFLATION. HYPER-INFLATION.


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PRICE FLOORS


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Price Controls: Two TypesPrice Ceiling

u A legally established maximum price at which a

good can be sold.

Price Floor

u A legally established minimum price at which a

good can be sold.


45/72

Price FloorsWhen the government imposes a price

floor, two outcomes are possible.

u The price flooris notbinding if set belowthe equilibrium price.

u The price floorisbinding if set above the

equilibrium price, leading to asurplus.


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A Price Floor That Is Not Binding...

$3

Quantity ofShave-Ice

Cones

0

Price ofShave-Ice

Cone

100

Equilibriumquantity

Equilibrium

price

Demand

Supply

Price

floor2

Harcourt, Inc. items and derived items copyright 2001 by Harcourt, Inc.


47/72

A Price Floor That Is Binding...

$3

Quantity of

#2 Wheat

0

Price of#2 Wheat

Equilibriumprice

Demand

Supply

Price floor$4

120

Quantitysupplied

80

Quantitydemanded

Surplus


48/72

Effects of a Price FlooruA price floor prevents supply anddemand from moving toward the

equilibrium price and quantity.uWhen the market price hits the floor, itcan fall no further, and the market price

equals the floor price.


49/72

Effects of a Price FloorA binding price floor causes . . .

a surplusbecauseQS>QD.

nonprice rationing is an alternativemechanism for rationing the good, using

discrimination criteria.

uExamples: The minimum wage, Agricultural pricesupports


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The Minimum WageAn important example of a

price floor is the minimum

wage. Minimum wage lawsdictate the lowest price

possible for labor that any

employer may pay.

h i i


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The Minimum Wage

Quantity of

Labor

0

Wage

Equilibriumwage

Labordemand

Laborsupply

A Free Labor Market

Equilibrium

employment

Th Mi i W


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Minimumwage

The Minimum Wage

Quantity of

Labor

0

Wage

Labordemand

Laborsupply

Quantity

supplied

Quantity

demanded

Labor surplus(unemployment)

A Labor Market with a

Minimum Wage


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Effects of Minimum Wage

McDonalds employment?

Employment on Macademia tree farms?

UH research projects?

Other attributes of a minimum wage job are

diminished:

Less likelihood of health insurance,

less training,

More discrimination in hiring


54/72

Summaryu Price controls include price ceilings andprice floors.

u A price ceiling is a legal maximum onthe price of a good or service. An

example is rent control.

u A price floor is a legal minimum on theprice of a good or a service. An

example is the minimum wage.


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Price Ceilings

ECON 130(3)

September 14-16, 2009

Sumner La Croix


57/72

Supply, Demand, and Government

Policies

u In a unregulated market system with open entryand exit, market forces establish equilibrium

prices andquantities.u While equilibrium conditions may be efficient,

not everyone will be satisfied with theoutcomes.

Consumers

Producers


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Price Controls...u Are usually enacted when policymakers

believe the market price is unfair to buyers

or sellers.u Result in government-createdprice ceilings

orpricefloors.


59/72

Price Ceilings & Price FloorsPrice Ceiling

u A legally established maximum price at which a

good can be sold.

Price Floor

u A legally established minimum price at which a

good can be sold.


60/72

Price CeilingsTwo outcomes are possible when the

government imposes a price ceiling:

The price ceiling is notbinding if set above the

equilibrium price.

The price ceiling is binding if set below theequilibrium price, leading to a shortage.



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A Price Cei l ing That Is Not B ind ing

$3

Quantity ofOranges lbs

0

Price ofOranges-lb

4

Demand

Supply

Equilibrium

price

Priceceiling

100

Equilibrium Quantity



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A Price Ceiling That Is Binding

$3

Quantity ofOranges-lbs

0

Price ofOranges-lb

2

Demand

Supply

Equilibrium

price

Price

ceilingShortage

125

Quantitydemanded

75

Quantitysupplied


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Effects of Price CeilingsA binding price ceiling creates

shortages becauseQD > QS

u Gasoline shortage of the 1970s

nonprice rationing

u Long lines

u Discrimination by sellers


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Rationing Resources

uPrice Rationing Efficient Impersonal

uNon-price Rationing Long lines

Waste buyers time Inefficient

Discrimination by sellers:Goods may not go to buyer who value it

most highly Inefficient

Potentially unfair


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Lines at the Gas PumpIn 1973, OPEC raised the price ofcrude oil in world markets. Because

crude oil is the major input used to

make gasoline, the higher oil prices

reduced the supply of gasoline.

What was responsible for the long

gas lines?

Economists blame government

regulations that limited the price oil

companies could charge for gasoline.

Initially


66/72

Initially

Price ceiling

Demand

Supply

Price ofGasoline

Quantity ofGasoline

1. The priceceilingis notbinding . . .

P1

Q1

Then


67/72

Then

Price ceiling

Demand

S1

Price ofGasoline

Quantity ofGasoline

S2

2. supply falls. . .

P2

QS QD

P1

Q1

3. . . . the price

ceiling becomesbinding . . .

4. . . .resultingin ashortage.


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Rent Controlu Rent controls are ceilings placed on the rents

that landlords may charge tenants

u Goal: to help the poor by making housing

more affordable

uNew York City rent controls were enacted asa WWII emergency measure

u Some units still under rent control todayu Many rich tenants in rich neighborhoods paying

low WWII prices.

Rent Control in the Short Run


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Rent Control in the Short Run...

Quantity ofApartments

0

Rental

Price ofApartment

Demand

Supply

Controlled rent

Shortage

Supply anddemand forapartmentsare relatively

inelastic

Rent Control in the Long Run


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Rent Control in the Long Run...

Quantity ofApartments

0

Rental

Price ofApartment

Demand

Supply

Controlled rent

Shortage

Because the

supply anddemand forapartments aremore elastic...

rent control

causes a large

shortage

Who would gain and


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Who would gain and

Who would lose

From rent control in Honolulu?u You are already in a desirable house?

u You are a UH student looking for a place to

live?u You are a member of a minority group

subject to discrimination?

u You are poor and cannot afford market rentsin an uncontrolled market?

u You are the owner of a rental unit?


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Effects of Rent Control

u Discrimination against any groups who areless favored by landlords.

u Bribery by potential tenants.u Key money charged???

u Unbundling of services.???

u Less maintenance or remodeling.

u Age of appliances.

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