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


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)


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


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


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


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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