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Economics Notes (including self-study)
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Notes from self-study and lectures. Self-study is written in dutch
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EconomieEconomie
Week 0 Zelfstudie
Vraag en aanbod
College Vraag en aanbod
Markt: plek waar producenten en consumenten samenkomen om producten en diensten te
ruilen. Vraag en aanbod komen samen.
Vraagcurve: prijs tegenover de hoeveelheid die consumenten willen kopen (dalende lijn)
Vraagfunctie: Q = x - yP
x = stijging van de prijs
y = afname van de vraag
Inverse vraagfunctie: P = x - yQ (makkelijker rekenen)
Choke price: hoeveelheid is daar nul
Aanbodcurve: prijs tegenover hoeveelheid dat producenten willen produceren (stijgende
lijn)
Aanbodfunctie: Q = xP - y
aanbod neemt met x toe bij een prijsstijging van 1 EUR
Inverse aanbodfunctie: P = x - yP
Marktevenwicht: snijpunt vraag- en aanbodfunctie
Aanbodoverschot: producenten willen meer produceren dan dat consumenten willen kopen
, Economie
Vraag overschot: consumenten willen meer kopen dan dat producenten willen produceren
In vrije markt komen zulk soort overschotten bijna automatisch weer terecht bij de
evenwichtsprijs
Vraagfunctie = aanbodfunctie om de evenwichtsprijs te berekenen
Verandering in de vraag
Bij elke prijs neemt de gevraagde hoeveelheid toe → vraagcurve beweegt naar rechts →
nieuw marktevenwicht
Verandering in het aanbod
Bij dezelfde prijs wordt er een groter aanbod aangeboden (betere ovens) → aanbodcurve
beweegt naar rechts → nieuw (lager) marktevenwicht → negatief verband tussen de prijs en
de hoeveelheid die wordt gevraagd
Prijselasticiteit van de vraag: hoeveel meer/minder willen consumenten kopen als de prijs
stijgt? Percentuele verandering in de hoeveelheid vraag, waarbij de prijs toeneemt
Inelastische vraag (steile lijn, weinig substituten) als E < 1 en elastische vraag (vlakke lijn,
veel substituten) als E > 1
Perfect inelastisch bij E = 0 (verticale lijn, hoeveelheid is onafhankelijk van de prijs)
Perfect elastisch bij E = oneindig (horizontale lijn, consumenten extreem gevoelig voor prijs)
Boek
How do consumers and producers interact in the market for a good or service to determine
how much is sold and at what price?
Economist’s standard approach: simplify the problem until it becomes manageable
Market: defined by the specific product being bought and sold, a particular location and a
point in time
Supply and demand model: represents the economist’s best attempt to capture many of
the key elements of real-world markets in a simple enough way that we can analyze it
Key assumptions (not always realistic, but provides a good description of how
markets work):
1. We restrict our focus to supply and demand in a single market
2. All goods bought and sold in the market are identical
3. All goods sold in the market sell for the same price, and everyone has the
same information about prices, the quality of the goods being sold, and so on.
4. There are many buyers and sellers in the market
Supply: the combined amount of good that all producers in a market are willing to sell
Factors that influence supply
1. Price
2. Supplier’s costs of production
3. The number of sellers
4. Seller’s outside options
, Economie
Supply curve: the relationship between the quantity supplied of a good and the
good’s price, holding all other factors constant
Supply choke price: the price at which no firm is willing to produce a good and
quantity supplied is zero; the vertical intercept of the inverse supply curve (in the form
of price)
Change in quantity supplied is a movement along the supply curve that occurs as a
result of a change in the good’s price
Change in supply is a shift of the entire supply curve caused by a change in a
determinant of supply other than the good’s own price
Demand: the combined amount of a good that all consumers are willing to buy
Factors that influence demand:
1. Price
2. The number of consumers
3. Consumer income or wealth
4. Consumer tastes
5. Prices of other goods (substitutes/complements)
Demand curve: relationship between the quantity of a good that consumers demand
and the good’s price, holding all factors constant
Change in quantity demanded is a movement along the demand curve that occurs as
a result of a change in the good’s price
Change in demand is a shift of the entire demand curve caused by a change in a
determinant of demand other than the good’s own price
Demand choke price: the price at which quantity demand equals zero, the vertical
intercept of the inverse demand curve (written in the form of price)
Market Equilibrium: intersection of the supply curve and the demand curve
Equilibrium price back into the supply/demand curve for the equilibrium quantity
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