Economics (9-1) - 0987 CIE

Price Changes

Gbogbo ọrọ náà

Prices are signals. When the price of a product jumps or slides, it is usually telling you that something has changed in demand or in supply, and that resources are about to be reallocated to follow it. Reading those signals correctly is one of the most useful skills the whole course teaches.

In this lesson you will learn how shifts in demand and supply cause the market price and quantity to change, what those changes do to a firm's sales, and how to use demand and supply diagrams to analyse any change in market conditions, from a bumper harvest to a fashion craze.

Ebumnobi

how price changes are caused by changes in demand and supply
effect of price changes on sales
use of demand and supply diagrams to illustrate the impact of changes in market conditions

Akọmọ Ojú-ẹkọ

The equilibrium price is where the plans of buyers and sellers meet: the price at which the quantity demanded equals the quantity supplied. When a condition of demand or supply changes, the equilibrium moves to a new price and quantity. Being able to predict that movement, and show it on a diagram, lets you analyse events as varied as a drought, a new tax, a rise in incomes or a viral trend. This is the analytical heart of microeconomics.

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Ayẹwo Ẹkọ

Ekele diri gi maka imecha ihe karịrị na Price Changes. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.

Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.

Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.

The equilibrium price in a market is the price at which: A. supply is at a maximum B. quantity demanded equals quantity supplied C. demand is at a maximum D. firms make the most profit Answer: B
An increase in demand, with supply unchanged, causes: A. price to rise and quantity to rise B. price to fall and quantity to rise C. price to rise and quantity to fall D. price and quantity to fall Answer: A
A good harvest increases the supply of wheat. The likely effect is: A. higher price, lower quantity B. lower price, higher quantity C. higher price, higher quantity D. lower price, lower quantity Answer: B
A new tax raises producers' costs. The effect on the market is: A. supply shifts right, price falls B. supply shifts left, price rises C. demand shifts right, price rises D. demand shifts left, price falls Answer: B
If demand is price inelastic, a rise in price will cause total revenue to: A. fall B. rise C. stay the same D. fall to zero Answer: B