Demand, Supply, Market Course: Pengantar Ekonomi
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
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