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CHAPTER 3

Demand, Supply, and


Market Equilibrium

Prepared by: Fernando


Quijano and Yvonn Quijano

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Basic Decision-Making Units

Perusahaan suatu organisasi yang


mentransformasikan sumber daya (input)
menjadi produk (output) dan unit produksi
utama dalam perekonomian pasar
Wirausahawan seseorang yang
mengorganisasikan , mengelola, dan
menanggung resiko suatu perusahaan ,
menggunakan ide baru atau produk baru , dan
menjadikannya bisnis yang sukses
Rumah tangga unit pengkonsumsi dalam suatu
perekonomian .

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Circular Flow of Economic Activity

Aliran melingkar dari


aktivitas ekonomi
menunjukkan hubungan
diantara perusahaan dan
rumah tangga dalam pasar
input dan output

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Input Markets and Output Markets

Output, or product,
markets are the markets
in which goods and
services are exchanged.

Input markets are the


markets in which
resourceslabor, capital,
Payments flow in the opposite and landused to
direction as the physical flow of produce products, are
resources, goods, and services
(counterclockwise). exchanged.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Input Markets
Input markets include:
Pasar tenaga kerja rumah tangga menawarkan
pekerjaan untuk mendapatkan upah dari perusahaan
yang meminta tenaga kerja .
Pasar modal rumah tangga menawarkan tabungan
mereka untuk mendapatkan bunga atau untuk klaim
laba di masa depan , kepada perusahaan yang
memerlukan dana untuk membeli barang modal
Pasar tanah rumah tangga menawarkan tanag atau
properti riil lain untuk menukarnya dengan penghasilan
sewa

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Determinants of Household Demand

Keputusan suatu rumah tangga tentang kuantitas


output atau produk tertentu yang akan dimintanya
tergantung pada sejumlah faktor yang meliputi :
Harga produk.
Pendapatan yang tersedia .
Jumlah akumulasi kekayaan .
Harga produk lain
Selera dan preferensi
Ekspektasi tentang masa depan , kekayaan dan
harga di masa mendatang
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Quantity Demanded

kuantitas yang diminta jumah (unit)


suatu produk yang akan dibeli oleh
rumah tangga pada suatu periode
tertentu . Jika rumah tangga itu bisa
membeli semua yang diinginkannya
pada harga pasar saat ini

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Demand in Output Markets

ANNA'S DEMAND
Skedul permintaan
SCHEDULE FOR tabel yang
TELEPHONE CALLS memperlihatkan
QUANTITY berapa banyak suatu
PRICE DEMANDED
(PER (CALLS PER
produk akan dibeli
CALL) MONTH) oleh suatu rumah
$ 0 30
0.50 25
tangga pada harga
3.50 7 yang berbeda beda .
7.00 3
10.00 1 Demand curves are
15.00 0
usually derived from
demand schedules.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Demand Curve

ANNA'S DEMAND
SCHEDULE FOR
Kurva permintaan suatu
TELEPHONE CALLS grafik yang
QUANTITY mengilustrasikan berapa
PRICE
(PER
DEMANDED
(CALLS PER banyak produk tertentu
CALL) MONTH) yang akan dibeli oleh
$ 0 30
0.50 25 rumah tangga pada
3.50
7.00
7
3
harga yang berbeda beda
10.00 1
15.00 0

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Law of Demand
This means that
demand curves slope
downward. Hukum permintaan
hubungan negatif antara
harga dan kuantitas yang
diminta . Ketika harga naik
maka kuantitas yang
diminta berkurang . Ketika
harga turun , kuantitas yang
diminta bertambah .

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Other Properties of Demand Curves

Demand curves intersect the


quantity (X)-axis, as a result of
time limitations and diminishing
marginal utility.
Demand curves intersect the (Y)-
axis, as a result of limited
incomes and wealth.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Income and Wealth

Pendapatan jumlah semua upah , gaji ,


laba , pembayaran bunga , sewa dan
bentuk penghasilan lain yang diterima oleh
suatu rumah tangga pada periode waktu
tertentu . Pendapatan adalah ukuran aliran
.

Kekayaan atau kekayaan bersih total nilai


yang dimiliki suatu rumah tangga dikurangi
nilai utangnya . Kekayaan adalah ukuran
simpanan.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Related Goods and Services

Barang normal barang yang permintaannya


bertambah ketika pendapatan lebih tinggi
dan permintaannya berkurang ketika
pendapatan lebih rendah
Barang inferior barang yang permintaannya
cenderung turun ketika pendapatan
meningkat.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Related Goods and Services

Barang subsitusi barang yang bisa saling


menggantikan satu sama lain . Ketika
harga yang satu naik maka permintaan
barang yang lain naik .

Barang komplementer barang yang


sejalan penurunan dalam harga yang
satu menyebabkan peningkatan dalam
permintaan yang lain dan sebaliknya

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Shift of Demand Versus Movement Along a
Demand Curve

A change in demand is
not the same as a change
in quantity demanded.
In this example, a higher
price causes lower
quantity demanded.
Changes in determinants
of demand, other than
price, cause a change in
demand, or a shift of the
entire demand curve, from
DA to DB.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
A Change in Demand Versus a Change in Quantity
Demanded

When demand shifts to


the right, demand
increases. This causes
quantity demanded to be
greater than it was prior to
the shift, for each and
every price level.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
A Change in Demand Versus a Change in Quantity
Demanded

To summarize:
Change in price of a good or service
leads to

Change in quantity demanded


(Movement along the curve).

Change in income, preferences, or


prices of other goods or services
leads to

Change in demand
(Shift of curve).
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Impact of a Change in Income

Higher income Higher income


decreases the demand increases the demand
for an inferior good for a normal good

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Impact of a Change in the Price
of Related Goods
Demand for complement good
(ketchup) shifts left

Demand for substitute good (chicken)


shifts right

Price of hamburger rises


Quantity of hamburger
demanded falls

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
From Household to Market Demand

Demand for a good or service can be


defined for an individual household, or
for a group of households that make up a
market.

Permintaan pasar jumlah semua kuantitas


barang atau jasa yang diminta per periode
oleh semua rumah tangga yang membeli
barang atau jasa tersebut di pasar

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
From Household Demand to Market
Demand

Assuming there are only two households in the


market, market demand is derived as follows:

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Supply in Output Markets

CLARENCE BROWN'S Skedul penawaran suatu tabel


SUPPLY SCHEDULE yang memperlihatkan berapa
FOR SOYBEANS
banyak produk yang akan dijual
QUANTITY
SUPPLIED oleh suatu perusahaan pada
PRICE (THOUSANDS harga yang berbeda beda .
(PER OF BUSHELS
BUSHEL) PER YEAR)
$ 2 0 Kuantitas yang ditawarkan jumlah
1.75 10 produk tertentu yang akan
2.25 20
3.00 30 bersedia atau mampu ditawarkan
4.00 45 oleh suatu perusahaan untuk
5.00 45
dijual pada harga tertentu selama
periode waktu tertentu

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Supply Curve and
the Supply Schedule

A supply curve is a graph illustrating how much


of a product a firm will supply at different prices.
CLARENCE BROWN'S 6

Price of soybeans per bushel ($)


SUPPLY SCHEDULE
FOR SOYBEANS 5
QUANTITY
SUPPLIED
4
PRICE (THOUSANDS
(PER OF BUSHELS
3
BUSHEL) PER YEAR) 2
$ 2 0
1.75 10 1
2.25 20
3.00 30 0
4.00 45
5.00 45 0 10 20 30 40 50
Thousands of bushels of soybeans
produced per year

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
The Law of Supply
Hukum penawaran hub
positif antara hrga dan
kuantitas brg yg
ditawarkan .peningkatan
harga pasar akan
mengakibatkan
peningatan kuantitas
yang ditawarkan , dan
penurunan harga pasar
akan mengakibatkan
penurunan kuantitas yang
This means that supply curves ditawrkan
typically have a positive slope.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Determinants of Supply

Harga barang atau jasa


Biaya produksi yang pada gilirannya
tergantung pada :
Harga input yang diperlukan ( tenaga kerja ,
modal , dan tanah )
Teknologi yang bisa digunakan untuk
memproduksi produk tersebut
Harga produk terkait

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
A Change in Supply Versus
a Change in Quantity Supplied

A change in supply is
not the same as a
change in quantity
supplied.
In this example, a higher
price causes higher
quantity supplied, and
a move along the
demand curve.
In this example, changes in determinants of supply, other
than price, cause an increase in supply, or a shift of the
entire supply curve, from SA to SB.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
A Change in Supply Versus
a Change in Quantity Supplied

When supply shifts


to the right, supply
increases. This
causes quantity
supplied to be
greater than it was
prior to the shift, for
each and every price
level.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
A Change in Supply Versus
a Change in Quantity Supplied

To summarize:
Change in price of a good or service
leads to

Change in quantity supplied


(Movement along the curve).

Change in costs, input prices, technology, or prices of


related goods and services
leads to

Change in supply
(Shift of curve).
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
From Individual Supply
to Market Supply

The supply of a good or service can be defined


for an individual firm, or for a group of firms that
make up a market or an industry.

Penawaran pasar jumlah semua barang yang


ditawarkan tiap periode oleh semua produsen
suatu produk tunggal

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Market Supply

As with market demand, market supply is the


horizontal summation of individual firms supply
curves.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Market Equilibrium

The operation of the market


depends on the interaction
between buyers and sellers.

Equilibrium kondisi yang terjadi


ketika kuantitas yang ditawarkan
dan kuantitas yang diminta sama .
Pada kesetimbangan , tidak ada
kecenderungan harga untuk
berubah

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Market Equilibrium

Only in equilibrium is
quantity supplied
equal to quantity
demanded.
At any price level
other than P0, the
wishes of buyers
and sellers do not
coincide.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Market Disequilibria

Excess demand, or
shortage, is the condition
that exists when quantity
demanded exceeds
quantity supplied at the
current price.
When quantity demanded
exceeds quantity
supplied, price tends to
rise until equilibrium is
restored.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Market Disequilibria

Excess supply, or surplus,


is the condition that exists
when quantity supplied
exceeds quantity
demanded at the current
price.

When quantity supplied


exceeds quantity
demanded, price tends to
fall until equilibrium is
restored.

2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Increases in Demand and Supply

Higher demand leads to Higher supply leads to


higher equilibrium price and lower equilibrium price and
higher equilibrium quantity. higher equilibrium quantity.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Decreases in Demand and Supply

Lower demand leads to Lower supply leads to


lower price and lower higher price and lower
quantity exchanged. quantity exchanged.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Relative Magnitudes of Change

The relative magnitudes of change in supply and


demand determine the outcome of market equilibrium.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair
Relative Magnitudes of Change

When supply and demand both increase, quantity


will increase, but price may go up or down.
2002 Prentice Hall Business Publishing Principles of Economics, 6/e Karl Case, Ray Fair