Chapter 2 Demand and Supply Analysis
Chapter 2
Demand and Supply Analysis
Outline
1.
Competitive Markets
¡ì
¡ì
2.
3.
4.
5.
Definition
Assumptions of the model
The Market Demand Curve
The Market Supply Curve
Competitive Market Equilibrium
Elasticity
2
Monthly Crude Oil Prices in US dollars
3
Oil Market
Why do oil price fluctuate?
Fall in Demand
1.
¡ì
¡ì
¡ì
Weak economic activity
Increased efficiency
Substitute toward other fuels
Geopolitical Reasons
2.
¡ì
¡ì
Middle East trying to fold market to keep prices low to
make it hard for substitutes
Wars in middle east
Increase Production in America
3.
¡ì
Decreased oil imports to become more ¡°energy
independent¡±
4
Competitive Markets
Definition: Markets were sellers and buyers
are small and numerous, so they take the
market price as given when they decide how
much to buy and sell.
5
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