{"id":1898,"date":"2024-01-16T15:45:49","date_gmt":"2024-01-16T15:45:49","guid":{"rendered":"http:\/\/localhost\/dpetkovski\/?p=1898"},"modified":"2024-03-24T16:50:05","modified_gmt":"2024-03-24T16:50:05","slug":"supply-and-demand-an-introduction","status":"publish","type":"post","link":"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/","title":{"rendered":"Supply and Demand &#8211; An Introduction"},"content":{"rendered":"<p><strong>The law of supply and demand <\/strong>is something that&#8217;s often referenced, but rarely understood.<\/p>\n<p>Even people with formal education in economics that can explain how it affected certain situations in the past can&#8217;t really apply the knowledge to forecast the future.<\/p>\n<p>In other words: this post can make you psychic, practically.<\/p>\n<p>Enjoy this gentle introduction to buy and sell pressure when determining the price of anything.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_60 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-66e419f127e00\" ><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-66e419f127e00\"  type=\"checkbox\" id=\"item-66e419f127e00\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#Demand_Curve\" title=\"Demand Curve\">Demand Curve<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#Supply_Curve\" title=\"Supply Curve\">Supply Curve<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#Equilibrium_Price_and_Equilibrium_Quantity\" title=\"Equilibrium Price and Equilibrium Quantity\">Equilibrium Price and Equilibrium Quantity<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#Can_an_Equilibrium_Price_Change\" title=\"Can an Equilibrium Price Change?\">Can an Equilibrium Price Change?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#Market_and_Aggregate_Supply_and_Demand\" title=\"Market and Aggregate Supply and Demand\">Market and Aggregate Supply and Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#Afterword\" title=\"Afterword\">Afterword<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Demand_Curve\"><\/span>Demand Curve<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Demand refers to the <strong>quantity\u00a0<\/strong>of a good that consumers are both willing and able to buy at various prices.<\/p>\n<p>The demand of goods is not only a function of that good&#8217;s price, but other factors as well. These include: income, price of substitute goods, and price of complementary goods.<\/p>\n<p>For example, an individual&#8217;s demand for a brand new <strong>phone case<\/strong> will be a function of its <strong>price<\/strong>, the person&#8217;s <strong>income<\/strong>, the price of the <strong>alternative cases<\/strong> (substitute goods), and the price of the <strong>mobile phones<\/strong> (complementary goods).<\/p>\n<p>Let&#8217;s analyze the relationships between each.<\/p>\n<ul>\n<li><strong>The demand increases as the substitute goods&#8217; prices increase.<\/strong> A consumer won&#8217;t buy the most expensive item if the alternatives are cheaper.<\/li>\n<li><strong>The\u00a0demand increases as the complementary goods&#8217; prices decrease<\/strong>. If the price for all phones skyrocket, less people will need phone cases.<\/li>\n<li><strong>The demand increases as the income of the consumer<\/strong> <strong>increases<\/strong>, as he can afford a higher quantity of the good.<\/li>\n<li><strong>The demand increases as the price of a good decreases<\/strong>. This relationship is what we&#8217;ll focus on:<\/li>\n<\/ul>\n<p>This is called the <strong>demand curve <\/strong>and is illustrated in the picture below.<\/p>\n<div id=\"attachment_1899\" style=\"width: 2110px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1899\" class=\"wp-image-1899 size-full\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/supply-demand-demand.png\" alt=\"supply-demand\" width=\"2100\" height=\"1500\" \/><p id=\"caption-attachment-1899\" class=\"wp-caption-text\">P = Price, Q = Quantity<\/p><\/div>\n<p>The fact that the demand is higher at lower prices is referred to as the <strong>law of demand<\/strong>.<\/p>\n<p>Note how a change in price from P(eq) to P(high) changes the quantity demanded to Q(low) in response.<\/p>\n<p>In other words: as prices increase the demand decreases and as prices decrease the demand increases.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Supply_Curve\"><\/span>Supply Curve<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Supply refers to the <strong>quantity\u00a0<\/strong>of a good that producers are both willing and able to sell at various prices.<\/p>\n<p>The supply of a good is also not only a function of the selling price, but of the costs of production and selling as well.<\/p>\n<p>For example, a manufacturer&#8217;s supply of <strong>phone cases<\/strong> will depend on its selling price, but also on the cost of labor, cose of the materials, rent prices, etc.<\/p>\n<ul>\n<li><strong>The supply decreases with increasing business expenses. <\/strong>If it&#8217;s too expensive to sell, it may not be worth it anymore.<\/li>\n<li><strong>The supply increases with selling price.<\/strong> Sellers would always chase a greater margin.<\/li>\n<\/ul>\n<p>This is called the\u00a0<strong>supply curve\u00a0<\/strong>and is illustrated in the picture below.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1900\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/supply-demand-supply.png\" alt=\"supply-demand\" width=\"2100\" height=\"1500\" \/><\/p>\n<p>The fact that the supply is higher at higher prices is referred to as\u00a0the\u00a0<strong>law of supply.<\/strong><\/p>\n<p>Note how a change in price from P(eq) to P(high) changes the quantity demanded to Q(high) in response.<\/p>\n<p>In other words: as prices increase the supply increases and as prices decrease the supply decreases.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Equilibrium_Price_and_Equilibrium_Quantity\"><\/span>Equilibrium Price and Equilibrium Quantity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To get the <strong>equilibrium price<\/strong> <strong>and quantity<\/strong> for a good, we use the market supply and demand functions.<\/p>\n<p>The solution for the price is where the quantity demanded equals the quantity supplied.<\/p>\n<p>Graphically, the equilibrium price and quantity are at the point where the demand and supply curves intersect. This is illustrated below.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-1901\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/supply-demand-equilibrium.png\" alt=\"supply-demand\" width=\"2100\" height=\"1500\" \/><\/p>\n<p>Any deviation will be pushed back to the equilibrium by the market forces.<\/p>\n<p>For example, if some suppliers push the prices down by selling at a lower price, other suppliers will reduce production in response to lower price (creating <strong>lack of supply<\/strong>). At the same time, due to the (temporarily) lowered prices, the demand for the good will increase (creating <strong>excess demand<\/strong>), making the consumers compete for the limited supply and thus willing to pay more, ultimately resulting in increasing the price back to the equilibrium price.<\/p>\n<p>Same goes for prices pushed above the equilibrium price: if suppliers start selling a good at a higher price, more suplliers will join the <del>gold rush<\/del> market (creating <strong>excess supply<\/strong>). Due to the rising prices, less people will be interested to buy the supplied good (creating <strong>lack of demand<\/strong>), which will ultimately result in a price decrease back to the equilibrium.<\/p>\n<p>These activities are observable both from micro and macro-economic perspective.<\/p>\n<p>Can you think of certain cases where you recognized it?<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Can_an_Equilibrium_Price_Change\"><\/span>Can an Equilibrium Price Change?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Yes, but not solely by manipulating prices.<\/strong><\/p>\n<p>It can change due to <strong>shifts\u00a0<\/strong>in the market curves. These shifts in the supply and demand curves occur because of changes in a relevant factor that&#8217;s not the price.<\/p>\n<p>Foe example: changes in income levels and prices of substitute and complementary goods (for demand) or prices and availability of input goods, advancements of technology, etc. (for supply).<\/p>\n<p>If you&#8217;re a student remember this: price changes are <strong>movements<\/strong> along the curves, changes in other factors are <strong>shifts<\/strong> of the curves.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_and_Aggregate_Supply_and_Demand\"><\/span>Market and Aggregate Supply and Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>I&#8217;ll just scratch the surface here in order to cover some terminology:<\/p>\n<p><strong>Market demand and market supply <\/strong>refer to the sum of quantity demanded or supplied for <strong>a good or service<\/strong> at each price across all consumers in the market.<\/p>\n<p><strong>Aggregate demand and aggregate supply <\/strong>refer to the total demand by all consumers or total supply by all suppliers for <strong>all goods and services<\/strong> at each price across all markets in an economy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Afterword\"><\/span>Afterword<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Thoroughly understanding the law of supply and demand can be a life changing experience.<\/p>\n<p>But we barely scratched the surface in this post. That&#8217;s why I&#8217;ll publish two more posts on <strong>supply and demand<\/strong>, where we&#8217;ll go even deeper:<\/p>\n<ol>\n<li>Supply and Demand \u2013 An Introduction (the current one)<\/li>\n<li><a href=\"https:\/\/dpetkovski.com\/consumer-and-producer-surplus-deadweight-loss\/\">Consumer and Producer Surplus &amp; Deadweight Loss<\/a><\/li>\n<li><a href=\"https:\/\/dpetkovski.com\/obstacles-to-efficiency-taxes-price-controls-trade-restrictions\/#Conclusion\">Obstacles to Efficiency \u2013 Taxes, Price Controls, Trade Restrictions<\/a><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The law of supply and demand is something that&rsquo;s often referenced, but rarely understood. Even people with formal education in economics that can explain how it affected certain situations in the past can&rsquo;t really apply the knowledge to forecast the future. In other words: this post can make you psychic, practically. Enjoy this gentle introduction&nbsp;&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1903,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"ppma_author":[4],"class_list":["post-1898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-economics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supply and Demand - An Introduction - D. Petkovski<\/title>\n<meta name=\"description\" content=\"Understand the law of supply and demand. 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Because it can literally make you practically psychic, if understood correctly.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/#article","isPartOf":{"@id":"http:\/\/localhost\/dpetkovski\/supply-and-demand-an-introduction\/"},"author":{"name":"D. 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Petkovski","description":"","publisher":{"@id":"http:\/\/localhost\/dpetkovski\/#\/schema\/person\/ce4d9bf1ba43635723c9d1b513b58049"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/localhost\/dpetkovski\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"http:\/\/localhost\/dpetkovski\/#\/schema\/person\/ce4d9bf1ba43635723c9d1b513b58049","name":"D. Petkovski","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/localhost\/dpetkovski\/#\/schema\/person\/image\/89ff1464b73463c0cc3966b32b10dd7a","url":"http:\/\/1.gravatar.com\/avatar\/?s=96&d=mm&r=g","contentUrl":"http:\/\/1.gravatar.com\/avatar\/?s=96&d=mm&r=g","caption":"D. Petkovski"},"logo":{"@id":"http:\/\/localhost\/dpetkovski\/#\/schema\/person\/image\/89ff1464b73463c0cc3966b32b10dd7a"},"description":"D. Petkovski \ud83d\udcd3 The Author\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Husband &amp; Father Software Engineer\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0StrengthCentric Bitcoin Hodler\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0DeFi Veteran \u00a0 \ud83c\udf0d Everything Enthusiast \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\ud83d\udd25 Optimist Revolutionizing ideas. Simplifying complexity. Sharing knowledge.","sameAs":["https:\/\/facebook.com\/dpetkovski","https:\/\/www.instagram.com\/strengthcentric\/","https:\/\/twitter.com\/petkovskix"],"url":"http:\/\/localhost\/dpetkovski\/author\/petkovski\/"}]}},"authors":[{"term_id":4,"user_id":1,"is_guest":0,"slug":"petkovski","display_name":"D. Petkovski","avatar_url":"http:\/\/2.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"","first_name":"","description":"<span style=\"font-size: 23px\">D. Petkovski<\/span> <br> <br>\r\n\r\n\ud83d\udcd3 The Author\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0  \u00a0 \u00a0 \u00a0 \u00a0<span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f46a.svg\" alt=\"\ud83d\udc6a\" \/> Husband &amp; Father <\/span>\r\n<br>\r\n<span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f5a5.svg\" alt=\"\ud83d\udda5\ufe0f\" \/> Software Engineer\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4aa.svg\" alt=\"\ud83d\udcaa\" \/><\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">\u00a0StrengthCentric <\/span>\r\n<br>\r\n<span class=\"r-18u37iz\"><img class=\"r-4qtqp9 r-dflpy8 r-zw8f10 r-10akycc r-h9hxbl r-9cviqr\" src=\"https:\/\/abs.twimg.com\/hashflags\/Bitcoin_evergreen\/Bitcoin_evergreen.png\" alt=\"\" width=\"20\" height=\"20\" \/> <\/span> Bitcoin <span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">Hodler\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0   \u00a0                            \u00a0 \u00a0 \u00a0<\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4c8.svg\" alt=\"\ud83d\udcc8\" \/><\/span>\u00a0<span class=\"r-18u37iz\">DeFi<\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"> Veteran <\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">\u00a0<\/span>\r\n<br>\r\n\ud83c\udf0d Everything Enthusiast              \u00a0 \u00a0 \u00a0 \u00a0   \u00a0 \u00a0 \u00a0              \u00a0   \u00a0\ud83d\udd25 Optimist <br><br>\r\n\r\nRevolutionizing ideas. Simplifying complexity. Sharing knowledge. \r\n"}],"_links":{"self":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts\/1898"}],"collection":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/comments?post=1898"}],"version-history":[{"count":5,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts\/1898\/revisions"}],"predecessor-version":[{"id":2507,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts\/1898\/revisions\/2507"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/media\/1903"}],"wp:attachment":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/media?parent=1898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/categories?post=1898"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/tags?post=1898"},{"taxonomy":"author","embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/ppma_author?post=1898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}