Demand and Supply

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IB Economics by IB Tutor Lalit Pradhan

Bildung Business Wirtschaft & Finanzen

Market

Consumers Exchange Producers

Objective: Total Utility1 Maximization Total Profit2 Maximization

Demand Theory Supply Theory
(Consumers’ p.o.v.) (Producers’ p.o.v.)

Price
Mechanism

Equilibrium
Qd=Qs

Price Equilibrium Quantity Equilibrium
Market Price Quantity bought and sold
or traded

1
Utility = Satisfaction
2
Profit = Revenue-Costs

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Demand and Supply

1. Market Consumers Exchange Producers Objective: Total Utility1 Maximization Total Profit2 Maximization Demand Theory Supply Theory (Consumers’ p.o.v.) (Producers’ p.o.v.) Price Mechanism Equilibrium Qd=Qs Price Equilibrium Quantity Equilibrium Market Price Quantity bought and sold or traded 1 Utility = Satisfaction 2 Profit = Revenue-Costs