Consumer behaviour and markets
| English | 中文 | Pinyin |
|---|---|---|
| equilibrium/ˌiːkwɪˈlɪbrɪəm/ | 均衡 | jūn héng |
| marginal benefit/ˈmɑːdʒɪnl ˈbenɪfɪt/ | 边际收益 | biān jì shōu yì |
A decision you can investigate
- A commuter keeps buying a familiar ticket despite a cheaper option.
- The market model is useful, but assumptions about rational choice need checking.
Build the explanation
- Demand and supply model planned quantities at different prices. Equilibrium 均衡 requires these quantities to agree.
- Marginal analysis compares the extra benefit and extra cost of a choice; imperfect information and habits can alter behaviour.
Match the terms to their precise meanings.
Use these definitions in the particular context of Consumer behaviour and markets.
Work through the evidence
- Demand is Qd = 120 − 2P and supply is Qs = 20 + 3P. Set Qd = Qs: 120 − 2P = 20 + 3P.
- Then 100 = 5P, P = 20 and Q = 80. Check both equations before drawing the intersection.
At P = 10, which imbalance occurs?
Demand is Qd = 120 − 2P and supply is Qs = 20 + 3P. Set Qd = Qs: 120 − 2P = 20 + 3P. Then 100 = 5P, P = 20 and Q = 80. Check both equations before drawing the intersection.
Which caution belongs to this particular task?
An algebraic equilibrium is conditional on the functions and other factors staying constant. A supply shift does not shift demand: it changes equilibrium through movement along the existing demand curve.
The explanation in this lesson makes a conditional claim; relevant context and evidence still matter.
A supply shift does not shift demand: it changes equilibrium through movement along the existing demand curve.
Test the limits
- An algebraic equilibrium is conditional on the functions and other factors staying constant.
- A supply shift does not shift demand: it changes equilibrium through movement along the existing demand curve.
Choose the two statements supported by this lesson.
The concept and worked evidence support these claims; the stated limits rule out the universal shortcut.
Apply and explain your answer
- At P = 10, which imbalance occurs?
- Qd = 100 and Qs = 50, so excess demand is 50.
Use the terms precisely
- marginal benefit 边际收益: The extra benefit from one additional unit.
- equilibrium: A state where planned demand and supply agree.
Demand is Qd = 120 − 2P and supply is Qs = 20 + 3P. Set Qd = Qs: 120 − 2P = 20 + 3P. Then 100 = 5P, P = 20 and Q = 80. Check both equations before drawing the intersection.
An algebraic equilibrium is conditional on the functions and other factors staying constant. A supply shift does not shift demand: it changes equilibrium through movement along the existing demand curve.
Demand and supply model planned quantities at different prices. Equilibrium requires these quantities to agree.