Pembahasan Soal Keseimbangan Pasar Part 2

Introduction

This tutorial aims to enhance your understanding of market equilibrium by exploring demand functions, supply functions, and their interactions. It is based on the video by Suprono Wahyujatmiko, which provides a detailed analysis of these economic concepts. Understanding these principles will help you grasp how markets operate and how prices are determined.

Step 1: Understand Demand Functions

• Definition: The demand function shows the relationship between the quantity of a good that consumers are willing to purchase and its price.
• Key Components:
  • Price: Higher prices typically lead to lower demand.
  • Quantity Demanded: The amount of a product that consumers are willing to buy at a given price.
• Practical Advice:
  • Analyze demand curves to understand shifts caused by factors like consumer preferences, income levels, and prices of substitute goods.

Step 2: Understand Supply Functions

• Definition: The supply function represents the relationship between the price of a good and the quantity that producers are willing to sell.
• Key Components:
  • Price: Higher prices tend to incentivize producers to supply more.
  • Quantity Supplied: The amount of product that producers are willing to sell at a specific price.
• Practical Advice:
  • Study supply curves to identify how changes in production costs, technology, and the number of sellers affect supply.

Step 3: Analyze Market Equilibrium

• Definition: Market equilibrium occurs when the quantity demanded equals the quantity supplied at a specific price.
• Finding Equilibrium:
  • Set the demand function equal to the supply function.
  • Solve for the equilibrium price and quantity.
• Example:
  • If the demand function is Qd = 100 - 2P and the supply function is Qs = 20 + 3P, set Qd = Qs to find the equilibrium:

    100 - 2P = 20 + 3P
    80 = 5P
    P = 16
    

  • Substitute P back into either function to find Q:

    Qd = 100 - 2(16) = 68
    

  • Thus, the equilibrium price is 16 and the quantity is 68.

Step 4: Identify Shifts in Market Equilibrium

• Demand Shifts: Caused by changes in consumer behavior or external factors, such as:
  • Changes in income
  • Consumer preferences
  • Prices of related goods
• Supply Shifts: Result from changes like:
  • Production costs
  • Technological advancements
  • Number of sellers in the market
• Practical Advice:
  • Use graphs to visualize shifts and determine new equilibrium points.

Conclusion

Understanding demand and supply functions is crucial for analyzing market equilibrium. By learning how to manipulate these functions and recognize shifts, you can better predict market behavior. For deeper insights, consider revisiting the first part of the series and practicing with real-world examples to solidify your grasp of these concepts.