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【正文】 s Supply 13 70 Excess Supply Quantity (Q) Number appointments per day P Price ($) Doctors visit Equilibrium Analysis What is price is lower than P* 50 5 Qd: demand Qs Supply 13 70 Excess Demand 30 P Price ($) Doctors visit Q Quantity Number of appointments per day per doctor Comparative Statics ? Examine how a change in an exogenous variable will affect the level of an endogenous variable. ? First, look at the value of the endogenous variable at the initial level of the exogenous variable ? Second, look at the value of the endogenous variable at the new level of the exogenous variable. Comparative Statics Example P Price ($) Doctors visit Q Number of appointments per day per doctor . 10 P* D S 50 Q* Endogenous variable: movement along curve Endogenous variable: movement along curve How do the exogenous variables affect the graph? Moves the curves Comparative Statics Example ? Suppose we are in China and there is an outburst of the Avian Flu. A few weeks later there are some new regulations put on doctors and they are unhappy about it. So they do a rotating strike. ? How will these factors affect our Supply and Demand curve and the price? Comparative Statics Example P Price ($) Doctors visit Q Number of appointments per day per doctor . 10 P1 D1 S1 50 D2 Outbreak of avian flu, P2 60 13 Q1 Q2 Moves demand to the right, but supply curve does not change Comparative Statics Example P Price ($) Doctors visit Q Number of appointments per day per doctor D1 S1 D2 The rotating strike will lead to P3 65 11 S2 A reduction in supply This is a shift to the left Q3 See You Next Class
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