ComparativeStaticsAnalysis.html.zip

Comparative Statics Analysis.html

Comparative Statics Analysis

“Managers typically control a number of the factors that affect product demand or supply. To make appropriate decisions concerning those variables, it is often useful to know how altering those decisions affect market conditions. Similarly, the direction and magnitude of changes in demand and supply that are due to uncontrollable external factors, such as income or interest rate changes, need to be understood so that managers can develop strategies and make decisions that are consistent with market conditions” (Hirschey, 2009, 133).

“One relatively simple but useful analytical technique is to examine the effects on market equilibrium of changes in economic factors underlying product demand and supply. This is called comparative statics analysis. In comparative statics analysis the role of factors influencing demand is often analyzed while holding supply conditions constant” (Hirschey, 2009, 133).

“Similarly, the role of factors influencing supply can be analyzed by studying changes in supply while holding demand conditions constant. Comparing market equilibrium price and output levels before and after various hypothetical changes in demand and supply conditions has the potential to yield useful predictions of expected changes” (Hirschey, 2009, 134).

Reference:

Hirschey, M. (2009). Fundamentals of managerial economics, (9th ed.). Boston, MA: Cengage Learning.

A surplus refers to the demand falling short of the supply. A shortage, on the other hand, refers to the demand exceeding the supply. Management must be aware of the market imbalance and make adjustments accordingly. The most time efficient solution is to increase the price in the case of a shortage or decrease price in the event of a surplus.

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ComparativeStaticsAnalysis.html.zip

Comparative Statics Analysis.html