Competitive Market

Competitive Market

Interactive graph of a competitive market

*This app is designed for iPhone (iOS 5.0 or later)

Author: Javier Carrillo
Code: EC08-197-M/EC08-197-I-M
Category: Operations & Technology
Updated: 17/01/2012
Version: 1.0
Size: 35.6 MB
Language: English
*This app is designed for iPhone (iOS 5.0 or later)
**If you are interested in downloading the app contact multimedia@ie.edu to enable access.

Description

The purpose of this interactive technical note is to help students to learn and comprehend the effect of changes in the variables of supply and demand in a microeconomic market assuming perfect competition. Students can interact with both curves and see the equilibrium process in terms of prices and quantities exchanged. The program assumes that students are familiar with the underlying concepts of the graphic representation of a market with perfect competition.

For a better understanding of the main effects of the changes in the curves, this graphic resource allows students to make only one move per curve and does not envisage changes in the curves´ elasticity. Students can interact with both curves (demand and supply) either separately or jointly.

There are also simple exercises that enable students to test their comprehension of how the market works and check their answers through interaction with the graphic.