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\author{nelaorav}
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  /Title (how-prices-are-decided.pdf)
  /Creator (Cheatography)
  /Author (nelaorav)
  /Subject (How prices are decided Cheat Sheet)
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\noindent
\begin{multicols}{3}
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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\begin{tabulary}{11cm}{L}
    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{How prices are decided Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{nelaorav} via \textcolor{DarkBackground}{\uline{cheatography.com/167833/cs/36534/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}nelaorav \\
  \uline{cheatography.com/nelaorav} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Not Yet Published.\\
   Updated 15th January, 2023.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\end{multicols}}




\begin{document}
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{x{1.59264 cm} x{3.38436 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Price mechanism}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Price machanism}} & Higher prices indicate higher demand and vice versa \tn 
% Row Count 2 (+ 2)
% Row 1
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 & Rising prices indicate to producers to allocate their resources into that product \tn 
% Row Count 5 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Demand}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Demand}} & {\bf{for consumers}} is the want or willingness of consumers to buy Gs or Ss \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
 & for demand to be effective consumers must have enough money to buy what they want and need \tn 
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% Row 2
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{\bf{Effective demand}} & real intention of consumers to purchase and to pay with the means available \tn 
% Row Count 13 (+ 4)
% Row 3
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{\bf{Quantity dimanded}} & the amount of a good or service consumers are willing and able to buy \tn 
% Row Count 17 (+ 4)
% Row 4
\SetRowColor{LightBackground}
{\bf{Individual demand}} & D of just one consumer \tn 
% Row Count 19 (+ 2)
% Row 5
\SetRowColor{white}
{\bf{Market demand}} & the total D for that product from all its consumers willing and able to buy it \tn 
% Row Count 23 (+ 4)
% Row 6
\SetRowColor{LightBackground}
{\bf{Aggregate demand}} & the total demand for all Gs\&Ss in the economy \tn 
% Row Count 26 (+ 3)
% Row 7
\SetRowColor{white}
{\bf{Demand curve}} & displays the D of all the consumers of that commodity given a set of possible prices \tn 
% Row Count 30 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.28942 cm} x{2.68758 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Demand (cont)}}  \tn
% Row 8
\SetRowColor{LightBackground}
 & following mostly applies: as price rises QD falls and vice versa, roughly downward sloping, P and QD move in opposite directions \tn 
% Row Count 7 (+ 7)
% Row 9
\SetRowColor{white}
 & {\bf{market D curve}} shows the relationship between the total QD by consumers each period and the price of that product \tn 
% Row Count 13 (+ 6)
% Row 10
\SetRowColor{LightBackground}
{\bf{{\emph{Change in price}}}} & {\bf{movement along the curve and \seqsplit{extension/contraction} of D}} \tn 
% Row Count 16 (+ 3)
% Row 11
\SetRowColor{white}
{\bf{Utility}} & the satisfaction consumers have after buying and using Gs\&Ss the wanted, they assume it is rational \tn 
% Row Count 21 (+ 5)
% Row 12
\SetRowColor{LightBackground}
{\bf{Marginal utility}} & the extra unit gained from the consumption of one more product, usually goes down at some point \tn 
% Row Count 26 (+ 5)
% Row 13
\SetRowColor{white}
{\bf{The law of diminishing returns}} & the more of a commodity consumers have, the less utility they get from consuming one more unit of it \tn 
% Row Count 31 (+ 5)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.74195 cm} x{3.23505 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Shifts in demand}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Ceteris paribus}} & all other things remaining unchanged, so no other factor that affects consumer's D changes \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
{\bf{Increase/rise in D}} & consumers D more of a product at every price than they did before \tn 
% Row Count 7 (+ 3)
% Row 2
\SetRowColor{LightBackground}
 & the DC moves outwards (to the right) \tn 
% Row Count 9 (+ 2)
% Row 3
\SetRowColor{white}
{\bf{Fall in the D}} & consumers now demand less of a product at every price than they did before \tn 
% Row Count 12 (+ 3)
% Row 4
\SetRowColor{LightBackground}
 & the DC moves inwards (to the left) \tn 
% Row Count 14 (+ 2)
% Row 5
\SetRowColor{white}
{\bf{{\emph{Changes in D}}}} & other factors like changes in people's income (normal or inferial Gs, changes in income tax, changes in the population, changes in the prices of other Gs (complementary GS - complements/substitutes), changes in tastes and fashion, advertising, etc. \tn 
% Row Count 24 (+ 10)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{5.377cm}{x{1.69218 cm} x{3.28482 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Supply}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Supply}} & the willingness of producers to make and sell Gs\&Ss at different prices \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
{\bf{Quantity supplied}} & the amount of Gs\&Ss producers are willing and able to make and sell to consumers in a market \tn 
% Row Count 7 (+ 4)
% Row 2
\SetRowColor{LightBackground}
{\bf{Market supply}} & the sum of all the individual supply curves of producers vompeting to supply that product \tn 
% Row Count 11 (+ 4)
% Row 3
\SetRowColor{white}
{\bf{Supply curve}} & expresses the amount of a good or service firms or producers are willing to make and sell at a given price \tn 
% Row Count 16 (+ 5)
% Row 4
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 & opposit of DC \tn 
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% Row 5
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{\bf{Change in price}} & {\bf{movement along the curve}} \tn 
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% Row 6
\SetRowColor{LightBackground}
 & {\bf{and extension/contraction of supply}} \tn 
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% Row 7
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{\bf{Other factors}} & {\bf{increase/fall in supply}} \tn 
% Row Count 23 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Changes in supply}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Changes in the cost of factors of production}} & fall in costs will increase profits and the SC will shift outwards and vice versa \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
{\bf{Changes in the price and profitability of other Gs \& SS}} & may cause different ammount of S of different products \tn 
% Row Count 8 (+ 3)
% Row 2
\SetRowColor{LightBackground}
{\bf{Technical progress}} & new technology may be able to increase its production and vice versa \tn 
% Row Count 12 (+ 4)
% Row 3
\SetRowColor{white}
{\bf{Business optimism and expectations}} & firms allocate resources based on what they think will be the most profitable \tn 
% Row Count 16 (+ 4)
% Row 4
\SetRowColor{LightBackground}
{\bf{Other factors}} & natural disasters, sudden changes in weather, international trade sanctions, wars and political factors \tn 
% Row Count 22 (+ 6)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.69218 cm} x{3.28482 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Market price}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Market price}} & QD and QS is the same \tn 
% Row Count 2 (+ 2)
% Row 1
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{\bf{Equilibrium price}} & another name for market price \tn 
% Row Count 4 (+ 2)
% Row 2
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{\bf{Excess supply}} & at higher prices firms supply more products above the D \tn 
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% Row 3
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{\bf{Excess demand}} & at low prices low amount of products is supplied \tn 
% Row Count 9 (+ 2)
% Row 4
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{\bf{Disequilibrium}} & D doesn't equal S \tn 
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\begin{tabularx}{5.377cm}{x{2.53827 cm} x{2.43873 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Changes in market prices}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{A shift in the market D}} & higher QD = higher P = higher S \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
{\bf{A shift in the market S curve}} & higher S = lower P = higher D \tn 
% Row Count 4 (+ 2)
% Row 2
\SetRowColor{LightBackground}
{\bf{Market price increases if}} & market D rises or market S falls \tn 
% Row Count 6 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
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\begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Price elasticity of demand}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{PED}} & the responsivness of consumer D to changes in the price of a good or service \tn 
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% Row 1
\SetRowColor{white}
{\bf{Elastic}} & change in price affects the QD (more shallow) \tn 
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% Row 2
\SetRowColor{LightBackground}
 & {\bf{PED \textgreater{} 1}} \tn 
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% Row 3
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{\bf{Inelastic}} & change in price doesn't affet the QD, if so only in small amount (steeper) \tn 
% Row Count 12 (+ 4)
% Row 4
\SetRowColor{LightBackground}
 & {\bf{PED \textless{} 1}} \tn 
% Row Count 13 (+ 1)
% Row 5
\SetRowColor{white}
{\bf{How to calculate PED?}} & PED = \% change in QD/\% change in P \tn 
% Row Count 15 (+ 2)
% Row 6
\SetRowColor{LightBackground}
 & \% change in QD = (change in Q/original Q) x 100 \tn 
% Row Count 18 (+ 3)
% Row 7
\SetRowColor{white}
 & \% change in P = (change in P/original P) x 100 \tn 
% Row Count 21 (+ 3)
% Row 8
\SetRowColor{LightBackground}
{\bf{Determinants of PED}} & factors that affect PED \tn 
% Row Count 23 (+ 2)
% Row 9
\SetRowColor{white}
 & {\bf{if the product is a necessity}} - inelastic \tn 
% Row Count 26 (+ 3)
% Row 10
\SetRowColor{LightBackground}
 & {\bf{the number of close substitutes a product has}} - more = elastic, less = inelastic \tn 
% Row Count 30 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.33919 cm} x{2.63781 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Price elasticity of demand (cont)}}  \tn
% Row 11
\SetRowColor{LightBackground}
 & {\bf{the amount of time consumers have to search for subsitutes}} - more time = inelastic, less time = elastic \tn 
% Row Count 6 (+ 6)
% Row 12
\SetRowColor{white}
 & {\bf{the cost of switching to a different supplier}} - high = inelastic, low = elastic \tn 
% Row Count 10 (+ 4)
% Row 13
\SetRowColor{LightBackground}
 & {\bf{the proportion of consumer's income spent on the product}} - higher = elastic, lower = inelastic \tn 
% Row Count 15 (+ 5)
% Row 14
\SetRowColor{white}
{\bf{Why is knowleadge of PED useful?}} & e. g. while government is placing taxes (cigarettes, alcohol, etc.) \tn 
% Row Count 19 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.43873 cm} x{2.53827 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Special demand curves}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Perfectly price inelastic  E = 0}} & a straight vertical line, rise/fall in the P of commodity causes no change in S (insuline) \tn 
% Row Count 5 (+ 5)
% Row 1
\SetRowColor{white}
{\bf{Infinitely price elastic   E = ∞}} & a straight horizontal line, any change in D will cause S to fall to zero, unrealistic \tn 
% Row Count 10 (+ 5)
% Row 2
\SetRowColor{LightBackground}
{\bf{Unitary elasticity    E = 1}} & a \% change in P will cause an equal change in the QD (looks line a DC) \tn 
% Row Count 14 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Other measures of elasticity of demand}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Income elasticity of D}} & by how much a change in income causes the QD of G/S to change \tn 
% Row Count 3 (+ 3)
% Row 1
\SetRowColor{white}
 & IED = \% change in QD/\%i change n income \tn 
% Row Count 5 (+ 2)
% Row 2
\SetRowColor{LightBackground}
 & {\bf{positive number - rise in income = rise in D, normal Gs}} \tn 
% Row Count 8 (+ 3)
% Row 3
\SetRowColor{white}
 & {\bf{negative number - rise in income = fall in QD, inferior Gs}} \tn 
% Row Count 11 (+ 3)
% Row 4
\SetRowColor{LightBackground}
{\bf{Cross elasticity of D}} & by how much QD will rise/fall given the change in the price of another product \tn 
% Row Count 15 (+ 4)
% Row 5
\SetRowColor{white}
 & CED = \% change in Q of good X/\% change in P of good Y \tn 
% Row Count 18 (+ 3)
% Row 6
\SetRowColor{LightBackground}
 & {\bf{positive number}} - rise in P = rise in D, substitutes \tn 
% Row Count 21 (+ 3)
% Row 7
\SetRowColor{white}
 & {\bf{negative number - rise in P = fall in D, complements}} \tn 
% Row Count 24 (+ 3)
% Row 8
\SetRowColor{LightBackground}
{\bf{Price elasticity of supply}} & responsivness of QS to a change in P \tn 
% Row Count 26 (+ 2)
% Row 9
\SetRowColor{white}
 & PES = \% change in QS/\% change in P \tn 
% Row Count 28 (+ 2)
% Row 10
\SetRowColor{LightBackground}
 & {\bf{ES \textgreater{} 1 - price elastic - small increase in P = large extension in S}} \tn 
% Row Count 32 (+ 4)
\end{tabularx}
\par\addvspace{1.3em}

\vfill
\columnbreak
\begin{tabularx}{5.377cm}{x{2.14011 cm} x{2.83689 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Other measures of elasticity of demand (cont)}}  \tn
% Row 11
\SetRowColor{LightBackground}
 & {\bf{ES \textless{} 1 - price inelastic - rise in P = littel extention in S}} \tn 
% Row Count 3 (+ 3)
% Row 12
\SetRowColor{white}
 & change in P\textgreater{}change in D = price inelastic \tn 
% Row Count 5 (+ 2)
% Row 13
\SetRowColor{LightBackground}
 & change in P\textless{}change in D = price elastic \tn 
% Row Count 7 (+ 2)
% Row 14
\SetRowColor{white}
{\bf{Determinants of PES}} & {\bf{the avaliability of stock of finished Gs and components}} - higher availability = elastic, low availability = inelastic \tn 
% Row Count 13 (+ 6)
% Row 15
\SetRowColor{LightBackground}
 & {\bf{degree of unused or spare production capacity}} - higher = elastic, lower = inelastic \tn 
% Row Count 17 (+ 4)
% Row 16
\SetRowColor{white}
 & {\bf{availabbility of resources}} - higher availability = elastic, lower availability = inelastic \tn 
% Row Count 22 (+ 5)
% Row 17
\SetRowColor{LightBackground}
 & {\bf{time - momentary run (all FoP fixed - inelastic), short run (1 FoP variable, other 2 fixed), long run (all FoP variable - elastic)}} \tn 
% Row Count 29 (+ 7)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{2.4885 cm} x{2.4885 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Special supply curves}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Perfectly price inelastic   PES = 0}} & straight horizontal line, the QS remains the same whatever the P is \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
{\bf{Infinitely price elastic   PES = ∞}} & straight horizontal line, producers are willing to S as much as they can at one particular price, theory \tn 
% Row Count 10 (+ 6)
% Row 2
\SetRowColor{LightBackground}
{\bf{Unitary elasticity   PES = 1}} & a \% change in price will cause an equal \% change in QS \tn 
% Row Count 13 (+ 3)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{x{1.09494 cm} x{3.88206 cm} }
\SetRowColor{DarkBackground}
\mymulticolumn{2}{x{5.377cm}}{\bf\textcolor{white}{Taxes and subsidies}}  \tn
% Row 0
\SetRowColor{LightBackground}
{\bf{Taxes}} & imposed on Gs \& Ss are known as {\bf{indirect taxes}} (VAT, excise duties placed on cigarettes and alcohol, etc.) \tn 
% Row Count 4 (+ 4)
% Row 1
\SetRowColor{white}
 & indirect taxes have an effect of increasing the market price and reducing the Q traded in a market \tn 
% Row Count 8 (+ 4)
% Row 2
\SetRowColor{LightBackground}
{\bf{Subsidy}} & payment made to producers to help to reduce their costs of production \tn 
% Row Count 11 (+ 3)
% Row 3
\SetRowColor{white}
 & producers tend to increase their S at every given P, higher S = fall in MP = benefit to the consumers \tn 
% Row Count 15 (+ 4)
\hhline{>{\arrayrulecolor{DarkBackground}}--}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}