Apa itu Keseimbangan pasar? Apa itu general equilibrium?

Summary

This video explores the concept of **General Equilibrium (GE)** in microeconomics, highlighting the differences between **Partial Equilibrium (PE)** and GE. While PE focuses on individual markets in isolation, GE examines how changes in one market can influence other interconnected markets. Using examples like the impact of taxes on cinema tickets and a frost affecting coffee supply, the video illustrates how price and demand in one market, such as movie tickets or coffee, can create feedback loops and affect related markets like DVD rentals or tea. This interconnected approach offers a more realistic view of how economies function.

Takeaways

• 😀 **Partial equilibrium** analyzes a single market in isolation, ignoring interactions with other markets.
• 😀 **General equilibrium** considers the interconnections between multiple markets, reflecting real-world dynamics.
• 😀 In **partial equilibrium**, the analysis ends after examining how a price change in one market affects that market alone.
• 😀 In **general equilibrium**, changes in one market (e.g., a price increase) affect other related markets, triggering feedback loops.
• 😀 **Feedback effects** occur when price changes in one market (e.g., cinema tickets) influence related markets (e.g., DVD rentals), creating a chain reaction of price adjustments.
• 😀 An example of **partial equilibrium**: A $1 tax on cinema tickets raises ticket prices from $6 to $6.35 without considering the impact on related markets.
• 😀 **General equilibrium** involves continuous adjustments across markets until a new stable equilibrium is reached.
• 😀 An example of **general equilibrium**: A tax on cinema tickets affects both the cinema market and the DVD rental market, leading to new equilibrium prices for both markets.
• 😀 **Substitute goods** (like cinema tickets and DVD rentals) affect each other's demand and price when there is a change in one market.
• 😀 The **general equilibrium model** allows for a comprehensive analysis of how different markets respond to external changes, such as supply shocks or taxes, and how these responses interact.

Q & A

What is the difference between partial equilibrium and general equilibrium?

Partial equilibrium analyzes the equilibrium of a single market without considering the interconnections between markets. General equilibrium, on the other hand, takes into account how changes in one market affect other interconnected markets.

Why is it important to consider general equilibrium in economic analysis?

General equilibrium is important because it reflects the interconnected nature of real-world markets. Price changes in one market can influence related markets, so a more comprehensive analysis is necessary to understand the full economic impact.

How does partial equilibrium handle price changes in one market?

In partial equilibrium, price changes in one market are analyzed in isolation, without considering their effects on other markets. For example, if a tax increases the price of cinema tickets, the analysis stops there, ignoring any feedback effects on related markets like DVD rentals.

What is a feedback effect in the context of general equilibrium?

A feedback effect occurs when a change in one market leads to a reaction in a related market, which then affects the original market again. For example, if the price of cinema tickets rises, demand for DVDs may increase, leading to a higher price for DVDs, which in turn could affect the cinema ticket market again.

What happens when a tax is imposed on cinema tickets in the context of general equilibrium?

When a tax is imposed on cinema tickets, the price paid by consumers rises. In general equilibrium, this price increase not only affects the cinema market but also impacts other related markets, such as the DVD rental market, due to the substitution effect.

How does the substitution effect play a role in general equilibrium analysis?

The substitution effect occurs when a price increase in one good (e.g., cinema tickets) leads consumers to shift demand to a substitute good (e.g., DVDs). This change in demand affects the equilibrium price and quantity in both markets, creating a ripple effect across the economy.

What does it mean for an equilibrium to be 'convergent' in general equilibrium analysis?

Convergent equilibrium means that the adjustments between interconnected markets eventually stabilize, and the prices and quantities in all markets reach a new equilibrium after the feedback effects have played out.

In the case of a frost disaster, how does it affect the coffee and tea markets in general equilibrium?

A frost disaster decreases the supply of coffee, which increases the price of coffee. Since coffee and tea are substitutes, the increase in coffee prices leads to a higher demand for tea, which results in a price increase for tea as well.

What is the result of solving the system of equations for coffee and tea markets after a frost disaster?

After solving the system of equations, the price of coffee increases from $0.93 to $1.59, and the price of tea increases from $0.63 to $0.79, reflecting the interconnected effects of the frost on both markets.

How do supply and demand curves for coffee and tea shift after a frost disaster?

The supply curve for coffee shifts to the left due to the reduced supply caused by the frost, which leads to a higher price for coffee. The demand for tea increases as consumers switch from coffee to tea, shifting the demand curve for tea to the right and raising its price.