By J. Harvey (auth.)
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12 joint supply (jj) Paraffin (j) Petrol a M M\ a N N\ Paraffin demanded and supplied Petrol demanded and supplied (d) How could the government secure greater use of coal in order to conserve the stock of North Sea oil? Here the government must operate to alter the relative prices of coal and oil, reducing the former and increasing the latter. To reduce the price of coal it could give the producer, the National Coal Board, or consumers, such as the Central Electricity Generating Board, a subsidy.
In general, conditions of supply may change fairly quickly through: (1) A CHANGE IN THE PRICES OF OTHER GOODS, ESPECIALLY WHEN IT IS EASY TO SHIFT RESOURCES AND THE GOOD IN QUESTION IS IN 'JOINT SUPPLY' 56 Suppose, for instance, that there is a considerable increase in the price of chicken meat, including boiling fowls. It may pay the farmer to kill some of his laying pullets. Thus fewer eggs are supplied at the old price. (2) A CHANGE IN THE PRICES OF FACTORS OF PRODUCTION A fall in the cost of pullets or of their food would reduce the cost of producing eggs.
5). At the original price of 6p we now have an excess of supply over demand - 30,000 eggs are supplied, but only 20,000 are demanded. Here competition amongst sellers will mean that the price falls to 4p, where 25,000 eggs are both demanded and supplied. 5 FUNCTIONS OF PRICE IN THE FREE MARKET Our analysis can be applied to practical problems, especially those relating to government policy. First, however, we use it to examine the role of price in the market economy. In a free market, price both indicates and motivates.