© 2011 pearson education, inc. all rights reserved introduction to economic reasoning, eighth...
TRANSCRIPT
![Page 1: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/1.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
Chapter 3: Demand and Supply: Price Determinationin Competitive Markets
![Page 2: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/2.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr. 3-2
EXHIBIT 3.1Hometown Demand for Jogging Shoes
![Page 3: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/3.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.2The Demand Curve for Jogging Shoes In Hometown, U.S.A.
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![Page 4: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/4.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.3Income as a Determinant of Demand
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![Page 5: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/5.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.4Distinguishing Change in Demand from Change in Quantity Demanded
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![Page 6: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/6.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.5Hometown Supply of Jogging Shoes
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![Page 7: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/7.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.6The Supply Curve of Jogging Shoes inHometown, U.S.A
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![Page 8: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/8.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.7The Impact of a Technological Advance on the Supply of Personal Computers
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![Page 9: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/9.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.8Distinguishing Change In Supply fromChange In Quantity Supplied
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![Page 10: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/10.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.9The Demand and Supply of JoggingShoes in Hometown, U.S.A.
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![Page 11: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/11.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.10Demand and Supply Curves for Jogging Shoes In Hometown, U.S.A.
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![Page 12: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/12.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.11The Effect of an Increase in Demand on the Equilibrium Price
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![Page 13: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/13.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.12The Effect of a Decrease in Demand on the Equilibrium Price
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![Page 14: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/14.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.13Effect of an Increase in Supply onEquilibrium Price
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![Page 15: © 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:](https://reader036.vdocuments.us/reader036/viewer/2022062407/56649ca65503460f94968478/html5/thumbnails/15.jpg)
© 2011 Pearson Education, Inc.All Rights Reserved
Introduction to Economic Reasoning, Eighth EditionWilliam D. Rohlf, Jr.
EXHIBIT 3.14Effect of Simultaneous Increases in Demandand Supply on Equilibrium Price
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