mbf ge econ ppt ch03app
DESCRIPTION
microeconomics slidesTRANSCRIPT
-
Additional Examples of Supply and Demand3AMcGraw-Hill/IrwinCopyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved.Appendix
-
LettuceSupply shifts left for lettuceWeather destroys part of the cropDemand doesnt changeConsumers still want as much lettuce as before Equilibrium price rises which will reduce the quantity demandedLO6
-
LettuceLO6D1S1Q1P1Quantity (pounds)Price (per pound)S2Q2P20
-
Exchange RatesExchange rates the price of one countrys currency in terms of another countrys currencyCurrency appreciation: the value of one of the currencies, in terms of the other, has increasedCurrency depreciation: the value of one of the currencies, in terms of the other, has decreased.LO6
-
Exchange RatesLO6 D1S1Q1$1.25Quantity of eurosDollar price of 1 euro D20$1.50Q2
-
Pink SalmonSupply shifts right for pink salmonNew technologyNew fishers enter the industryDemand shifts left for pink salmonIncreases in consumers incomeReductions in the price of substitutes
LO6
-
Pink SalmonLO6D1S1Q1P1Quantity (in pounds)Price (per pound)S2D2P2Q20
-
GasolineSupply of gasoline decreasesRefinery breakdownsMideast politics and warfareRising price of oilDemand for gasoline increasesConsumers incomes increasedLow mileage SUVs popularLO6
-
GasolineLO6D2S2Q1P2Quantity (in gallons)Price (per gallon)S1D1P1Q20
-
SushiSupply shifts rightIncrease in the number of sushi bars Demand shifts rightConsumers tastes for sushi increasesLO6
-
SushiLO6D2S2Q1Quantity (pounds)Price (per pound)S1D1P1Q20
-
Preset PricesPreset prices can cause market imbalancesOlympics Figure Skating FinalsPreset price results in a shortage of ticketsOlympics Curling PreliminariesPreset prices result in a surplus of ticketsLO6
-
Preset PricesLO6DSP1P2Q1Q2DSP1P2Q1Q2abab
******
******
*