© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply:

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Presentation transcript:

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. Chapter 3: Demand and Supply: Price Determination in Competitive Markets

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. 3-2 EXHIBIT 3.1 Hometown Demand for Jogging Shoes

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.2 The Demand Curve for Jogging Shoes In Hometown, U.S.A. 3-3

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.3 Income as a Determinant of Demand 3-4

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.4 Distinguishing Change in Demand from Change in Quantity Demanded 3-5

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.5 Hometown Supply of Jogging Shoes 3-6

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.6 The Supply Curve of Jogging Shoes in Hometown, U.S.A 3-7

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.7 The Impact of a Technological Advance on the Supply of Personal Computers 3-8

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.8 Distinguishing Change In Supply from Change In Quantity Supplied 3-9

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.9 The Demand and Supply of Jogging Shoes in Hometown, U.S.A. 3-10

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.10 Demand and Supply Curves for Jogging Shoes In Hometown, U.S.A. 3-11

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.11 The Effect of an Increase in Demand on the Equilibrium Price 3-12

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.12 The Effect of a Decrease in Demand on the Equilibrium Price 3-13

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.13 Effect of an Increase in Supply on Equilibrium Price 3-14

© 2011 Pearson Education, Inc. All Rights Reserved Introduction to Economic Reasoning, Eighth Edition William D. Rohlf, Jr. EXHIBIT 3.14 Effect of Simultaneous Increases in Demand and Supply on Equilibrium Price 3-15

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